The global cannabidiol market size is expected to reach USD 23.6 billion, expanding at a CAGR of 22.2%, according to a new study by Grand View Research, Inc. Increasing adoption of cannabidiol (CBD) infused products in various industries such as pharmaceuticals, personal care and cosmetics, and nutraceuticals along with its medical applications is expected to drive the market over the forecast period.
Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.
The marijuana-derived CBD segment dominated the market in 2018, with a revenue of USD 3.9 billion, owing to the growing legalization of marijuana-derived products in various countries. Availability of marijuana-derived CBD products in dispensaries as well as government-approved pharmacies and stores and high efficacy of marijuana-derived CBD compared to hemp-derived CBD are some of the pivotal factors for the growth of the segment.
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The Business to Consumer (B2C) segment accounted for the largest market share in 2018 and is expected to exhibit the fastest growth rate over the forecast period. Ease of availability of a wide range of CBD based products to the consumers is one of the key factors driving the growth of this segment. Furthermore, increasing adoption of cannabidiol infused pharmaceuticals for various conditions such as chronic pain, epilepsy, autism, and anxiety is anticipated to support the growth of this segment over the forecast period.
Cannabidiol Market Report Highlights
North America accounted for the largest revenue share in 2018 owing to the legalization of CBD infused products, and the presence of a significant number of players operating in this region
The marijuana-derived CBD segment dominated the market in 2018, with a revenue of USD 3.9 billion owing to their high efficiency compared to hemp-derived CBD
The B2C segment in CBD market is anticipated to be the fastest-growing segment over the forecast period. This is owing to high consumption of CBD based products in countries where cannabis is legal.
In 2018, the medical segment accounted for the largest revenue share in the end-use market owing to the rising use of CBD based products for numerous medical conditions
Some of the major players operating in cannabidiol market are ENDOCA; Isodiol International, Inc.; Medical Marijuana, Inc.; Cannoid, LLC; Elixinol; Folium Biosciences; NuLeaf Naturals, LLC; Pharmahemp d.o.o.
In 2018, the medical segment dominated the end-use segment, with a revenue share of 44.5%, owing to the higher adoption of cannabidiol infused products for medical purposes due to their healing properties. On the other hand, the pharmaceutical segment is expected to witness the fastest CAGR over the forecast period. Companies are focusing on manufacturing products that are intended to cure medical ailments. This key factor is anticipated to increase the demand for CBD based pharmaceuticals.
North America dominated the market in 2018 and is expected to lead the market over the forecast period owing to the legalization of cannabis and cannabis based products for medical as well as recreational purposes. Moreover, the liberalism of government regulations and increased adoption of cannabidiol for pharmaceutical, wellness, and personal use are some of the major factors driving the growth of the CBD market in this region.
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Grand View Research has segmented the global cannabidiol market based on source type, distribution channel, end use:
Cannabidiol Source Type Outlook (Revenue, USD Million, 2014 - 2025)
Cannabidiol Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
Cannabidiol End-use Outlook (Revenue, USD Million, 2014 - 2025)
Food & Beverages
Personal Care & Cosmetics
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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