18 June 2020
Visiongain has launched a new pharma report Cannabidiol Market Report 2020-2030: Forecasts by Source (Hemp, Marijuana), Distribution Channel (B2B, B2C (Hospital Pharmacies, Online & Retail Stores)), End Use (Medical (Chronic Pain, Mental Disorders, Cancer & Others), Personal Use, Pharmaceuticals, Wellness (Food & Beverages, Personal Care and Cosmetics, Nutraceuticals & Others)), and Geography (North America, Latin America, Europe, Asia Pacific, MEA).
The global Cannabidiol Market is anticipated to grow at a lucrative CAGR of over xxx% and anticipated to reach USD xxx billion by 2020. Visiongain anticipates that the market will witness lucrative growth rates owing to the growing demand for CBD for medicinal and wellness purposes.
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Hemp-derived; CBD offers medicinal benefits restricting the high that comes from THC. Hemp-derived CBD is expected to rapidly upsurge in a generation with sales likely to reach into the billions. One of the most prominent features of the CBD market is that CBD imparted products to organize one of the widest range of products of any herbal supplement. CBD is widely found in tinctures and CBD oils, vape pens, baked goods, candies, beverages, capsules and tablets, skincare and pain creams, bath bombs, patches, cosmetics, sprays, tampons, sex lubes, and suppositories.
The potential of the CBD industry has urged several investors to enquire about the CBD business. The industry, however, comes with its challenges particularly in terms of the legal landscape, but the opportunity in the industry is significant. The big businesses have also recognized the potential of the CBD industry in terms of versatile product offerings. Considering the consumer behavior, a rapid shift towards following an organic and healthy lifestyle. The consumers are increasingly interested in adopting alternative therapies and products that shall assist them in leading a healthy life.
The overall CBD industry is still fresh with regulations being introduced only recently. Further clarification in terms of legal provisions shall lead to further addition of businesses in healthcare, food, and wellbeing space. At present regulatory authorities like the FDA still have not defined how exactly they plan to test and authorize hemp growers. Though CBD has been made legal, it is yet to be understood and defined where the CBD is sourced from and processed.
The presence of a large base of pharmacies, stringent regulations for CBD products, and related approvals form the key attributes for the growth of this segment in the CBD cosmetics market. Pharmacies are also often viewed to be a trusted venue for purchasing regulated, high end, and/or medicated cosmetics. It is also anticipated that the pharmacies segment shall retain its dominance through the forecast period from 2020 to 2030. However, growing awareness shall lead to flourishing online and retail sales channel and this factor may challenge the growth of the pharmacies segment.
The FMCG, nutraceuticals, and cosmetics industry is already disrupted with the entry of e-commerce companies. Several e-commerce trends have led to the emergence and rapid circulation of a diverse range of products and brands in the e-commerce space. The advent of social media, paid and organic search as enabled e-commerce to become an omnichannel and multi-brand store such as Glossier and Sephora have gained a prominent advantage. New and exciting CBD brands are regularly popping in the market. The reach of social media has also leveled the playing field for companies, attracting several young consumers for establishing hold onto the market. Online retail is therefore anticipated to be among the fastest progressing distribution channel for CBD cosmetics.
North America dominated the global CBD market in the year 2019 owing to the growing legalization of medical cannabis across independent states of the U.S. Also, the market will continue to be driven by the growing acceptance of CBD products for medicinal, wellness, and personal use. Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to growing hemp production across India and China. Additionally, unmet untapped nations in this region have been attracting investments by global players and this is expected to boost the Cannabidiol Market growth over the forecast period.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global cannabidiol market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the Cannabidiol Market.
The comprehensive market report features companies such as ABcann Medicinals, Inc., Aurora Cannabis, Aphria, Inc, Canopy Growth Corporation, Maricann, Inc., GW Pharmaceuticals, plc, Organigram Holding, Inc., Tikun Olam, The Cronos Group, Tilray, Pure CBD Factory, Isodiol International Inc., CBD American Shaman, NuLeaf Naturals, CV Sciences Inc. among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
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