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New York, Feb. 28, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cannabidiol Global Market Report 2023” – https://www.reportlinker.com/p06311701/?utm_source=GNW
, Cronos Group, CBD American Shaman LLC, Aphria Inc., Maricann Inc., Tilray Brands Inc., OrganiGram Holdings Inc., and CannTrust Holdings.
The global cannabidiol market grew from $6.82 billion in 2022 to $9.4 billion in 2023 at a compound annual growth rate (CAGR) of 37.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The cannabidiol market is expected to grow to $31.85 billion in 2027 at a CAGR of 35.7%.
The cannabidiol market consists of sales of full spectrum CBD, broad spectrum CBD and CBD isolate forms of cannabidiol products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The cannabidiol 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.
North America was the largest region in the cannabidiol market in 2022.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 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.
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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cannabidiol market research report is one of a series of new reports that provides cannabidiol market statistics, including cannabidiol industry global market size, regional shares, competitors with a cannabidiol market share, detailed cannabidiol market segments, market trends and opportunities, and any further data you may need to thrive in the cannabidiol industry. This cannabidiol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06311701/?utm_source=GNW
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