Cannabidiol (CBD) is a chemical component found in marijuana and hemp plants that is widely used in medicine. Pain, anxiety, muscle dysfunction (dystonia), Crohn’s disease, Parkinson’s disease, and a variety of other medical diseases are all treated with cannabidiol (CBD). As a result, cannabidiol is becoming increasingly popular in different parts of the world.
There has been an upsurge in demand as people become more aware of the health benefits of cannabidiol. The market’s rise has been aided by increased research and development activities as well as increased production.
A number of nutraceutical firms are joining the CBD market, offering a diverse range of supplements and functional meals in a variety of forms. MGC Pharma, for example, has launched nutraceutical-based products in China, including CBD capsules, water-soluble CBD solution, and hemp powder. These medicines have quickly developed a large following among consumers because they provide the medical benefits of cannabidiol without the intoxication.
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COVID-19 Impact:
The COVID-19 outbreak, as well as government-imposed measures such as social separation and confinement, have exacerbated the market. Due to the statewide suspension of transportation and manufacturing in major raw material producing countries such as China and India, the market began to experience a supply deficit.
Key Trends and Drivers:
- To achieve fitness goals and avoid ailments such as inflammation and pain, consumers look for new and healthy food products that are nutrient-dense.
- The pharmaceutical sector, which is constantly expanding around the world, acknowledges the value and benefits of cannabis and its by-products.
- Globally, favorable rules regulating the use of cannabis and related products are becoming more prevalent, and people are becoming more aware of the different benefits linked with cannabidiol.
- These items have grown in popularity as a result of their numerous applications, which include potential healing powers as well as the ability to soothe.
- There has been a considerable surge in medical treatment using cannabis-related drugs. Because of its healing capabilities, cannabidiols are in high demand for medical and wellness applications, which is one of the primary drivers of the global cannabidiol market’s growth.
Restraints and Challenges:
- A lack of consistency in terms of product quality and manufacturing process leads to lower-quality product creation.
- A major hurdle to the growth of the cannabidiol business is lack of awareness in developing countries regarding the benefits and high costs of cannabis products.
Segmentation:
By Product
- Oil
- Tinctures
- Suppository
- Transdermal patches
- Isolates
- Tablet
- Capsules
- Vape oil
- Creams and roll-on
- CBD inhalers
By Source
- Marijuana
- Hemp
By Application
- CBD for Food & Beverage
- CBD for Cosmetics & Personal Care
- CBD for Pharmaceuticals
- CBD for Other Applications
By Route of Administration
- Oral
- Topical
- Inhalation
- Transdermal patches
- Rectal
- Sublingual
By End-use Outlook
- Medical
- Chronic Pain
- Mental Disorders
- Cancer
- Others
- Personal Use
- Pharmaceuticals
- Wellness
- Food & Beverages
- Personal Care & Cosmetics
- Nutraceuticals
Key Players:
- Cronos Group
- Aurora Cannabis
- Folium Biosciences
- Tilray
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- CBD Health Solutions
- Terra Tech Corp
- Canopy Growth Corporation
- Medical Marijuana Inc.
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