July 14, 2020
According to the research report titled ‘Global Cannabidiol (CBD) Market (2019 Edition): Analysis By Source, Application: Opportunities and Forecast (2017-2024)’, available with Market Study Report LLC, global cannabidiol market was valued at USD 708.55 million in the year 2018 and is expected to witness notable growth during 2019-2024 .
The report on global cannabidiol market is created with extensive primary research which consists of inputs from various companies, industry experts and stakeholders along with secondary research.
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Global cannabidiol market has been experiencing a significant growth over the past few years owing to rise in demand for cannabidiol, growing awareness & acceptance of therapeutic effect of product among the people and its widespread legalization across the globe.
Furthermore, rising number of cannabidiol manufactures, increasing investments and introduction of cannabidiol infused cosmetic products are expected to drive the market growth over the forecast period. Although, strict government norms regarding cannabidiol legalization and illegal sales may restrain the market growth to some extent.
Based on source, the market is segmented into marijuana and hemp. With respect to the application spectrum, the industry is categorized into pharmaceuticals, cosmetics, and others. While considering the regional overview, global cannabidiol market is segmented into North America, Europe, APAC, and Rest of the world, with main focus on nations like Germany, Australia, U.S, and Canada.
The key players operating in global cannabidiol market are Canopy Growth Corporation, Mary’s Medicinals, Aphria Inc., Medical Marijuana Inc., and Folium Biosciences among others.