cbd market report 2021December 15, 2021
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There are several applications of CBD like anxiety, chronic stress, depression, skin care, seizures, joint pain & inflammations, among others. Out of these, CBD will find increased application in the chronic pain segment through 2027, reaching a valuation of $20.6 billion by 2027 across North America, according to current market trends. CBD has several beneficial properties to relieve chronic pain and is a better alternative when compared to its counterpart, opioids.
The global cannabidiol market size is anticipated to expand at substantial CAGR during the forecast period as CBD is quite famous for treating large number of ailments like anxiety, chronic and neurological pains, sleep disorders, stress, and nausea.
Online distribution of CBD to gain prominence in North America:
The regulatory bodies of these countries have inspected the benefits of CBD-derived products on human body and have given their approval in this regard. For example, Australian authorities approved the use of a CBD-based product, Sativex in 2017 to treat spasticity caused by multiple sclerosis. This drug has won the approval of more than 28 countries, which is an indication of positive changes in the regulatory framework of these nations. All these factors will positively impact the demand for CBD in Asia Pacific.
Prominent CBD manufacturers across the globe include Canopy Growth Corporation, Cronos Group, Medterra Tilray, CBD One Ltd, Formula Swiss AG, Green Brothers Switzerland SA, HemPoland sp. z o.o. MH medical hemp GmbH, ECOFIBRE, Bod Australia Ltd, MEDLAB CLINICAL, Aurora Cannabis, and CV Sciences, Inc.
Access sample pages of the report, “ North America Cannabidiol (CBD) Market Forecasts 2027 ” in detail along with the table of contents (ToC) @
Chronic pain patients are the largest consumers of CBD in U.S.:
Pune, India, June 02, 2021 (GLOBE NEWSWIRE) —
Favorable government regulations to foster Asia Pacific cannabidiol market:
June 02, 2021 06:00 ET | Source: Graphical Research Graphical Research.
In fact, this segment dominated the market in 2019 and will continue to do so in the future as well. CBD oil is known to have several benefits for its users, especially for pain-related ailments. Cases of mental illness in North America are increasing every year. Mental health institutions are increasingly demanding CBD oil as it is quite famous for treating various mental illnesses like depression and anxiety, thereby positively influencing the substance demand.
North America cannabidiol market is expected to surpass $61.2 billion in size by 2027. Based on product, this market is divided into oil, tinctures, transdermal patches, suppository, tablets, capsules, vape oil, isolates, creams, roll-ons, and many others. Out of these, the CBD oil segment is projected to grow rapidly during the forecast period of 2021-2027.
CBD gives minimal side-effects from use and does not contain toxic elements. This has resulted in increased demand for CBD-derived medicines and products as a better alternative to conventional medicines, augmenting the market size in the U.S.
Some of the trends that will encourage the growth of global CBD market up to 2027 are listed below:
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Cannabidiol (CBD) offers a wide variety of therapeutic benefits to the user and is non-toxic in nature as well. Several governments across the world have now made the use of CBD legal in their countries because of its many uses that can help in the creation of new drugs, leading to medical advancements.
CBD market in Asia Pacific is predicted to become worth more than $1.9 billion by 2027, according to market reports. CBD was not on the list of legal products in several countries across the region. But today, that scenario has drastically changed as countries like Japan, Australia and New Zealand have made favorable changes in their laws to make the use of CBD based products legal among their population.
Creams and roll-ons will experience increased demand in Europe:
CBD tinctures will witness upsurge in demand in Asia Pacific:
Out of the different CBD-derived products like oils, creams and tinctures, the CBD tincture segment is predicted to gain traction and is expected to grow at an incredible 36% CAGR through 2027 in APAC. This segment had the second-largest regional market share in 2020 with a valuation of more than $18.5 million. One of the main reasons for this is that this product has a longer shelf life as compared to its alternatives. It has a wide range of applications as well like treating anxiety, nausea, inflammation, and pain.
