Cannabidiol Market: Current Analysis and Forecast (2022-2028)

Report Description

Global cannabidiol market is expected to register a CAGR of around ~21% over the period of 2022-2028. The global cannabidiol market is experiencing significant growth due to the increased number of patients suffering from chronic diseases like epilepsy, crohn’s disease, and alzheimer’s disease and awareness regarding this has also fueled the growth of the Cannabidiol market. For instance, Aurora Cannabis, in August 2019, successfully acquired Hempco Food and Fiber Inc., to gain access to cost-effective hemp, to extract cannabidiol (CBD). Similarly, Aphria acquired CC Pharma, which provides numerous pharmaceutical products, such as cannabis, in Germany and other European countries, in January 2019. Cannabidiol (CBD) is a medical benefit associated with the plant are anticipated to boost product demand. Thus, it works by helping to restore the balance to have several medicinal benefits. For instance, epidiolex is a CBD oil extract that is currently undergoing clinical trials for epilepsy. Furthermore, epilepsy is one of the most common neurological diseases globally.

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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Application, medical pain category accounted for the majority share in the market in 2020”

Based on application, the market is classified into chronic pain, arthritis, migraine, cancer, and others. The chronic pain category accounted for a significant share of the market. This is mainly due to the use of Cannabidiol in the treatment of the increasing prevalence of pain, cancer, arthritis, and treatment of seizures in the global markets. For instance, in 2018, the Centers for Disease Control and Prevention (CDC) reported that an estimated 50 million Americans, or just over 20 percent, have some form of chronic pain.

“Amongst Type, Oil and Tinctures are expected to witness highest CAGR during the forecast period”

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 the continuous development of new products and treatments is likely to strengthen the market of the segment during the forecast period

“North America to witness significant growth during the forecast period”

North America is expected to witness a significant market share and will continue to retain its leading position in the market during the forecast period on account of the growing various cannabidiol and therapeutic uses of marijuana products as well as the potential impact of marijuana legalization on the U.S. economy. The growing acceptance of cannabidiol-based products and the presence of many health-conscious people in the region. Moreover, the presence of well-established market players, mergers and acquisitions, and frequent product launches in the region will dominate the market in this region. For instance, In June 2021, The Valens Company completed the acquisition of Green Roads for nearly USD 60 million. The acquisition grants The Valens Company access to the U.S. CBD market through a well-developed network of Green Roads.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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Research Methodology

Research Methodology for the Global Cannabidiol Market Analysis (2022-2028)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global cannabidiol market were the three major steps undertaken to create and analyze the adoption of cannabidiol in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global cannabidiol market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Cannabidiol market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Cannabidiol market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a source, application, route of administration, type, distribution channel, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cannabidiol market. Further, we conducted factor analysis using dependent and independent variables such as the source, application, route of administration, type, distribution channel, and region of cannabidiol. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the cannabidiol market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Cannabidiol market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the cannabidiol across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Cannabidiol market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global cannabidiol market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of a source, application, route of administration, type, distribution channel, and region in the global cannabidiol market.

The main objective of the Global Cannabidiol market Study

The current & future market trends of the global cannabidiol market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Cannabidiol market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of source, application, route of administration, type, distribution channel, and region
• Define and analysis of the regulatory framework for the cannabidiol market
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the cannabidiol market for the major region.
• Major countries of regions studied in the report include North America, Europe, Asia Pacific, and Rest of the world
• Company profiles of the cannabidiol market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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