The Global Cannabidiol (CBD) Market is anticipated to grow at a CAGR of around 30.48% during the forecast period, 2022-27, reveals MarkNtel Advisors in their recent research report. The growth of the market is primarily driven due to the widespread legalization of CBD for medicinal purposes in countries such as India, the US, Australia, and others around the world. In addition, the growing usage of CBD for R&D purposes for treating chronic diseases such as Cancer, Alzheimer's disease, etc., has also positively contributed to the Global Cannabidiol market. In 2019, the Australian Health Ministry announced the investment of approximately USD2.03 million for the research & viability of medical cannabis for the treatment of nearly 11,000 cancer patients.
Hence, the ongoing research & development for CBD-based medicines & their growing application in food products, cosmetics, and other industries would further lead to getting the license for manufacturing CBD-based products in the country. Moreover, cannabidiol oil is increasingly being used to treat acne and wrinkles in skincare products. For instance, in 2019, Ulta launched Channuka, its first CBD-based skincare brand. The brand offers five products that combine the healing powers of cannabidiol and manuka honey.
Further, several new companies are also entering the market for cannabidiol-infused cosmetic products. Thus, the growing business of these industries & surging government liberalization of the cannabis industry would augment the Global Cannabidiol market during the forecast period, further states the research report, "Global Cannabidiol (CBD) Market Analysis, 2027."
Medicinal Use to Acquire Significant Share in the Global Cannabidiol (CBD) Market
Based on the application, the market bifurcates into Medical Use, Beauty & Personal Care, Pets, and Recreational. Among them, Medicinal Use has seen significant growth in the Global Cannabidiol market, owing to the growing consumption of cannabidiol for medicinal purposes such as treatment of anxiety, stress, neurological diseases, gastrointestinal, etc. The application of cannabidiol also grew because of its low toxicity value compared to THC (tetrahydrocannabinol), which is the other component of marijuana containing high toxicity.
Thus, to treat seizures related to two rare forms of epilepsy, Lennox-Gastaut syndrome & Dravet syndrome, the US Food and Drug Administration approved Epidiolex (cannabidiol) oral solution in 2018. The solution was the first approved drug by the FDA which is derived from marijuana.
In addition, the government of the countries such as India, the US, Argentina, Canada, etc., has been legalizing cannabis production & consumption, which led to the growth in R&D activities for the medical use of cannabidiol. Hence, the legalization & increasing R&D for medicinal use in the region would augment the growth of the Global Cannabibiol market during the forecast period.
North America to Emerge as a Dominant Performer in the Global Market
Geographically, North America held a dominant share in the Global Cannabidiol market during the historical period, owing to the legalization of the production & consumption of cannabis, especially in Canada & the US for recreational & medical use for health & wellness purposes. The legalization of cannabis has contributed to the treatment of anxiety, pain, dystonia, Parkinson's disease, Crohn's disease, and many other conditions.
In addition, the increasing legalization of cannabis in the regional countries has strongly contributed to the growth of the North America Cannabidiol market. For instance, in 2022, nineteen states, two US territories, and the District of Columbia have legalized the recreational use of cannabis. Thirty-seven states, four US territories, and DC have legalized the medical use of the drug.
Moreover, the growing innovations in the F&B industry & the peaking interest of consumers in multiple ways of consuming CBD are predicted to propel the market in the upcoming years. Further, the government's easing policy toward cannabis production and the escalation of research & development in medical cannabis is expected to stimulate market growth, reveals MarkNtel Advisors in their research report, "Global Cannabidiol (CBD) Market Analysis, 2022."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Cannabidiol (CBD) Market are Aurora Cannabis Inc, CV Sciences, Endoca, CBD American Shaman, Bluebird Botanicals, Isodiol International, Medical Marijuana Inc, Elixinol, Hemp Inc, Canopy Growth Corporation, and Others
Key Questions Answered in the Study