Author: Vikas Kumar
17 April 2023
The global Cannabidiol Market is expected to register a CAGR of around ~21% over the period of 2022-2028. This is mainly due to the rise in the prevalence of medical use of marijuana for the treatment of such disorders as chronic pain, arthritis, migraine, cancer, diabetes, aids, epilepsy, Parkinson’s disease, and stringent government regulations coupled with the growing focus of major stakeholders in the healthcare industry to adopt to make cannabidiol products more sustainable and eco-friendlier. Major healthcare companies are investing heavily in their products due to rising social awareness among healthcare industry experts, medical professionals, and patients about the benefits that cannabidiol has prompted the regulatory authorities to consider and authorize cannabidiol. According to the National Health Service United Kingdom 2019, there were about 28 million people in the United Kingdom with chronic pain, with around 10-14% of them experiencing moderate-to-severe disabling pain. This rise in the prevalence of the use of cannabidiol in healthcare is contributing to market growth. Therefore, the market for cannabidiol is expected to witness significant growth during the forecast period. As a result, the government is focusing on raising awareness about the illnesses and their effect which significantly contributes to the market for cannabidiol. Therefore, the market for cannabidiol is expected to witness significant growth during the forecast period.
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Based on the source, the market is classified into marijuana and hemp. The hemp category accounted for a significant share of the market. This is mainly due to largely be attributed to smooth regulatory pathways developed for low tetrahydrocannabinol (THC) levels. The THC content in hemp pants is negligible and developing 100% CBD-based products is possible, resulting in a higher market proportion.
Based on type, the market is categorized into flowers, oil and tinctures, edibles, and others. Among these, oil and tinctures are expected to witness the highest CAGR during the forecast period. This is mainly due to the strong prevalence of medical ability in the treatment of various health conditions and governments of many countries are either legalizing or approving it for medicinal use. Marijuana oils are preferred as they are a blend of cannabis extracts and inert carrier oils. The oils are easier to find and are expected to support the growth of the segment over the forecast period. These results boost the production of cannabidiol.
Based on distribution channels, the market is categorized into dispensaries, online channels, and others. Among these, hospital pharmacies are expected to witness the highest CAGR during the forecast period. The dispensaries are widely used for easy access to cannabidiol because the prescriptions for antipsychotics can only be administered after a thorough medical examination. The rapid growth in the number of authorized dispensaries to sell the product is the major growth driving factor throughout the forecast period.
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For a better understanding of the market adoption of the cannabidiol industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of the growing various cannabidiol and medical treatment activities in countries like the U.S. and Canada. The increased number of patients suffering from chronic diseases like Crohn’s disease and Alzheimer’s disease has also fueled the growth of cannabidiol sales in North America. As per the Alzheimer’s Association, more than 6 million Americans of all ages have Alzheimer’s. An estimated 6.5 million Americans aged 65 and older are living with Alzheimer’s in 2022. The awareness programs regarding the cannabidiol industry owing to the presence of well-established market players and frequent product launches in the region. Furthermore, many healthcare and cannabidiol companies are headquartered in the region, which is focusing on coming up with novel drugs for the treatment of these diseases.
Some of the major players operating in the market include Canopy Growth Corporation, Cannabis Sativa, Inc, GW Pharmaceuticals plc., Emerald Health Therapeutics Inc., Tilray, Aphria Inc, Aurora Cannabis, Medical Marijuana, Inc, HempLife Today, NuLeaf Naturals, LLC.
Global Cannabidiol Market Segmentation
Market Insight, by Source
Market Insight, by Application
Market Insight, by Route of Administration
Market Insight, by Type
Market Insight, by Distribution Channel
Market Insight, by Region
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