According to Acumen Research, “The global Cannabidiol Market is projected to reach USD 22 billion by 2026, growing with a CAGR between 33% from 2020 to 2026”. The market report provides an analysis of the global Cannabidiol Market for the period 2016-2026, wherein 2020 to 2026 is the forecast period and 2019 is considered as the base year.
A growing awareness of the health advantages of cannabidiol use is planned to promote development. In the near future the high demand for cannabidiol in pharmaceutical formulations is expected to bode well for the industry due to their healing characteristics.
Growing hemp production and increased demand is expected to boost market development for cannabidiol-rich hemp biomass. Increased adoption of refined cannabidiol (CBD) goods in conjunction with increasing medical marijuana legalizations is anticipated to drive demand for the product in the long term.
Hydration and cream products, cleansers, serums, oils, and sunscreens include CBD skin care products. The demand for cannabidiol in skin care and cosmetics products is expected to increase anti-aging characteristics and efficacy for all skin types, including delicate skin and skin-prone skin.
CBD is produced in the cannabis plant from hemp and marijuana and it has therapeutic and medicinal properties without providing the elevated levels of THC for customers. It works in medical circumstances, such as inflammation, pain, sleep, epilepsy, schizophrenia, anorexia and multiple sclerosis.
CBD’s infused products are extremely preferred, such as cannabis oil, beauty and skincare products, drinks, rubber, capsules and drinks, which are expected to increase demand for these products over the next few years. Ingestion, vaporisation, smoking, and the skin can provide cannabidiol to your body in several ways.
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By interacting with the endocannabinoid system of the body, cannabidiol helps improve the health of the person. In addition, skin care products infused with cannabidiol prefer a natural healing process that reduces inflammation. In many beauty goods, cannabidiol, including beauty creams, lip balsams, facial masks and serums, is applied.
An increased use of beauty products like lip balms and serums will also probably trigger CBD market growth. The hemp and marijuana produced by the cannabis plant has both therapeutic and medicinal characteristics without providing customers a high level of THC experience.
In the countries in which cannabis is legally available, cannabidiol is widely used in the production of personal care products and medical drugs. The legalization of cannabis products offers end user industries important possibilities for development. In most countries, such as Alabama, Georgia, and Indiana, the U.S. deregulated the use of the product in medical apps.
The hemp CBD is legalized at national level in the United States. In accordance with certain provisions, the Farm Bill 2018 legalized manufacturing of hemp-derived cannabidiol. Pilot programs for study purposes were authorized under the 2014 Farm Bill. Changes in the bill identified hemp as the derivative of the THC crop equivalent to or less than 0.3%.
In addition, the bill permits the carriage of hemp products throughout the countries for private and commercial reasons without any constraints. However, only when their manufacturing is in accordance with the federal and state laws will hemp-derived cannabinoids be legalized.
After Brazil, Mexico is the 2nd biggest medical marijuana market. The Mexican legislation allows for the sale of cannabidiol goods as THC supplements below 1%. In 2018, CBD products were imported and distributed to distributors and pharmacies throughout the nation. Manna Health has been approved by the Government of Mexico for the sale, purchase, lease, supply, import or export of all health products. CBD Life is also the only CBD-infused food supplier in the nation, including rubbers, power beverages and a range of infused teas.
Key Players & Strategies
Companies such as Medical Marijuana, Inc., Phyto Animal Health and HempMeds have worked with Mr. Checkout to boost their world-wide market and distribution capabilities. Market players concentrated on gaining competitive edge in increasing their involvement in the value chain. Highly integrated into the value chain are prominent players such as Endoca, Pharmahemp D.o.o., Canope Growth Corporation and Elixinol, among others.
Key businesses are implementing fresh approaches like fusions and procurements to boost manufacturing capacity to assist businesses to grow their market presence globally.
Market Segmentation as below:
Market, By Source
Market, By Application
- Food & Beverages
- Personal Care & Cosmetics
Market, By Distribution Channel
- Online Stores
- Retail Pharmacies
- Hospital Pharmacies
Market By Geography
(Regional Output, Demand & Forecast by Countries)
- North America (USA and Canada)
- Europe (UK, Germany, France, Spain and Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific)
- Latin America (Mexico, Brazil and Rest of Latin America)
- Middle East and Africa (GCC, South Africa and Rest of MEA).
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Overview of the Impact of COVID-19 on this market:
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