The Cannabidiol (CBD) Market was previously valued at USD 9.1 billion in 2021. It is predicted to reach a valuation of USD 59.3 billion by 2030 and register an 18.2% CAGR in the forecast period 2022-2030.
Cannabidiol is extracted from hemp or cannabis due to its naturally high CBD content. It has numerous therapeutic benefits for both physical and mental health, such as the treatment of anxiety and pain. The healing properties have driven the demand of the market based on rising awareness for health and wellness, which is a major growth factor. Moreover, the increased acceptance and legalization of CBD products with government approvals is chiefly driving the growth of the Cannabidiol (CBD) Market.
Cannabidiol oil is highly used in skin care products for anti-aging signs and acne. Top brands worldwide have introduced CBD in their beauty and skincare products. The most highlighted are the therapeutic reasons. CBD oil is recommended for mental disorders such as anxiety and depression treatment in medical applications. Other physical body disorders such as pain relief, cancer symptom relief, diabetes prevention, and inflammation are also cured. Due to the higher inclination toward CBD-based products, the global Cannabidiol (CBD) Market is anticipated to notice robust growth in the forecast period.
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The Cannabidiol (CBD) Market is segmented into major segments such as form, route of administration, product, application, and end-user.
The form segment of the market is subdivided into solid and liquid. The route of the administration segment of the market is classified into a tincture, capsules, aerosol spray, and inhalation. The inhalation section includes smoke or vapor.
The product segment of the market is categorized into food grade and therapeutic grade. The application segment is further divided into neurogenerative disorders, fibromyalgia, diabetes, protein bars, and energy drinks.
The end-user segment of the Cannabidiol (CBD) Market is divided into food & beverage and healthcare. The source segment is divided into organic and inorganic.
According to the geographical analysis, the Cannabidiol (CBD) Market is showing tremendous growth in the topmost regions, such as the Americas, Asia-Pacific, Europe, and the rest of the regions.
The American region is noticing dominating growth in terms of share due to higher consumption of cannabis-based products. According to a WHO report, 2.5% of 147 million people in the world use marijuana and cannabis products. Among these, 22.2 million people of Americans who use cannabis-based products are Americans.
Europe is the next largest regional market due to the legalization of CBD. Many agencies now approve cannabidiol in Europe, like the Bulgarian Food Safety Agency, the Ministry of Agriculture, and the Ministry of Agriculture for CBD product sales. The legalization from notable agencies is driving the regional market of Europe. Germany imports raw materials from other countries for the domestic production of cannabis. This is a major driving factor of the regional market.
Major key players
Folium Biosciences,Aphria Inc.,Green Roads of Florida,Freedom Leaf, Inc,LLC, ENDOCA,LLC, CBD Health Solutions,CV Sciences,Isodiol International Inc,Canopy Growth Corporation,Medical Marijuana, Inc.,Elixinol Global Limited
In September 2022, Bespoke, a Fintech lender, offered debt solutions for companies in the cannabis supply chain. While the industry is noticing growing obstacles, Bespoke will still provide customers with non-dilutive financing to accelerate its growth. Co-Founder and CEO George Mancheril discussed with New Cannabis Ventures in March new partnerships and competitive positions in the cannabis lending space.
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