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City of Boardman, April 24, 2023 (GLOBE NEWSWIRE) — The global market for Cannabidiol is expected to reach $4.14 billion by 2030 from $1.92 billion in 2021, registering impressive expansion at a compound annual growth rate (CAGR) of 9.7%. Some of the major players are ENDOCA; Cannoid, LLC; Medical Marijuana, Inc.; Folium Biosciences; Elixinol; NuLeaf Naturals, LLC; Isodiol International, Inc.; Pharmahemp d.o.o.
For In depth Information Get Sample Copy of this Report at: https://www.delvens.com/get-free-sample/cannabidiol-market-trends-forecast-till-2028
The Cannabidiol Market research report also includes a complete analysis of industry players covering their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share. The industry research includes a detailed evaluation of meticulous customers, power consumption, production capacity, utilization volume to benefit business owners.
Cannabidiol, along with other cannabinoids and terpenoids, will eventually be accepted as a component of standard consumer goods in the medium to long term. Additionally, cannabidiol “will become a common ingredient in F&B, dietary supplements, and personal care products in the days ahead with the resolution of regulatory issues.”
“A distinct future for the health and wellness sector will be shaped by a greater understanding of mental health issues and acceptance of cannabinoids and the endocannabinoid system as physiological components of humans. Similar to that, the development of this business will be defined by the fusion of hemp enterprises with the traditional pharmaceutical and food industries.”
To take advantage of the expanding cannabidiol industry, market participants should:
- Focus on the personal care market because of cannabidiol’s increased acceptance and laxer regulatory constraints.
- To create specialized treatments for patients and customized formulations for individual users, research the combined effect of multiple cannabinoids.
- Create a unique standard that each business must adhere to. To create a reliable body, this initiative needs the assistance and investment of all relevant parties.
- Investing in flexible facilities that enable the extraction of diverse substances from a variety of sources will lower the risks associated with concentrating on hemp and cannabinoids.
Cannabidiol Market Overview
What is the future of the cannabidiol market?
The market for cannabidiol is probably going to expand in the future. The future prosperity of the sector could be influenced by a variety of things.
Legalization and accessibility
The legal environment of marijuana is evolving. Cannabidiol has already been made legal in several nations, and more are anticipated to do the same. Because they will be able to buy it more easily, this will expand the markets for cannabidiol products, which is likely to encourage even more individuals to try it.
Additionally, the most recent SAFE Banking Act gives financial institutions that collaborate with hemp firms protections. Cannabidiol businesses should find it simpler to acquire banking services and investment funding thanks to this regulation.
There are many conditions that cannabidiol is known to aid with, including pain reduction, anxiety, and insomnia. People are more willing to give cannabidiol a try as more people become aware of its potential health advantages. Additionally, as the amount of knowledge on cannabidiol expands, so will people’s faith in its capacity to enhance their health.
Only one cannabinoid-based medicine, Epidiolex, has received FDA approval for the treatment of uncommon kinds of epilepsy. This is viewed as a good indicator for the use of cannabidiol in the US, nevertheless. Cannabidiol would gain medical legitimacy with FDA approval, which would also open the door to future clinical research.
The public’s perception of cannabidiol is crucial to the industry’s future. The general attitude of people towards cannabidiol has been positive. According to a Delvens survey, 64% of American respondents think cannabidiol is helpful.
From the minimal public awareness of cannabidiol just a few years ago, this represents a remarkable increase. As more people become aware of the potential advantages of cannabidiol, this growing acceptability is expected to continue, which is excellent news for everyone in the sector, from beginning hemp growers to seasoned cannabis shop owners.
Cannabidiol’s Role in Future Health and Beauty
The era of health and beauty brought on by cannabidiol (cannabidiol) has begun. A rising number of businesses believe that cannabidiol won’t be another short-lived fad given that U.S. retail sales of topical and cosmetic products containing the ingredient are predicted to be close to $1 billion. Cannabidiol has intricacies — along numerous dimensions — that set it apart from other natural extracts used in health and beauty goods.
