November 26, 2020
According to the recent research report titled ‘Cannabidiol (CBD) Market Size By Product , By Route of Administration, By Source, By Distribution Channel, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020-2026’, available with Market Study Report LLC, global cannabidiol (CBD) market is anticipated to register robust growth during 2020-2026.
Increasing product sales in retail stores, favorable regulatory landscape towards use of cannabidiol, and rising medical applications are the key factors driving the growth of global cannabidiol (CBD) market.
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Notably, cannabidiol or CBD, a key component of medical marijuana and is specifically derived from the hemp plant. It is the second most prevalent active ingredient found in marijuana and is primarily used in products like edibles and oils in order to provide a sense of calmness and relaxation. CBD helps tackle anxiety, helps in falling asleep among patients suffering from insomnia.
However, complex prescription process, hefty cost of CBD products, availability of duplicate & synthetic products in the market, and side effects of CBD oil are likely to restrain the industry landscape over the study period.
Based on product landscape, cream & roll-ons segment held 12% share in global cannabidiol (CBD) market in 2019. Extensive usage of cream & roll-ons as an alternative to beauty products since it helps in instantly providing a soothing feeling of well-being is fueling the segmental share.
Speaking of application spectrum, global cannabidiol (CBD) industry share from skin care segment is expected to record a 53.3% CAGR during the estimated timeframe, attributable to growing trend of using CBD creams for beauty purposes.
Moving on to route of administration, vape oil segment recorded 7% growth rate in 2019, creditable to its high utilization to help patients take medicines orally.
Elaborating on source type, marijuana segment is expected to reach a valuation of USD 25,389 million by 2026, owing to widespread usage of marijuana-based products in food & dietary supplements in order to suppress neurological diseases symptoms.
As per distribution channel, offline segment held 54% share of global cannabidiol (CBD) market in 2019, attributable to high sales of CBD-based products in big retail stores.
From the regional perspective, Europe cannabidiol (CBD) industry size is predicted to record 35.2% CAGR over the forecast period, reaching a valuation of USD 23,535 million by 2026.
Major players impacting global cannabidiol (CBD) market trends are Gaia Herbs, LLC, Elixinol Global Ltd., Endoca, Charlotte's Web, Medterra, Folium Biosciences, GW Pharmaceuticals plc, Green Roads CBD, Tilray Inc., NuLeaf Naturals LLC, Canopy Growth Corporation, Aurora Cannabis Inc., CV Sciences Inc., Medical Marijuana Inc., and Isodiol International Inc.