Cannabidiol Industry Overview
The global cannabidiol market size was valued at USD 5.18 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030. Cannabidiol is a chemical compound that is found in the cannabis sativa plant, and is extracted from hemp or cannabis, generally from hemp due to its naturally high cannabidiol (CBD) content. It has several benefits in treating anxiety and seizures and reducing pain. Due to its healing properties, the demand for CBD for health and wellness purposes is high, which is the major factor driving the market. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost the production of CBD-infused products.
Cannabidiol oil is increasingly being used to make skincare products to treat acne and wrinkles. Sephora, for example, had recently introduced cannabidiol or CBD skincare line to its stores. Similarly, Ulta Beauty is intending to launch a cannabidiol-based product line. Several new companies are also entering the market for cannabidiol-infused cosmetic products. For instance, in 2019, Aphria, a producer and distributor of medicinal and recreational cannabis-based in Canada, introduced its Cannabidiol-based cosmetics line in Germany.
Gather more insights about the market drivers, restraints, and growth of the Global Cannabidiol market
However, the COVID-19 pandemic has caused unprecedented lockdowns all around the world, collapsing daily operations and changing consumer behaviors in nearly every industry. As the response to COVID-19 ramps up, retail stores have shut down. The market started witnessing a shortage in supply due to the nationwide shutdown of transportation and manufacturing in major raw material manufacturing countries, such as China and India. In addition, due to supply chain disruptions in the U.S., the supply of other raw materials has been limited, which is disrupting the manufacturing, and in turn, the supply chain of CBD consumer health products.
Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation. Due to the increasing adoption of CBD-based products to treat ailments, the global market is anticipated to grow at a lucrative rate over the forecast period.
Furthermore, the government of different countries as well as major players in the cannabinoid market are investing in research and development activities. The CBD is said to be an effective treatment for various neurological diseases including epilepsy in several clinical trials. Players like Echo Pharmaceuticals developed a product called Arvisol, which is an oral tablet containing pure cannabinoids, for treatment including epilepsy and schizophrenia. Zynerba Pharmaceutical, for instance, developed a cannabinoid-based gel named Zygel, designed for treating Fragile X syndrome, encephalopathies, and adult seizures.
Increasing awareness regarding cannabidiol's therapeutic benefits has influenced buyers to buy cannabidiol products, regardless of their cost. As these have a greater profit margin, commercial retailers are now focusing on selling cannabis-based products. Numerous health and wellness retailers are offering CBD-based products, such as Rite Aid, CVS Health, and Walgreens Boots Alliance. In addition, CVS Health decides to offer CBD topicals all over its 800 stores and Walgreens Boots Alliance is selling CBD-containing topicals across 1500 of its stores in the U.S.
On the other hand, the existence of strict regulations and the high cost of cannabidiol products are some of the major factors limiting the growth of the market. In addition, the absence of legalization initiatives in many Asian and African countries is another main factor impeding market growth. Additionally, due to the increased adoption for a wide range of medical conditions, cannabidiol-based products have gained traction in recent years. This has opened the door for illegal manufacturers to create synthetic medicines that do not include cannabidiol but do contain chemical compounds that have similar benefits to cannabidiol but are also harmful to the body. These unauthorized products are less expensive than the originals and claim to have a higher concentration of Cannabidiol, which may be used to treat a variety of health issues. For instance, as of February 2020, around 68 people died due to the consumption of synthetic cannabis in the U.S. with more than 2800 patients hospitalized due to vaping, e-cigarette, and use-associated lung injury. This is restricting the demand for the market.
Browse through Grand View Research's Pharmaceuticals Industry Research Reports.
CBD Oil & CBD Consumer Health Market - The global CBD oil & CBD consumer health market size to be valued at USD 123.2 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 25.6% during the forecast period.
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Cannabidiol Market Segmentation
Grand View Research has segmented the global cannabidiol market based on source type, distribution channel, end-use, and region:
Cannabidiol Source Type Outlook (Revenue, USD Million, 2017 - 2030)
- Hemp
- Marijuana
Cannabidiol Sales Type Outlook (Revenue, USD Million, 2017 - 2030)
- B2B
- B2C
Cannabidiol End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Medical
- Personal Use
- Pharmaceuticals
- Wellness
CBD Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
January 2021: Nano Hydrate has introduced product marketing services that use innovative technologies to promote natural treatment through pharmaceutical-grade cannabidiol branding services.
Key Companies profiled:
Some prominent players in the global cannabidiol market include:
- ENDOCA
- Cannoid, LLC
- Medical Marijuana, Inc.
- Folium Biosciences
- Elixinol
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- Pharmahemp d.o.o.
Order a free sample PDF of the Cannabidiol Market Intelligence Study, published by Grand View Research.
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