Cannabis

Global Cannabidiol Market Report 2021 with Forecasts to 2027 – Increasing Preference towards Cannabis Extracts such as Oils and Tinctures

Published

2 years ago

January 6, 2022

Dublin, Jan. 06, 2022 (GLOBE NEWSWIRE) — The “Global Cannabidiol Market (2021-2027) by Source, Distribution Channel, Product, Route of Administration, End-User, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis” report has been added to ResearchAndMarkets.com’s offering.

The Global Cannabidiol Market is estimated to be USD 2.73 Bn in 2021 and is expected to reach USD 7.99 Bn by 2027, growing at a CAGR of 19.6%.

The antibiotic and analgesic effects & properties present in Cannabidiol, which can be used to treat a variety of ailments such as anxiety, nausea, stress, chronic pain, neurological conditions, and seizures, are likely to contribute to the growth of the market.

Growing medical applications of CBD, growing R&D in medical cannabis, and increasing product adoption and utilization due to government approvals bolstered the market growth for Cannabidiol. Changing regulatory landscape and legalization for approval of CBD-based products globally is also expected to propel the market growth.

However, the factor such as the high cost of CBD and barriers in its marketing hinders the market growth. Also, the lack of consumer awareness is impeding market growth. The absence of legalization programs in several Asian and African countries is also impeding the growth of the CBD market.

Market Segmentation

By Source, the market is classified as Hemp and Marijuana. The Marijuana-derived CBD segment is estimated to hold the highest market share.
By Distribution Channel, the market is segmented as Business to Consumer (B2C) and Business to Business (B2B). The B2C segment is further divided into hospital pharmacies, retail pharmacies, and online stores. B2C segment, and particularly Hospital Pharmacies, is estimated to hold the highest market share during the forecast period.
By Product, the market is classified as Food Grade and Therapeutic Grade. The Therapeutic Grade segment holds the highest market share.
By Route of Administration, the market is classified as Inhalation (Smoke or Vapor), Aerosol Spray, Capsules, Tincture Spray, And Others. Among all, the Capsules segment holds the highest market share.
By End-user, the market is classified as Medical, Pharmaceutical, Wellness, and Others. The Medical segment holds the highest market share.
By Geography, North America accounted for the dominant share of the market and is expected to retain its leading position.

Market Dynamics

Drivers

Increasing Approvals for Medicinal Cannabis Products for Various Medical Applications such as Pain Management, Appetite Enhancement, and Reducing Eye Pressure
Growing Research & Development in Medical Cannabis
Growing Legalization of Cannabis-Based Products
Rise in the Number of Retailers Selling CBD-Based Products
Increasing Preference towards Cannabis Extracts such as Oils and Tinctures

Restraints

Stringent Government Regulations for the use of CBD-based Products
The High Cost of CBD
Barriers in Terms of Marketing of CBD-Based Products
Lack of Consumer Awareness

Opportunities

Infusing CBD in Various Food and Non-Food Applications

Challenges

Lack of Standardizations Regarding The Quality of Products
Side Effects Associated with CBD
Duplicate & Synthetic Products Available in The Market

Recent Developments

Medical Marijuana, Inc. Subsidiary Kannaway Launches First-Ever CBD Fitness Program. – 11th May 2020
Canadian cannabis firms Tilray and Aphria reveal £2.8bn merger. – 16th December 2020

Company Profiles