May 22, 2020
According to the research report titled ‘Cannabidiol (CBD) Market Size By Product, By Route of Administration, 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 estimated to generate promising returns by the year 2026.
For the record, cannabidiol (CBD) is the second most active ingredient found in marijuana. The product is a major component of medical marijuana and is directly acquired from the hemp plant.
Increasing awareness regarding the cure-it-all property of product for various ailments including anxiety, chronic pain and migraine is a major factor driving the cannabidiol market growth. The product is witnessing high demand in wellness and medical applications. CBD is widely used in products such as edibles and oils since it incites calmness and relaxation. Cannabidiol is employed to cure anxiety and insomnia among patients.
FDA approval for Epidiolex, which is the only CBD medication available, is also stimulating the industry outlook. Epidiolex is not only used for treating epilepsy, but also for curing health conditions such as cancer, back pain and osteoarthritis. Cannabidiol also helps in treating inflammation, depression and chronic pain.
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As per product type, creams & roll-ons segment accounted for 12% market share in 2019 and is expected to record consistent growth during the forecast period. Consumers are opting for cannabidiol creams & roll-ons cannabidiol as an alternative to beauty products as they instantly promote the feeling of well-being.
Global cannabidiol market share from skin care application segment is expected to grow with a CAGR of 53.3 % during 2020-2026. Growing inclination towards CBD creams for beauty purposes in western countries, owing to increasing popularity of K-Pop entertainers is favoring the market scenario.
In terms of route of administration, inhalation segment accounted for 7% market share in 2019, primarily due to widespread adoption of vape oils among patients who are not able to consume medicines orally.
By source, marijuana segment is expected to be worth USD 25,389 million by the year 2026. High consumption of marijuana-based products in food & dietary supplements in order to suppress symptoms of neurological disorders is swaying the business dynamics.
According to the report, offline distribution channel accounted for 54% market share in the year 2019 and is anticipated to record robust growth in the subsequent years, owing to increasing sales of CBD based products in large retail stores.
As per the regional scope, Europe cannabidiol market is projected to record a y-o-y growth rate of 35.2% during the forecast period, subsequently reaching the valuation of USD 23,535 million by the year 2026.
Gaia Herbs LLC, Elixinol, Endoca, Charlotte’s Web-CW Hemp, Medterra, Folium Biosciences, GW Pharmaceuticals, Green Roads, Tilray, NuLeaf Naturals, Canopy Growth Corp., Aurora Chemicals, CV Sciences, Medical Marijuana Inc. and Isodiol are the major contenders in cannabidiol market.