Since the federal government has legalized the production of cannabidiol derived from hemp, companies like Estée Lauder and L’Oréal, as well as smaller and more recent cannabidiol players like Charlotte’s Web Hemp and CV Sciences, are responding to consumer demand by creating topical formulations containing cannabidiol. Importantly, some large shops are starting programs to sell topical cannabidiol products, and Walgreens, CVS, Rite Aid, and Sephora have already joined the movement.
As the market gets more competitive, it is crucial for health and beauty enterprises that have decided that cannabidiol products are a strategic fit to act promptly.
A natural evolution
A macro trend towards natural health and beauty products has been increasing demand for natural extracts as consumer knowledge of health and wellbeing has grown. Customers are looking for alternatives to synthetic chemicals in skincare and beauty products to improve and raise their bodies’ overall health and the appearance of their skin. In a recent research of American customers, 64% of participants said they placed importance on buying healthy, pure, or customized beauty care goods.
Natural plant extracts like moringa, jojoba oil, and turmeric have gained popularity over the past ten years as a result of growing awareness of the negative effects of synthetic products. Cannabidiol is the most recent natural extract to become popular as a plant extract for health and well-being, and demand among consumers is skyrocketing. There has been an 80% compound annual growth (CAGR) in the number of mentions of cannabidiol on social media, with about 60% of the feedback being favorable.
Over 40% of nonusers say they “probably will” or “definitely will” buy a cannabis beauty product in the upcoming six months, although only 20% of targeted consumers had used CBD in the previous six months. A variety of health advantages associated with cannabidiol are also of interest to consumers. Importantly, according to the Health and Wellness Survey, those who have used cannabidiol-infused cosmetic products are quite satisfied with their effectiveness. Strong retail sales growth is a result of rising consumer interest and awareness. Sales of topical cannabidiol products have increased significantly after the U.S. Farm Bill was passed. Due to FDA regulation of cannabidiol in food and beverage items, cannabidiol topical treatments, which presently make up about 25% of the cannabidiol category, are anticipated to overtake ingestible in market share. Cannabidiol is a plant extract that is more than your standard natural extract.
Cannabidiol, unlike other plant extracts for health and beauty, offers a special mix of market tailwinds and difficulties, all of which need to be carefully considered before businesses enter the market. Market headwinds for cannabidiol relative market interest that is high The degree of interest in cannabidiol is increasing exponentially faster than that of other plant extracts. While this offers strong advantages for potential market entrants, it has also created a market that is unusually fragmented, dynamic, and crowded, which brands and customers must both negotiate.
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Cannabidiol Market Segmentation Analysis
As per Delvens, the marijuana sector led the market in 2022 and represented approximately 52.1% of total revenue. The category is being driven by the rising acceptability of refined cannabidiol products as well as the rising legalization of marijuana and goods derived from it for a variety of medical uses. The high efficacy of cannabidiol derived from marijuana is another important reason driving the segment’s rise.
Due to expanding pharmaceutical demand and increased public awareness of health issues, it is projected that the market for cannabidiol derived from hemp would expand quickly. The demand for cannabidiol in the pharmaceutical industry is predicted to increase as consumer disposable income rises and medical marijuana is legalized. Some of the cannabidiol items that are in demand include oils, tinctures, concentrates, capsules, topical treatments like creams, lip balms, lotions, and consumables like baked foods, coffee, chocolates, gum, and sweets.
Business-to-business (B2B) sales accounted for more than 51.5% of total market revenue in 2022, dominating the market. Over the forecast period, the market is anticipated to grow profitably. The demand for cannabidiol oil as a raw material has increased, as has the number of bulk or wholesale cannabidiol oil suppliers.
Due to the rise in businesses forming exclusive partnerships with retail pharmacies to boost their visibility and establish a separate entity for customers to purchase cannabidiol products, the hospital pharmacies sub-segment of the b2c market is anticipated to experience profitable growth over the forecast period.
The pharmaceuticals sub-segment led the market and accounted for a revenue share of more than 72.5% in 2022 based on end-use. Over the projection period, the segment is anticipated to expand at a profitable rate. In the upcoming years, it is projected that the demand for the product will increase due to the growing number of ongoing studies looking at how cannabidiol affects various health conditions.
Over the forecast period, the medicines segment is anticipated to develop at the fastest rate. It is projected that the market would expand more quickly as a result of the rapidly evolving transition of cannabidiol from natural remedies to prescription medications.
