Cannabidiol Market To Predict Global Expansion, Based On Growing Awareness Regarding The Medical Benefits To 2030

 Cannabidiol Industry Overview

 

The global cannabidiol market size is expected to reach USD 22.05 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.8% from 2022 to 2030. Increasing awareness regarding the health benefits of cannabidiol (CBD), changing consumer opinion, and the attitude toward CBD products are some of the key factors driving the demand for these products. Cannabidiol is a chemical compound that is found in the cannabis Sativa plant, and is extracted from hemp or cannabis, generally from hemp due to its naturally high CBD content. The cannabis Sativa plant has over 80 chemicals that are identified as cannabinoids. Out of all the chemicals, cannabidiol is most widely used for medical purposes due to its lack of psychoactive effect.

 

Cannabidiol Market Segmentation

Grand View Research has segmented the global cannabidiol market based on source type, sales type, end-use, and region:

 

Based on the Source Type Insights, the market is segmented into Hemp, Marijuana.

• The marijuana segment dominated the market and accounted for a revenue share of over 50.0% in 2021.
• The increasing acceptance of refined CBD products and the increasing legalization of marijuana and marijuana-derived products for various medical applications are driving the segment.
• Increasing consumer disposable income along with the legalization of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in the pharmaceutical sector. 
• Cannabidiol derived from hemp is anticipated to witness rapid growth owing to the increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health.
• Furthermore, the use of hemp-derived CBD is increasing rapidly owing to its anti-inflammatory, anti-aging, and antioxidant properties.

 

Based on the Sales Type Insights, the market is segmented into B2B, B2C.

• The Business to Business (B2B) segment dominated the market and accounted for a revenue share of over 50.0% in 2021. The segment is expected to expand at a lucrative rate over the forecast period.
• The segment is expected to expand at a lucrative rate over the forecast period. This can be attributed to an increase in the number of bulk or wholesale CBD oil providers and an increase in the demand for CBD oil as a raw material. 
• In the B2C segment, the hospital pharmacies sub-segment is expected to witness lucrative growth over the forecast period owing to the increase in the number of companies establishing exclusive collaborations with retail pharmacies to increase their visibility and create an independent entity for customers to purchase CBD products.
• CBD market is expected to present significant opportunities for market participants owing to a surge in stockpiling events by pharmacies, exclusive collaborations of companies with retail pharmacies, and an increase in the number of patients opting for CBD treatment.

 

Based on the End-use Insights, the market is segmented into Medical, Personal Use, Pharmaceuticals, Wellness.

• In B2B end use, the pharmaceuticals sub-segment dominated the market and accounted for a revenue share of over 70.0% in 2021.
• The increasing number of ongoing trials to study the impact of CBD on certain health conditions is anticipated to drive the product demand in the forthcoming years.
• Many companies acquire CBD oils in bulk and manufacture CBD-infused products. These products are used by a large consumer base as a pain and stress management alternative. Thus, most of these products are depicted to be in the growth phase of the market.
• The pharmaceuticals segment is projected to witness the fastest growth over the forecast period. This rapidly progressing transformation of cannabidiol from herbal preparations to prescription drugs is anticipated to boost the growth of the market.
• Growing awareness regarding the medical benefits of cannabidiol, including its healing properties, is anticipated to drive the product demand in the pharmaceutical industry.

 

Cannabidiol Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Products in the market provide users with the health benefits of cannabidiol (CBD) without intoxication. Hence, they are gaining traction within a short time. Moreover, competition in the global market is high because companies are focused on increasing their product offerings, entering new markets, and gaining new consumers.

Some prominent players in the global cannabidiol market include:

• ENDOCA
• Cannoid, LLC
• Medical Marijuana, Inc.
• Folium Biosciences
• Elixinol
• NuLeaf Naturals, LLC
• Isodiol International, Inc.
• Pharmahemp d.o.o.

 

Order a free sample PDF of the Cannabidiol Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.