Cannabidiol Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Cannabidiol Market Information by Form, Route of Administration, Product, Application, End-User, and Region – Forecast till 2030”, The cannabidiol market was worth USD 9.1 billion in 2021 and will be reaching USD 59.3 Billion by 2030. The market size could expand at a rate of 18.2% from 2022 to 2030.
Cannabidiol or CBD can be described as a chemical compound that is sourced from marijuana as well as hemp plants. It is commonly utilized for a variety of medical purposes. Cannabidiol helps treat Parkinson’s disease, anxiety, pain, Crohn’s disease, muscle disorder (dystonia), and many other medical conditions. Therefore, cannabidiol has gained widespread favor across almost all regions.
Cannabis is also used for treating pain, with numerous studies showing that its few components such as CBD help relieve pain. The Michigan University’s latest study suggests that out of 880 patients affected by fibromyalgia, nearly 75% of the patients used CBD for pain management. As a result, CBD reduced their pain more effectively than other types of drug therapies. Thus, extensive usage of CBD products coupled with favorable changes in consumer opinions regarding CBD products will improve the market statistics in the years to come.
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Market Competitive Landscape:
The affluent companies in the cannabidiol market include
Cheef Botanicals, a renowned CBD products developer, will be launching its new range of Cannabinoids products. Cheef Botanicals develops and sells organic, quality, and safe Cannabinoid Products. The new CBD gummies provide freshness and have been grown on organic farms.
Market USP Covered:
Cannabidiol is a highly effective components that helps treat a number of conditions such as chronic pain, neurological pain, anxiety, stress, nausea, and sleep disorder. As a result, it has been garnering significant popularity across the globe. In view of its healing characteristics, it enjoys a massive demand in health & wellness applications, resulting in a huge business growth. Also, the rising willingness among consumers to buy products with CBD along with the surge in authoritative approval should also enhance the market size in the future.
Companies are increasingly focusing on entering partnerships while launching high quality products to boost their distribution networks. CBD’s extensive use in the food and beverage sector has given way to a host of opportunities, compelling brands to come up with new drinks to spark the attention of more consumers. This is also expected to be a major growth booster in the next several years.
Availability of Synthetic and Duplicate Products to Curb Market Growth Rate
Cannabidiol-based products are garnering intense preference in the market, owing to their use in a wide range of medical conditions. This has proven to be an opportunity for illegal developers to come up with synthetic products with no cannabidiol but instead containing chemical compounds that have similar effects as cannabidiol. These have a negative impact on the body. Most illegal products are less expensive compared to the original ones.
Browse In-depth Market Research Report (104 Pages) on Cannabidiol: https://www.marketresearchfuture.com/reports/cbd-market-8090
COVID 19 Analysis
The COVID-19 outbreak’s notable impact has led to various repercussions on the health status of people across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. However, the demand for natural, plant-based products has risen considerably, especially given the dramatic rise in anxiety issues, in addition to other mental health issues. This should greatly augment the demand and sales of CBD-based products.
Major applications are diabetes, energy drinks, neurodegenerative disorder, fibromyalgia, and protein bars.
End-users of CBD are food & beverage along with healthcare.
CBD is available in two key forms, including liquid as well as solid.
Some of the top products covered in the report include therapeutic grade as well as food grade.
By Route of Administration
Depending on routes of administration, the segments are organic as well as inorganic.
Source-based segments are tincture, capsules, aerosol spray, inhalation (smoke or vapor), product (therapeutic grade, food grade), and more.
MRFR recognizes America as the biggest market for cannabidiol, in view of the escalating adoption of a variety of cannabis-based products for numerous applications. Although the use of CBD-based products is increasing in various applications, the top end-users are cosmetics. Moreover, the surging health-consciousness in the region, a strong base of highly affluent manufacturers, along with the U.S. Farm Bill allowing the use of CBD will mean favorable growth prospects for the American market in the years ahead.
Europe as the second position in the global industry will benefit from the rising knowledge level of people regarding the latest CBD products along with the mounting demand in the food industry.
The Asia Pacific is led by India, Japan, and China, and is the third most successful market for CBD. This is on account of the CBD legalization in China combined with the escalating willingness among people to explore a variety of CBD-based products.
Discover more research Reports on Healthcare Industry, by Market Research Future:
Veterinary CBD Market Research Report – Global Forecast till 2027
CBD Hemp Oil Market Research Report – Forecast to 2027
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