The global cannabidiol market size is expected to reach USD 23.6 billion, expanding at a CAGR of 22.2%, according to a new study by Grand View Research, Inc. Increasing adoption of cannabidiol (CBD) infused products in various industries such as pharmaceuticals, personal care and cosmetics, and nutraceuticals along with its medical applications is expected to drive the market over the forecast period.
The marijuana-derived CBD segment dominated the market in 2018, with a revenue of USD 3.9 billion, owing to the growing legalization of marijuana-derived products in various countries. Availability of marijuana-derived CBD products in dispensaries as well as government-approved pharmacies and stores and high efficacy of marijuana-derived CBD compared to hemp-derived CBD are some of the pivotal factors for the growth of the segment.
The Business to Consumer (B2C) segment accounted for the largest market share in 2018 and is expected to exhibit the fastest growth rate over the forecast period. Ease of availability of a wide range of CBD based products to the consumers is one of the key factors driving the growth of this segment. Furthermore, increasing adoption of cannabidiol infused pharmaceuticals for various conditions such as chronic pain, epilepsy, autism, and anxiety is anticipated to support the growth of this segment over the forecast period.
In 2018, the medical segment dominated the end-use segment, with a revenue share of 44.5%, owing to the higher adoption of cannabidiol infused products for medical purposes due to their healing properties. On the other hand, the pharmaceutical segment is expected to witness the fastest CAGR over the forecast period. Companies are focusing on manufacturing products that are intended to cure medical ailments. This key factor is anticipated to increase the demand for CBD based pharmaceuticals.
North America dominated the market in 2018 and is expected to lead the market over the forecast period owing to the legalization of cannabis and cannabis based products for medical as well as recreational purposes. Moreover, the liberalism of government regulations and increased adoption of cannabidiol for pharmaceutical, wellness, and personal use are some of the major factors driving the growth of the CBD market in this region.
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Further key findings from the report suggest:
- North America accounted for the largest revenue share in 2018 owing to the legalization of CBD infused products, and the presence of a significant number of players operating in this region
- The marijuana-derived CBD segment dominated the market in 2018, with a revenue of USD 3.9 billion owing to their high efficiency compared to hemp-derived CBD
- The B2C segment in CBD market is anticipated to be the fastest-growing segment over the forecast period. This is owing to high consumption of CBD based products in countries where cannabis is legal.
- In 2018, the medical segment accounted for the largest revenue share in the end-use market owing to the rising use of CBD based products for numerous medical conditions
- Some of the major players operating in cannabidiol market are ENDOCA; Isodiol International, Inc.; Medical Marijuana, Inc.; Cannoid, LLC; Elixinol; Folium Biosciences; NuLeaf Naturals, LLC; Pharmahemp d.o.o.