Cannabidiol Market Size, Share, Trends & Growth Forecast To 2027
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The Cannabis sativa plant, also known as marijuana or hemp, contains a chemical called cannabidiol (CBD). Cannabidiol is the second most frequently used psychoactive ingredient in cannabis. The Cannabis sativa plant contains more than 80 cannabinoids, the component of cannabis, most well known as THC, is delta-9-tetrahydrocannabinol. There are many ways to consume cannabidiol, including by mouth, by breathing cannabis smoke or vapor, and by spraying it into the cheek using an aerosol. It is a major phytocannabinoid that makes up 40% of the cannabis plant's extract and binds to many different physiological targets of the body's endocannabinoid system. For example, a phytocannabinoid known as cannabidiol is utilized in beauty products for its sebostatic and antioxidant qualities. In addition, it is thought to be a new ally in the fight against aging.
What is the impact of COVID-19 on the global cannabidiol market?
Covid-19 has a negative impact on the Cannabidiol market at the beginning of the pandemic. There is a lack of regulatory approvals and a lack of raw material suppliers, manufacturers, and distributors for this market during the pandemic period. Nevertheless, there was a gradual recovery because of the increased demand for CBD supplements and vitamins. Early phases of SARS-CoV-2 infection can be prevented by CBD, and consuming CBD reduces the risk of SARS-CoV-2 disease in humans. Furthermore, 7-OH-CBD, the same metabolite associated with CBD treatment of epilepsy, is probably the active substance in patients. As a result, the market has had slight growth during this pandemic.
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MARKET DYNAMICS:
One of the significant factors that drive the market forward is that cannabis can be used as a pain reliever. Many countries have approved CBD as a treatment for a variety of diseases. For instance, it was approved for the pain associated with cancer in both the U.K. and Canada. In addition, various doses of CBD oil for pain may help treat conditions including fibromyalgia and arthritis. The spray is currently undergoing trials to be approved and utilized in the United States after being approved in Canada to treat cancer pain. It is also employed in the management of multiple sclerosis-related discomforts.
Increasing government approvals for cannabidiol products is another factor that drives the market forward. FDA supports scientifically based research into the medical benefits of drug products containing cannabis or cannabis-derived compounds. For example, the FDA has approved Marinol and Syndros for therapeutic uses in the United States, including treating anorexia associated with weight loss in AIDS patients and nausea caused by cancer chemotherapy. FDA will continue to work closely with companies interested in bringing safe, effective, and elevated products to market.
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ANALYSIS OF VARIOUS SEGMENTS INVOLVED IN THE CANNABIDIOL MARKET:
Based on type, the marijuana segment has the highest market share due to advanced, refined products and more availability of marijuana in many countries. Marijuana has a positive impact on managing chronic pain in adults and decreasing spasticity symptoms in fibromyalgia, multiple sclerosis, and obstructive sleep apnea syndromes. THC, a key component of marijuana, has also received FDA approval for treating nausea and improving appetite. Additionally, it is used to treat nausea and vomiting caused by chemotherapy and manage pain.
Based on the distribution channel, the B2C segment holds the most significant portion; the hospital pharmacies sub-segment has the highest market share due to an increase in stockpiling events by pharmacies and the number of companies’ partnerships with retail pharmacies to increase their market. The retail store's segment is also predicted to have the market share due to increased consumer confidence in retail purchases compared to online channels.
Based on the end-user, the medical segment has the highest market share. Increasing the manufacturing of cannabidiol drugs to treat various diseases is the primary factor that drives the segment forward. In addition, it is used for mental disorders. For example, CBD may be able to treat depression; it found that cannabidiol improved the receptors to which serotonin interacts, which may significantly lessen the symptoms of depression.
Geographically, In the U.S., one specific Type of CBD has been given medicinal approval for seizure treatment. CBD is used to treat a seizure disorder. In addition to these uses, CBD is also used to treat pain, anxiety, dystonia, Parkinson's disease, Crohn's disease, and several other illnesses. Epidiolex is approved by the US FDA to treat seizures caused by Dravet syndrome and Lennox-Gastaut syndrome. The food and beverage industry in this region will drive the market due to the increasing demand for CBD gummies and snacks.
Europe has a moderate share in the global market due to regulatory frameworks for CBD products and has developed the largest CBD market in Europe. However, increasing foreign investment and a rise in research and development activities will allow the CBD oil market to become a significant share of the U.K. economy.
Asia-Pacific has been predicted to have the largest share due to the expansion of hemp-producing plants, especially in the economies of developing regions such as India and China. Major cosmetic companies are promoting the use of CBD products in China. "One Leaf," one of the leading face mask producers in China, has started running marketing campaigns on social media and online markets for its CBD products.
KEY MARKET PLAYERS IN THE CANNABIDIOL MARKET:
• Pharmahemp d.o.o
• ENDOCA
• NuLeaf Naturals LLC
• Folium Biosciences
• Elixinol
• Cannoid LLC
• Medical Marijuana Inc.
• Isodiol International Inc.
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BROWSE REGIONAL REPORTS:
North America Cannabidiol Market
Europe Cannabidiol Market
APAC Cannabidiol Market
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