CBD Market Size is Anticipated to Reach USD 2,207,162 Million at 125.5% CAGR By 2026
CBD Market Overview
The CBD market is predicted to grow at a CAGR of 125.58 per cent to USD 2,207,162.54 million over the forecast period. Cannabidiol (CBD) is a non-addictive, non-psychoactive component of the cannabis plant. After tetrahydrocannabinol, CBD is the second most abundant cannabinoid present in cannabis (THC). CBD possesses anti-inflammatory, anti-anxiety, and seizure-suppressant characteristics, among other therapeutic benefits. CBD was used to treat a medical ailment by about 62% of the population.
The international market is expected to benefit from increased research & development along with financial support from various private and government organizations for cannabinoid research. CBD is widely available in most parts of the world, while its legal status is still up in the air. CBD’s legal status is likely to change, as there is currently bipartisan agreement to legalize hemp, which would make CBD difficult to prohibit for all intents and purposes.
Segmental Analysis
The global CBD market is divided into five categories: form, product, administration route, application, and end-user. By form, the market is further segmented into liquid and solid. By product, the segmentation of the global CBD market is done by food grade and therapeutic grade. By route of administration the market is segmented into capsules, tinctures, and inhalation. By application, the segmentation is done by fibromyalgia, neurodegenerative disorder, protein bars, diabetes and energy drinks. By end-user, the market is segmented into food and beverage and healthcare. By source, the segmentation is done into organic and inorganic.
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Detailed Regional Analysis
Due to the growing popularity of cannabis-based goods, the Americas dominate the worldwide CBD market. Marijuana use affects around 2.5% of the world’s population, or about 147 million people every year. Europe has the second-largest market share, owing to a growing understanding of cannabis’ clinical potential. CBD is legal in a number of European countries; therefore, it can be sold publicly. The CBD sector in Europe is booming as a result of such approvals and appraisals by regulatory agencies in the region. The Asia-Pacific region comprises India, Japan, China, and the rest of Asia. Currently, this region is rated third in the market. China has recently passed a law allowing to grow CBD hemp and extract the resulting product. The products are only exported and not sold in China. Chinese businesses’ entry into the industry has created tremendous transformation and growth potential.
CBD Market Competitive Analysis
Some of the major companies involved in the global CBD market are Aphria Inc., Freedom Leaf, Green Roads of Florida, CV Sciences, Inc, Canopy Growth Corporation, Elixinol Global Limited, Folium Biosciences, Green Roads of Florida, and ENDOCA. In September 2021, Galaxy Holdings Inc. announced its Genus CBD brand and it has been successfully trademark. It uses VRMS, which is a unique hybrid retailing approach combining the physical attributes of Brick-and-Mortar customer experience, integrating the convenience of the online digital approach.
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