Market Research Report
Global Cannabidiol Market - 2020-2027
|Global Cannabidiol Market - 2020-2027|
Published: November 4, 2020
Delivery time: 2 business days
The global cannabidiol market size was worth US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
Cannabidiol is the chemical extracted from the cannabis plants such as hemp and marijuana. It has several health benefits such as alleviate cancer related symptoms, treats skin disease, helps to reduce the blood pressure and reduces inflammation & pain. Cannabidiol has over 80 chemicals, in the cannabis sativa plant while delta-9-tetrahydrocannabinol (THC) is the major active ingredient in cannabidiol.
Since cannabidiol has been studied as effective for making new drugs for several diseases to provide therapeutic treatments. Cannabidiol can only be included in "cosmetic" products and only if it contains less than 0.3% THC. Cannabidiol derived products are mostly used for seizure disorder anxiety, pain, a muscle disorder called dystonia, Parkinson disease, Crohn disease, and many other conditions.
The global cannabidiol is driven by rising demand for several medical applications such as stress relief, diabetes prevention, and alleviation of cancer symptoms mitigation of pain, treatment of anxiety and depression, and acne reduction.
Rising prevelence of the cancer, anxiety and depression disorder with surge in the global geriatric population
The market is driven by rising demand prevelence of the cancer, anxiety and depression disorder with surge in the global geriatric population. According to the World Health Organization in 2018, global cancer disease cases have been reached to around 18.1 million new cases and 9.6 million deaths. It created massive demand for the CBD to alleviate the symptoms of cancer disease and provide suitable treatent with the help of CBD bassed drugs an medicines.
Rising prevalence of the chronic diseases such as diabetes, parkinsons, anxiety etc with surge in the geriatric population
Increase in the adoption of the cannabidiol for treatment of the chronic ailments such as diabetes, parkinsons diseases as well as anxiety disorder. According to the International Diabetes Federation in 2019, approximately 463 million people between age 20-79 years are suffering from diabetes globally ans is projected to increase 700 million by 2045. It created massive demand for the medicines made from CBD to cure and prevent the prevelence of diabetes.
Rising FDA approval for the medicines based on CBD for providing treatment for various diseases
Rising FDA approvals with growing permission for the cultivation of CBD for medicinal use by several government may create huge opportunity for the CBD market. For instance on 31st July 2020, the U.S. Food and Drug Administration has approved oral solution called Epidiolex for the treatment of seizures associated with tuberous sclerosis complex (TSC) in patients.
Strict rules and regulations with several FDA and government approvals regarding sell of the CBD based products
The global CBD market is hampered by the strict rules and regulations with FDA autharity for the sell of CBD based products. For instance on 15th Nov 2019, the United Staes FDA has warned to around 15 companies for illegally selling various products which contains cannabidiol as due to violations of the safety concerns. Violations include adding CBD to human, animal foods, unapproved new human and animal drugs, selling CBD products as dietary supplements.
COVID-19 Impact Analysis
The global cannabidiol market has received immense impetus from the COVID-19 pandemic, as stakeholders are increasingly searching for newer approaches towards diagnosing and curing patients affected by several chronic ailments such as diabetes, cancer, etc. Increasing research and development is being undertaken by several pharmaceutical and biotechnology companies. Thus, rising demand for clinical research is expected to generate several opportunities for the Cannabidiol products manufacturer, hence, expected to boost the market growth over the forecast period.
The global cannabidiol market is segmented based on types, source, grade, application, distribution channel and region.
Isolate segment accounted for the largest share of the global Cannabidiols market in 2019
In terms of type, the global cannabidiol market is bifurcated into isolate, full spectrum, broad spectrum and others. Among this, isolate cannabidiol segment has the highest market share in 2019, this is primarily due to its demand for boosting immune system, fighting against inflammation, prevents vomiting, recover nervous system etc. Several leading players are launching isolate CBD based products to boost the immune system during the covid-19 pandemic. For instance on 20th May 2020, Medterra the leading CBD brand launched its new immune system boosting drops to support a healthy immune system, creating the optimum wellness product.
Similarly, full spectrum and broad spectrum segment has the highest market share in 2019, this is due to rising the adoption of CBD for manufacturing of the cosmetics and personal care products.
Rising prevelence of the elepsy with surge in FDA approval for merijuana based products for providing treatment
Rising prevelence of elepsy disorder with surge in the use of marijuana for manufacturing of phrmacetical drugs to provide the treatment. Several leading players are launching the merijuana based product for providing elepsy treatment due to rissing number of elepsy cases around the globe. According to the World Health Organization in 2019, globally the elepsy cases increased to around 50 million due to which it becomes the most common neurological diseases. It created assive demand for the merijuana segment for providing specific treatment.
