Jul 29, 2021 (Market Insight Reports) -- Selbyville, Delaware, Global Cannabidiol (CBD) Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2027. Cannabidiol (CBD) Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Cannabidiol (CBD) market and provides information regarding the revenue for the period 2021 to 2027.
After the COVID-19 pandemic, there was a surging focus on identifying treatment methods for the illness across the globe. Companies operating in the cannabidiol market have also been investigating possible benefits of medical cannabis against the novel coronavirus, which is expected to further drive market adoption in the coming years.
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The cannabidiol market is estimated to showcase exponential growth by 2027 driven by escalating awareness of medical applications of the product and favorable regulatory landscape across leading markets.
For instance, in January 2021, Israel-based STERO Biotechs, which has been studying novel cannabidiol (CBD)-based treatment solutions, announced that it is supporting a clinical study to assess the safety and efficacy of its CBD solution in treating patient cytokine storms observed in the more severe stages of the COVID-19 infection.
Prominent players operating in the market include Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra, and Tilray.
The cannabidiol market has been categorized on the basis of product, application, route of administration, source, distribution channel, and region.
Based on product, the market has been segmented into oil, suppository, Isolates, tinctures, Transdermal Patches, capsules, tablet, creams and roll-on, vape oil, and others. The suppository sub-segment was valued at USD 291.1 million in 2020 and is expected to see sizable growth by the end of the forecast period.
From the application perspective, the market has been divided into anxiety/stress, chronic pain, sleep/insomnia, skin care, migraines, seizures, neurological conditions, joint pain & inflammation, and others. Skin care application segment accounted for a 10.9% share in the cannabidiol market in 2020 and is speculated to expand at a considerable CAGR through the assessment period.
In terms of route of administration, the market has been categorized into oral, topical, rectal, inhalation, transdermal patches, and sublingual. The inhalation sub-segment size was valued at USD 623.5 million by the end of 2020 and is projected to deliver substantial growth over 2021-2027.
On the basis of source, the cannabidiol market has been segmented into marijuana and hemp. The hemp sub-segment is anticipated to exhibit significant growth of over 36% through the forecast timeframe owing to the increasing awareness of medicinal benefits of hemp.
Based on the regional landscape, the Latin America cannabidiol market is estimated to showcase steady growth of more than 35.9% over the forecast timeframe due to improved research efforts by companies in the region.
For instance, in May 2021, Khiron Life Sciences Corp., a cannabis company with its core operation in Latin America, has recently founded Project Twenty 21. The project was launched back in 2019 at London’s Royal College of Psychiatrists and aims to improve access to affordable medical cannabis treatment.
The project published its first findings in May 2021, which suggest that legally prescribed cannabis could significantly improve the quality of life of patients living with epilepsy, chronic pain, Tourette’s syndrome, multiple sclerosis, and post-traumatic stress disorder (PTSD).
The project also found that patients suffering from neuropathic pain were likely to benefit more from medical cannabis than classical treatments like typically prescribed drugs, including opioids and benzodiazepines.
On the other hand, Middle East & Africa accounted for a 2.2% share in the cannabidiol market in 2020 and is expected to deliver considerable growth over 2021-2027.
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