Global Cannabidiol Market 2022 to 2031 - Featuring Folium Biosciences, Elixinol, NuLeaf Naturals and Isodiol International Among Others - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 6, 2023--
The “Cannabidiol Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global cannabidiol market.
The global cannabidiol market is expected to grow from $5.03 billion in 2021 to $6.77 billion in 2022 at a compound annual growth rate (CAGR) of 34.4%. The cannabidiol market is expected to grow to $23.24 billion in 2026 at a CAGR of 36.1%.
- Cannoid, LLC
- Medical Marijuana, Inc.
- Folium Biosciences
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- Pharmahemp d.o.o.
- Canopy Growth Corp
- CV Sciences Inc.
- Endoca BV
- The Cronos Group
- CBD American Shaman LLC
- Walgreens Boots Alliance
- Aphria, Inc
- Maricann, Inc.
- Organigram Holding, Inc.
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The cannabidiol market consists of sales of cannabidiol products by entities (organizations, sole traders, and partnerships) is defined as a chemical compound found in hemp or marijuana. Cannabidiol or CBD is derived from the Cannabis Sativa plant that is also known as hemp or cannabis. Cannabidiol is used to treat epilepsy, anxiety, dystonia, pain, Parkinson’s disease, Crohn’s disease, and various other health problems. Its other applications include coffee products, skincare products, and pet treats.
The main product types of cannabidiol are oil, tinctures, suppository, transdermal patches, vape oil, isolates, creams and roll-on, capsules, tablets, and other products. CBD oil is created by extracting CBD from cannabis plants and diluting it with a carrier oil such as coconut or hemp seed oil.
The source of these is marijuana and hemp used as CBD oil and supplements. The applications of these are medical, personal use, pharmaceuticals, and wellness and can be distributed across various channels such as hospital pharmacies, retail pharmacies, online stores, and other distribution channels.
North America was the largest region in the cannabidiol market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabidiol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rising acceptance and use of CBD products due to government approvals are expected to propel the growth of the cannabidiol market. CBD products are derived from the Cannabis Sativa and are used in developing various consumer products and therapies. The governments of various countries understood the potential utility of cannabidiol for various medical conditions.
Hence, with a focus on protecting public health, the governments are also taking certain steps for improving the efficiency of regulatory pathways for the lawful marketing of the products made using cannabidiol, thereby promoting the growth of the cannabidiol market.
For instance, in January 2022, the Therapeutic Goods Administration, an Australia-based medicine and therapeutic regulatory agency approved around 210,000 SAS Category B applications for unapproved medicinal cannabis products. Therefore, the rising acceptance and use of CBD products due to government approvals are driving the growth of the cannabidiol market.
Product innovations are a key trend gaining popularity in the cannabidiol market. Product innovation helps in bringing change in a monotonous market. It helps companies create an edge over others and acquire more customers by launching new products.
For instance, in December 2021, Cibdol, a Netherlands-based CBD and wellness company, launched its exclusive CBD Oil 2.0 range. It contains greater levels of essential compounds such as CBC, CBG, CBN, CBDa along with high purity CBD. A few drops of the new revolutionary CBD oil formula combat the physical and mental challenges related to modern living through managing the conditions linked to appetite, mood, pain, and sleep.
In August 2021, Village Farms International Inc, Canada- based greenhouse produce company acquired Balanced Health Botanicals for an amount of $75 million. With this acquisition, Village Farms International Inc aims at strengthening its position in the US retail CBD market. Balanced Health Botanicals is a US-based producer of high-quality health and wellness products that owns and operates various brands in the hemp-derived CBD market.
The countries covered in the cannabidiol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
For more information about this report visit https://www.researchandmarkets.com/r/yl2tqz
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PUB: 01/06/2023 08:08 AM/DISC: 01/06/2023 08:09 AM