• Cannabidiol (CBD) is a naturally occurring compound that is extracted from cannabis plants. It is a 21-carbon terpenophenolic compound which is formed following decarboxylation from a cannabidiolic acid precursor.
Market Trends
• The key factors driving the market include growing demand for CBD globally as it is used to cure various human diseases. CBD products have several benefits like protection from Alzheimer’s disease, anti-inflammatory properties and helps to treat epilepsy and mental health disorders.
• The Cannabidiol is widely adopted as it helps in drug withdrawal and highly recommended for cancer cases.
• Global Cannabidiol (CBD) Market – Segmentation Analysis
• The global market for Cannabidiol (CBD) is broadly segmented by product type as – Hemp-derived and Marijuana-derived. According to the Hemp Business Journal, the CBD Oils from marijuana-based sources are expected to reach USD 1.6 billion, i.e., around 80% of the total CBD market.
• Marijuana-derived CBD products are extensively used globally for numerous medical purposes. Cannabis sativa is the source plant for extracting marijuana, which contains over 80 compounds of cannabinoids.
• The demand for Marijuana-derived CBD products is increasing as they contain high concentrations of THC in comparison to hemp-derived CBD products.
• The Industrial Hemp Farming Act of 2015 excluded hemp from the Drug Enforcement Administration’s controlled substances list, which effectively legalized hemp-derived CBDs. Many other countries around the world have similarly permitted the importation of hemp-based CBD products.
• The global CBD market is segmented into North America, Europe, Asia Pacific, South America, and ROW.
• CBD oil products are highly preferred by US consumers.
• Also, countries such as South American countries, including Uruguay, Peru, Chile, Colombia, Brazil, and Argentina have legalized the application of marijuana products for medical purposes. These factors are leading North America to be the largest market of the global CBD market.
• Major market players of CBD oil production are present in North America. It is estimated that in 2020 industry sales of marijuana-derived CBD will total around USD 417 million.
Competitive Analysis
• The market is highly competitive with continuous product and technological developments. The players are also focusing on strategic collaborations and agreements to expand their geographic footprint and to intensify market competitiveness.
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