With a revenue share of approximately 86.4% in 2022, North America led the market and will keep holding the top spot going forward. Some of the main variables influencing the regional market are the presence of a sizable population of health-conscious individuals in the area, the growing acceptability of goods containing cannabidiol, the presence of significant producers, and the ratification of the U.S. Farm Bill in 2020. The most forward-thinking location for cannabis and its byproducts, such as cannabidiol, is North America. It has the most CBD businesses and lax legislation governing the use of cannabidiol-based goods.
In addition, the establishment of hemp-producing facilities, particularly in China, is expected to lead to significant growth in countries like Europe and Asia Pacific throughout the projection period. Nearly half of the world’s hemp is grown in China, the largest producer of hemp in Asia. The U.S., Germany, the U.K., the Netherlands, and Japan account for about 90% of the nation’s exports. Three provinces have begun growing hemp for cannabidiol extraction. In the United States, Canada, and the European Union hemp enterprises with low-cost cannabidiol supply are anticipated to face tough rivalry as a result of the newly established government regulations supporting the industry, lowest cannabidiol production costs, and special large-scale manufacturing infrastructure and experience.
Cannabidiol Market Outlook
Cannabidiol is anticipated to develop into a USD 1.92 billion sector by 2022, encompassing all aspects of production and distribution, manufacturing, and farming.
However, the ‘green rush’ has started to settle, much like the gold rush in the Wild West. Customers are developing brand loyalty for some companies. The demographics are beginning to change. And sales are starting to shift from brick-and-mortar stores to Internet shops.
What does the cannabidiol market look like now, four years after its inception, and what will it look like in the upcoming year? Here are our forecasts for the cannabis-based medicine market in 2022.
- Legalize it
- Target Audiences Will Change (And Your Strategy Will, Too)
- Payment Processing Issues Persist
- Higher Competition
- Marketers Will Discover New Methods of Adaptation
Regulations governing cannabidiol could start to alter in several markets:
- Products containing non-prescription cannabidiol are processed and distributed through authorized cannabis channels in Canada, where they are currently governed by the Cannabis Act. If a legal pathway to market is developed for non-prescription cannabis-derived health goods, authorities began consultations in 2019 to solicit feedback on buying, producing, or marketing cannabis health products. A non-prescription path to market for cannabidiol health products is also demanded by business associations including the Canadian Health Food Association and the Canadian Hemp Trade Alliance.
- The Food Standards Agency of the United Kingdom has also declared its intention to reevaluate the application of the Novel Food regulations about oral cannabidiol products. Hemp-derived CBD products without any medicinal claims are currently regarded as “novel foods” that need regulatory approval to be supplied to consumers in the United Kingdom and the European Union.
- Authorities in the United States are under increasing pressure from the industry to give cannabidiol the GRAS (Generally Recognised as Safe) designation, which would allow hemp-derived cannabidiol to be used in non-prescription products like foods and dietary supplements. This pressure stems from the passage of the Farm Bill, which opened the door to hemp cultivation and some products containing cannabidiol derived from hemp.
Additionally, the medicinal potential and security of cannabidiol are being studied by researchers worldwide. Its safety and effectiveness in treating pain and anxiety, among other indications, are being investigated in more than 600 research trials. The outcomes of these trials and other studies may pave the way for several novel applications for cannabidiol while also laying the scientific groundwork needed to confirm the safety profile and support regulatory reform. Players in the CPG industry have started to invest in cannabidiol programs. With their disciplined horsepower, which consists of research, consumer awareness, product creation, and marketing and distribution know-how, these organizations have a long history of successfully moving markets. Cannabidiol may be in a similar position that organic products were years ago: a niche product ready to become widely used, propelled by the CPG engine.
Delvens Industry Expert’s Standpoint
Beyond the health advantages, the market for cannabidiol shows a high promise of expansion, which indicates that the time is now for small enterprises to gain from this windfall. To succeed, small companies that offer cannabidiol products must have access to the correct technological partners owing to the constantly changing regulatory landscape.
“The market has a lot of potentials, but businesses are still hesitant.”
