The global market for cannabidiol was valued at USD 4.6 billion in 2018 and is projected to increase by 22.2 percent from 2019 to 2025 with an annual cumulative growth rate (CAGR). The medical and wellness demand for cannabidiol (CDB) is strong due to its soothing qualities, which are the main factors driving market development.
Besides, through the acceptance and utilization of products by regulatory approvals is expected to drive demand for cannabidiol infused products. Look at some facts and figures:
The world demand for CBD nutraceuticals was dominated by CBD tinctures in 2018. One of the key factors of demand is the increased use of CBD tinctures because of their high bioavailability compared with oils in the reduction of severe pain, anxiety, tension, etc. During the forecast era, the availability of tincture in different amounts and concentrations that match individual needs will lead to the growth of this market.
The network of retail sales such as CBD Supply UK and many others was leading the market by 44.3 percent in 2018. The growing collaboration between producers and distributors in the leading factor in the development of their distribution network.
Moreover, over the forecast period, the online distribution channel is expected to be the fastest growth. CBD nutraceutical firms attempt to deliver their products through all possible channels, particularly via the web platform for remote areas.
Such channels offer a comprehensive overview of the product information, safety certificates, ingredients, and dosage, attracting customers to this sales platform. In upcoming years, the growth of the segment will be boosted by all these factors.
At 56.2 percent of the market share, North America led the industry in 2018. On the other hand, it is expected, following growing legalization and encouraging guidelines on the usage of the CAGR in the regional countries, that Asia Pacific is reported as the fastest CAGR during the time projected.
The use of CBD as a health aid in Thailand was projected to grow in September 2019, by eliminating hemp seeds and hemp oil from its regulated list. Several CBD nutraceutical companies intend to join the Asia Pacific market that will boost regional production. Growth is also expected to raise awareness of the application of CBD nutraceuticals in the areas of health and wellness.
With a sales share of 44.5%, the medical industry dominated the market in 2018 and would expand profitably over the expected time frame. Factors such as the growing use of CBD for medical conditions such as depression, anxiety, debilitating pain, sleeping disorder, and multiple sclerosis have been linked in large quantities.
Chronic pain patients are increasingly opting for CBD products that are projected to drive demand growth in the forecast timeframe for associated conditions.
- In recent years, plant-based medicine has seen tremendous growth. However, the desire for minimally manufactured and herbicides medicines has opened up a lucrative space for business development.
- CBD hemp oil doesn’t affect a person’s health, unlike other psychological drugs; it also has medical advantages, such as pain relief.
- The expansion of the industry is expected to significantly affect the rate of depression in the population.
- The increase of CBD hemp oil adoption of disease treatment and the legalization of the cannabis plant goods was expected to boost the hemp-based CBD hemp oil industry in several countries.
Cannabidiol is widely used for medicinal uses because of its lack of psychoactive effects, among other cannabinoids. The prevention of anxiety and depression, stress reduction, diabetes preventive care, pain control, cancer recovery effects, and acne reduction, was used as CBD oil with a variety of medicinal uses. Thanks to the rising use of CBD products for treating different medical conditions, the global CBD market is expected to expand at a lucrative pace during the forecast period.