Cannabidiol (CBD) is a chemical compound that is found in the cannabis sativa plant, and is extracted from hemp or cannabis, generally from hemp due to its naturally high cannabidiol (CBD) content. It has several benefits in treating anxiety and seizures and reducing pain. Due to its healing properties, the demand for CBD for health and wellness purposes is high, which is the major factor driving the market. Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation.
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Due to the increasing adoption of CBD-based products to treat ailments, the global market is anticipated to grow at a lucrative rate over the forecast period. Cannabidiol oil is increasingly being used to make skincare products to treat acne and wrinkles. Sephora, for example, had recently introduced cannabidiol or CBD skincare line to its stores. Similarly, Ulta Beauty is intending to launch a cannabidiol-based product line. Several new companies are also entering the market for cannabidiol-infused cosmetic products.
Key Trends and Drivers:
Rising awareness among consumers regarding health and fitness will help CBD market to witness rapid growth. Increasing consumer disposable income along with the legalization of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in this sector.
Moreover, CBD products are used to relieve various problems such as anxiety/ stress, sleep/insomnia, chronic pain, migraine, skin care, seizures, joint pain & inflammation, neurological conditions, and many others. The chronic pain treatment has gained much popularity due to additional benefits offered by CBD when used. There has been increasing demand for cannabidiol (CBD) products over recent years owing to its widespread medical applications and pain relief treatment.
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CBD helps in reducing chronic pain by acting on variety of biological process in the body. In addition, CBD possesses antioxidant, anti-inflammatory and analgesic properties. Therefore, CBD products reduces the anxiety that is experienced by the people suffering from the chronic pain. Thus, the increasing demand for CBD in the treatment of chronic pain is augmenting the market to grow. This also help people to maintain their health and fitness routines, while staying away from pain that may occur during fitness activities.
Segmentation:
By Product Type
- Oil
- Capsules
- Cream
- Suppositories
- Gum
- Others
By Source Type
- Marijuana
- Hemp
By Sales Type
- B2B
- B2C
By End-use
- Medical
-
- Chronic Pain
- Mental Disorders
- Cancer
- Others
- Personal Use
- Pharmaceuticals
- Wellness
-
- Food & Beverages
- Personal Care & Cosmetics
- Nutraceuticals
- Others
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Key Players:
- Aurora Cannabis Inc. (Canada)
- Canopy Growth USA, LLC (U.S.)
- CV Sciences, Inc. (U.S.)
- Elixinol (U.S.)
- Endoca BV (Netherlands)
- Folium Biosciences (U.S.)
- Isodiol International Inc (U.S.)
- Medterra CBD, LLC (U.S.)
- NuLeaf Naturals, LLC (U.S.)
- PharmaHemp d.o.o. (Slovenia)
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