Some businesses are hesitant to move on with strategies and product development despite the scale of the potential. This reluctance is partly due to the persistent stigma against cannabis usage in some circles, which is made worse by some consumers’ and executives’ ignorance of the distinction between cannabidiol and THC. Companies are extremely concerned about how cannabidiol products may affect their brand and reputation since they are custodians of their brand. Some people are waiting for further scientific evidence to back up claims of safety. Companies in the US are deterred by the persistent regulatory inconsistencies surrounding cannabidiol. In Canada, people frequently hesitate because they think that pursuing the development of cannabidiol products will be more difficult than it is in terms of time, money, and licensing regulations.
“Cannabidiol has a market potential that is too great to ignore. Cannabidiol use is currently predicted to be one in seven consumers in developed economies, and that number is expected to increase to one in three by 2025.”
Key Companies & Market Share Insights
Some of the key players operating in the global rapid diagnostics market are Abbott Laboratories, ACON Laboratories Inc., Alfa Scientific Designs Inc., Artron Laboratories Inc., Becton, Dickinson and Company, BioMerieux, BTNX Inc., Creative Diagnostics, Danaher Corporation, F. Hoffmann-La Roche Ltd, Hologic Inc., IDVet, Qiagen N.V, Siemens Healthcare GmbH, and Zoetis Inc. among others.
- Planta Scientific, a cannabis biotech business based in Miami, Florida, introduced its brand-new, ground-breaking line of water-soluble, nano cannabinoid components in 2023, beginning with nano E-200 CBD. Shortly, the company intends to roll out further cutting-edge water-soluble, nano-cannabinoid components. The creation of these chemicals demonstrates the firm’s dedication to creativity and addressing the demands of the cannabis market, which is constantly changing.
- Medical Marijuana, Inc. will open a pharmaceutical subsidiary in Brazil in 2022 and increase customer access to CBD products in pharmacies. With the help of this new sales channel, we will be able to distribute our cannabidiol (CBD) products to pharmacies all across the nation, creating new expansion opportunities.
- In 2021, Sublime Communications and Five Tier, Inc. will conduct a Times Square takeover on National CBD Day with Endoca, the top organic CBD brand, as the title sponsor.
- Folium Biosciences submitted a novel food application to the UK Food Standards Agency (FSA) in 2021 for validation of its broad-spectrum, hemp-derived CBD (cannabidiol) oil with a THC content of 0%. Folium Biosciences Europe B.V. and a group of the company’s many UK-based CBD product partners applied on their behalf.
Global Cannabidiol Market Table of Contents
- Hemp Based
Product Type Outlook
- Business to Business (B2B)
- Business to Consumer (B2C)
- Hospital Pharmacies
- Online Stores
- Retail Stores
- Personal Use
- Food & Beverages
- Personal Care & Cosmetics
- Czech Republic
- Rest of Europe
- North America
- South Korea
- New Zealand
- Hong Kong
- Sri Lanka
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East And Africa
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa
Key Players of the Cannabidiol Market
- Canopy Growth Corporation
- Aphria, Inc.
- Aurora Cannabis
- Maricann, Inc. (Wayland Group Corporation)
- GW Pharmaceuticals, plc
- ABcann Medicinals, Inc.
- Organigram Holding, Inc.
- Tikun Olam
- The Cronos Group
- Isodiol International, Inc.
- MEDICAL MARIJUANA, INC.
- Cannoid, LLC
- Folium Biosciences
- NuLeaf Naturals, LLC
- Pharmahemp d.o.o.
Some key questions answered during the primary sessions
- Where does the client base fall within the current market segmentation for consumers interested in CBD?
- What is the organization’s “size of the prize” for CBD and what is the opportunity cost of not entering early?
- How will the brand’s current consumers’ perceptions of it change—for the better or worse?
- How well does the brand positioning correspond to the different CBD segments?
- To gain market share, how (and why) will the company’s CBD products stand out from the competition?
- Whom should the businesses collaborate with along the CBD value chain?
- What position would CBD products hold in the brand’s or company’s portfolio?
Direct Purchase of Global Cannabidiol Market Research Report at: https://www.delvens.com/checkout/cannabidiol-market-trends-forecast-till-2028
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