According to Custom Market Insights (CMI), the Global CBD Product Market size was estimated at USD 3 billion in 2021 and is anticipated to reach around USD 33 billion by 2030, growing at a CAGR of roughly 11% between 2022 and 2030. Our research report offers a 360-degree view of the CBD Product market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the CBD Product market.
CBD Product Market: Overview
Products containing CBD are used to treat a wide range of issues, including anxiety, stress, sleeplessness, migraines, skin care, seizures, joint pain & inflammation, neurological diseases, and many others. Because using CBD has additional advantages, treating chronic pain has become very popular. Due to its numerous medical uses and effectiveness as a painkiller, cannabidiol (CBD) products have seen an increase in demand in recent years. CBD works on a number of bodily biological systems to help reduce chronic pain. Additionally, CBD has analgesic, anti-inflammatory, and antioxidant effects. As a result, those with chronic pain experience less anxiety due to CBD products.
Browse the full “CBD Product Market Size, Trends and Insights By Source (Hemp, Marijuana), By Distribution Channel (B2B, B2C), By Application (Pharmaceutical, Wellness), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/cbd-product-market/
The global legalization and regulation of cannabis for medical and recreational use have advanced significantly over the past 20 years. With the introduction of goods containing cannabis, the demand for cannabis has dramatically expanded. Contrarily, legislation governing cannabidiol (CBD) products should be put into place and adhered to in order to make them safer for consumers.
Cannabis is also an illicit substance grown, transported, and misused the most frequently worldwide. Legislative initiatives, ballot initiatives, and public opinion surveys all show that cannabis use, in general, for recreational and therapeutic uses, is becoming more and more accepted throughout the United States. Furthermore, according to a recent Quinnipiac University poll, 54% of American voters would support the legalization of cannabis without any additional restrictions. Comparatively, 81% of survey participants supported the decriminalization of cannabis for medical use. Demand will progressively rise as legalization spreads globally, boosting the expansion of the CBD products market.
The market for CBD Products is segmented into the source, distribution channel, and application. Based on the application, the worldwide CBD Product market is divided into pharmaceutical and wellness. The wellness category includes personal care & cosmetics, food & beverages, nutraceuticals, and others.
Many skincare products that treat acne and wrinkles contain CBD oil. For instance, Sephora recently introduced a particular line of CBD skincare items to its retail locations. Similarly, Ulta Beauty intends to sell a unique line of CBD-based goods. Additionally, several new businesses are hitting the market for beauty items enriched with CBD.
Governments and significant players are also investing more money in the R&D sector. Several clinical trials have shown that cannabidiol (CBD) is an effective treatment for epilepsy. For instance, the GW Pharmaceuticals drug Epidiolex has demonstrated promise in Phase III studies conducted in the United Kingdom to treat Dravet and Lennox-Gastaut syndromes, two types of treatment-resistant seizure disorders. Such developments are anticipated to boost the demand for CBD products in the wellness segment.
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North America dominated the global CBD product market in 2021 with a revenue share of over 85% and will keep holding the top spot going forward. Some key variables influencing the regional market are a sizable population of health-conscious individuals, the growing acceptance of CBD-based products, the presence of significant manufacturers, 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. Most CBD businesses are located there, and the laws governing the use of CBD products are relaxed.
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. The US, Canada, and the European Union hemp enterprises with low-cost CBD supply are projected to face tough competition from the newfound government laws supporting the industry, lowest cannabidiol production costs, and special large-scale manufacturing infrastructure and experience.
Some of the prominent players
- INSYS Therapeutics, Inc.
- SolMic GmbH
- Folium Biosciences
- Cannoid, LLC
- Marijuana Company of America Inc.
- Pivot Pharmaceuticals Inc.
- HoneyB Healthy
- NuLeaf Naturals, LLC
- Nightfood Holdings
- Medical Marijuana, Inc.
- Pharmahemp d.o.o.
- Isodiol International, Inc.
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