Vintage Market Research carried out a recent CBD market analysis and found that the Global Cannabidiol (CBD) Market has achieved a higher awareness of cannabidiol’s therapeutic benefits. CBD is witnessing market growth driven by increased demand for cannabidiol (CBD) for its health and wellness benefits. Also, by 2028, the Global Cannabidiol (CBD) market is:
- Highly likely to reach USD 47.22 Billion.
- Rising up from USD 4.9 Billion in 2021.
It is witnessing a compound annual growth rate (CAGR) of 21.3%.
There is a higher acceptance of CBD products because of the government approvals for enhancing the growth of the Global Cannabidiol (CBD) Market as per the report. Understand that you can use the updated sample report to include the impact of the COVID-19 study before delivery.
Important Terms in Cannabidiol (CBD) Market
- Aurora Cannabis
- Canopy Growth Corporation
- Cronos Group
- CV Sciences, Inc.
This means that you need to take care of the growing Applications of CBD in Skincare Industry to Fuel Global Cannabidiol (CBD) Market.
CBD oil is beneficial for making skincare products that help treat acne and wrinkles. Moreover, Sephora launched top-quality CBD skincare products in its stores. Similarly, Ulta Beauty gives you a plan to go for a range of unique CBD-based products. Additionally, many companies are coming into the CBD-containing beauty products market. For example, a Canadian-based Cannabis Company, Aphria, introduced the CBD-based cosmetics range in Germany.
The government investment and major R&D sector players are going on increasing. There is a higher recognition of the fact that Cannabidiol (CBD) is a highly effective treatment for epilepsy in various clinical trials. A product Epidiolex made by GW Pharmaceuticals has revealed positive results in Phase III trials in the U.K. for epilepsy and Lennox-gastaut syndromes, which are treatment-resistant seizure disorders.
Echo Pharmaceuticals also produced Arvisol, an oral tablet having pure CBD used for treating several neurological disorders, such as schizophrenia and epilepsy. Moreover, Arvisol is in the Phase I stage of clinical trials. Zynerba Pharmaceuticals is going for a CBD- based gel with the name Zygel. This product is made to treat:
- Fragile X syndrome
- Adult seizures
- And encephalopathies.
This formulation is in the open-label Phase II testing for Fragile X syndrome.
Market Reports on Cannabidiol (CBD)
The global cannabidiol market is projected to grow from $3,675.1 million in 2021 to $55,791.3 million in 2028 at a CAGR of 47.49% between 2021 and 2028.
Consumers seek healthy and innovative food products with rich nutrients that allow them to take care of injuries from pain, inflammation, and other afflictions. Moreover, manufacturers are introducing products having novel ingredients such as CBD oil. CBD oils are now found in various kinds of industries, including:
- Pharma products
CBD is also utilized for several health issues such as anxiety, insomnia, etc. Moreover, there is a vast demand for several innovative products from consumers who need a healthy life balance.
Increased Demand for CBD Hemp Oil through Ecommerce Platform to Improve the Market Growth
More and more countries are legalizing CBD. The e-commerce marketing world is getting greater attention in North America and Europe. Moreover, the worldwide trend is moving toward shopping for e-commerce websites and platforms going for:
- Pet food products.
- Nutritional products.
- Cosmetic products.
And medicinal products are a few of the crucial factors impetus the need for CBD oil products. During COVID 19, many offline stores were getting regular consumers going towards online stores. There has been an increasing demand for CBD oil and products on several e-commerce platforms. The present time has witnessed higher demand for cosmetic and nutritional products like CBD oil/tincture/powder. Moreover, you will have 25% higher traffic on e-commerce websites in North America and Asia-Pacific. CBD oil/tincture/powder and product sales are also seeing an increase in e-commerce presenting many opportunities to the manufacturers for increasing their revenues and the profit margins.
Analysis of COVID-19 Impact
Cannabidiol (CBD) retail market situation wasn’t so good in all the quarters in 2020, especially in terms of demand and supply. Rather, there was a severe discrepancy in how the raw material suppliers, manufacturers, and distributors did not have the correct estimate of the Cannabidiol (CBD) products.
There are now clearer guidelines by the FDA and other regulatory agencies to counter the uncertainty of the CBD regulations, which was a factor, which will not have a significant impact on the CBD market.
From the first quarter of 2020, the entire hemp industry witnessed high economic pressure. There has been a lowering of the prices in such a situation of economic distress, and there were significant doubts in the entire CBD products industry. Right from the supply of raw material to going for the distribution channel, you get a high value in the supply chain with the CBD products, whereby there are a lot of disruptions.
In COVID-19, there has been a lack of equipment and a deficiency of human capital, which will affect the cannabis supply, leading to an abrupt drop in Cannabis supply. However, the supply chain services are expected to improve in the second half of 2022 with more online supplies. The impact of COVID-19 on the market demand helps you to understand the present and forecast market size and market trend growth for various regions and countries depending on the given data points.
Regional Analysis: North America Rules the Worldwide Cannabidiol (CBD) Market
North America gained dominance in the Cannabidiol (CBD) market in 2021, which continued until now. The regional market growth region has several factors like the increased adoption of such technologies alongside the increased investment in Research and Development (R&D) activities. Moreover, there is a higher application of Cannabidiol (CBD) products in healthcare and related industries, which is expected to fuel the market growth in the forecast period.
Asia Pacific is likely to see fast growth in the CBD market in the forecast period. Chinese companies are growing, cultivating, and selling hemp in China. With a lot of companies investing in Chinese hemp, the Chinese government supports more hemp planting on a more significant number of acres. This makes China the most powerful leader in Hemp cultivation, which benefits the other Asian countries, such as Japan and South Korea. Mazakali is San Francisco’s most significant investment firm showing interest in hemp cultivation.
An increase in the medicines, therapies, and other consumer products from the cannabis market and several other positive impacts have led to the higher approval for CBD products. FDA recognizes several opportunities where they can infuse the drug in several products. The FDA is working towards increasing the control and higher efficiency in the regulatory pathways to ensure that only appropriate products reach the market. So, the modern world is looking up to the CBD industry to form more therapeutic effects.
There is an increased involvement of the pharmaceutical industry to get higher growth. The pharmaceutical industry is incorporating more meaningful use of CBD to get a health safety assurance in several sectors.
There is a great myth associated with the psychoactive effects of CBD, due to which a lot of people in Asia and the Middle East are not taking to the use of CBD. On the other hand, there is a rising number of consumers in Canada, the US, the UK, and Russia.
To counter the CBD growth market restrictions, there is a need to create a higher consumer awareness alongside complying with industry standards while using informative packaging for the global cannabidiol market. Overall, there is a great scope of growth for the CBD industry in the coming 5 years due to the health and wellness sector taking to higher use of CBD products. By, 2028, there will be expected to increase to USD 47.22 Billion.
Higher initiatives in R&D highlighting the health benefits of CBD are attributed to the growth of industrial use of CBD. It’s a great time for retailers and wholesalers to push up their supplies, manufacturing, and sales of CBD products. Digital marketing will play a significant role to enhance your exposure to the target demographics. CBD SEO Services are an important and integral part of the digital marketing effort of CBD. Starting early in the reaching out to your visitors will play an important role in establishing your business and brand presence in the Cbd market in this growth period.