Rising product launch, merger and acquisition activities for the development of CBD based products
Based on the grade, the global cannabidiol market is divided into therapeutic grade, clinical grade and food grade. Among this therapeutic grade segment has the highest market share in 2019, owing to rising launching and collaboration activities for the development of therapeutic grade CBD contained product.
For instance on 8th Oct 2020, Marijuana Company of America Inc. has entered into a collaboration and mutual strategic investment with Cannabis Global, Inc for developing of hempSMART products. Further on 23rd Sept 2019, the European Union has approved medicinal cannabis product which aimed at patients with two rare forms of childhood epilepsy. Similarly, clinical grade and food grade segment has the highest share in 2019, this is due to rising adoption of the CBD based products for the manufacturing of the food grade items.
Rising research and development for the development of the pharmaceticle products
Depending on application, global cannabidiol market is divided into pharmaceutical, food & beverages, personal care & cosmetics and others. Among this, pharmaceutical segment has the highest market share in 2019, due to rising R&D spending for the development and launching of the CBD based drugs and medicines. For instance on 6th July, 2020, United States consumers have spent around US$3 billion on CBD Products in 2020. Further pharmaceutical market spending reached to around US$ 1,430 billion in 2020.
Retail pharmacies are expected to dominate the global cannabidiol market during the forecast period.
On the basis of distribution channel, the global cannabidiol is divided into retail pharmacies, hospital pharmacies, online stores and others. Among this, retail pharmacies has the highest market share in 2019, this is due to increasing opening of the retail outlets in several countries, For instance in India on 14th June 2019, Medlife has planned to to open 750 retail pharmacies stores by 2020 end.
Similarly, hospital pharmacies, online stores segments are also growing at faster pace owing to rising demand for trend of online pharmaceticla drug delivery platforms due to Covid-19 pandemic all over the world. For instance on 14th Aug 2020, Amazon launched online pharmacy in India to facilitate medicines to the Indian consumers.
North America region holds the largest market share global Cannabidiol market
North America region is dominating the global cannabidiol market accounted for the largest market share in 2019, due to presence of the leading healthcare companies and rising approval for the CBD based products with presence of permission for cultivation of the marijuana and hemp plants which contribute to create high demand for CBD market in this region followed by Europe. For instance, as per the Frontier Organization report, the United States, consumer spending on legal cannabis cultivation to exceeded to around US$18 billion with increased by 25% in 2020.
It created massive demand for the CBD market in this region for manufacturing, development of the CBD based products. As per the Hemp Industries Association (HIA) report in 2016, retail sales of CBD based products in the United States registered to approximately US $700 million. As per the U.S. Department of Agriculture (USDA) in Canada, the aggregate 225,000 acres of land has cultivation of hemp. Similarly, Asia-Pacific region is fastest growing region for the growth of the CBD based product owing to presence of huge population and growing demand for the medicines for the chronic disorder treatment.
The Cannabidiol market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include ENDOCA, Cannoid LLC, Isodiol International Inc., Elixinol, Aurora Cannabis Inc., Pharmahemp d.o.o, Medical Marijuana Inc., Folium Biosciences, NuLeaf Naturals LLC, Aphria Inc., Canopy Growth Corp and among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the cannabidiol market globally. For instance, on 23rd March 2020, Mota Ventures Corp launched CBD line pure herbal product which contains CBD, and vitamins B3, B12, and C with zinc.
Rising demand FDA approvals with surge in several government approvals for the CBD based products. For instance in October 2019, the Health Ministry of Canada has introduced new regulations to legalize the sale of cannabis-based edibles, beverages, topicals and extracts products. It created massive demand for the cannabidiol market in this region.
Overview: Elixinol, founded in 2014 with the U.S. office based in Westminster, Colorado, United States. Elixinol is the global leading manufacturer of CBD based products with expertise from extraction, processing, growing to formulating products. The Company has diversified product portfolio in healthcare which includes supplements, health, alternative medicine, wellness, organic, health and wellness, sales, marketing, science, contracts, CBD, and hemp.
Key Development: In March 2018, Elixinol launched CBD based extra-strength hemp balm for strong, fast-acting muscle relief for athletes. Further on 23rd Jan 2019, Elixinol Hemp CBD Brand launched in New Zealand for offering comprehensive benefits of wide range of cannabidiol (CBD) products to the NZ public on a prescription basis.
The global Cannabidiol market report would provide an access to an approx. 61 market data table, 58 figures and 230 pages.
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