The population in Europe is experiencing a worrying rise in the number of mental disorders like anxiety & stress, sleep disorders and depression. This has led to an increasing number of healthcare institutions to adopt CBD-based medications to treat these ailments. According to the World Health Organization, nearly 4.3% of the regional population has fallen prey to depression. All these aspects will promote the development of the market.
Total Europe CBD market is projected to go past $25.8 billion by 2027. Oils, tablets, creams & roll-ons, capsules, vape oil and many other products use CBD oil as the main ingredient. Out of these, the creams & roll-ons segment will witness robust growth during the mentioned timeline as there is a rising emphasis among consumers to use skincare products that contain CBD.
One of the major reasons for this is that offline channels are more reliable as compared to their online counterparts. Customers prefer the offline channels to buy their medicines as it not only increases their confidence in their purchases, but they can personally inspect the product as well before buying it. Another important reason is that it is much easier for store owners to monitor CBD products, something that is not possible with online channels.
These tinctures are made with CBD strains taken from hemp plant and contain 60% to 70% alcohol content, prompting increased demand for them among end-users.
Prevalence of mental disorders will stimulate Europe CBD consumption:
Anxiety, chronic stress, depression, migraines, skincare, inflammation, and many other areas are using CBD-based products for various purposes. But it is the anxiety & stress segment that will attract the most demand for this product in the coming years. This segment captured 22% of the total Europe market share in 2020 and is expected to grow further in the future.
This ingredient is known to have many benefits for the skin and helps in improving its quality as well. A large percentage of the population in Europe is increasing their spending on various cosmetic and skincare products each year. While talking about the medicinal benefits of CBD, it has been proved that this product has anti-inflammatory properties, which is a must-have in all skincare and makeup products. All these will benefit the market companies in Europe.
Breakup by Country:
COVID-19 The pandemic continues to cause unprecedented disruption across industries worldwide. Get detailed insights regarding the impact of COVID-19 on the market.
Cannabidiol (CBD) refers to a non-psychoactive compound extracted from leaves, resin, and flowers of the marijuana or hemp (cannabis) plant. CBD oil is mainly produced by extracting CBD from the cannabis plant and further diluting it with a carrier oil, such as coconut or hemp seed oil. The oil is widely adopted for numerous medicinal purposes due to the absence of psychoactive effects, such as reducing depression, relieving pain, improving heart health, alleviating cancer-related symptoms, treating acne, etc.
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Key Market Segmentation:
The Europe CBD oil market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 23% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe CBD oil market report, along with forecasts for growth at the regional and country level from 2021-2026. Our report has categorized the market based on source, product type, product category, application and distribution channel.
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Breakup by Source:
Breakup by Distribution Channel:
The rising legalization of cannabidiol across several European countries is propelling the market for CBD oil. The growing prevalence of various neurological and psychiatric ailments is also driving the demand of CBD oil for treating insomnia, reducing anxiety, minimizing stress levels, improving seizures, etc. In line with this, CBD oil-infused supplements are also adopted in cancer treatment for relieving adverse health effects of chemotherapy, such as inflammation, nausea, insomnia, weight loss, etc. Moreover, significant growth in the pharmaceutical industry along with the increasing use of bioactive ingredients in drugs is further catalyzing the use of CBD oil based on its high content of iron, protein, fiber, zinc, etc. Additionally, the expanding utilization of CBD oil in the cosmetics and personal care sectors based on its antioxidation, anti-aging, and anti-inflammatory properties is also augmenting the market growth in the region. In the coming years, the rising investments by several private and government organizations in extensive R&D activities for cannabinoids will continue to drive the CBD oil market in Europe.
Breakup by Product Type:
The competitive landscape of the industry has also been examined with some of the key players being Aurora Cannabis, Diamond CBD Inc., ENDOCA, APHRIA Inc., ConnOils LLC, Elixinol Global Limited, Emblem CANNABIS, NuLeaf Naturals, LLC, CBD Ultra Limited and The Original Alternative Limited.