The Cannabidiol Market revenue is expected to reach USD 89 Billion by 2026, rivaling revenues seen by the online gambling industry in the USA.
By 2026, the Cannabidiol Market revenue is expected to be up to USD 89 Billion, according to Global Market Insights, Inc., rivaling those of the online gambling industry in the USA, including everything from sites offering bingo, sports betting and casinos, which are projected to reach 87.75Bbn in a similar time frame.
There is also an estimate that from 2020-2026, the Peruvian Cannabidiol market would have achieved a CAGR of more than 59.5% and this is down to the fact that the medicinal and therapeutic use of cannabis and its derivatives were recently made legal.
The demand for CBD products all over the world, especially in first world countries like the Netherlands, Canada, France and the USA has increased exponentially since the Farm Bill was passed in 2018.
There has also been an increase in the sale of CBD products owing to the fact that varying amounts of CBD and trace amounts of THC are contained in products that have a cannabidiol base. Also, in the bid to double their sales, most of the big-name retail stores in the country have gone into partnerships with the companies that manufacture cannabidiol products.
In the CBD market, there are a lot of classifications for the products, and they include roll-ons and creams, vape oils, capsules, tablets, isolates, transdermal patches, suppository, tinctures and oils. The growth rate that the CBD capsules is expected to see between 2020 and 2026 is around 53.4%. The easy consumption process and numerous applications are the reasons for this expected growth. It is also because children who suffer epilepsy, Parkinson's disease or other neurological disorders can also be administered the capsules. Because of the mentioned advantages of the CBD capsules, it is expected to achieve high CAGR while it's under analysis.
Major Discoveries of the Cannabidiol Market Report
- The regulatory landscape for the approval of CBD is changing all over the world
- The sales of CBD in retail stores is hugely increasing
- There is growth in the application of CBD medically
- Government approvals have gingered some increase in the adoption and utilization of CBD products
The projected growth rate for the neurological conditions application segment by the GMI report is a CAGR of 51.8% during the period of the forecast. Now, the effectiveness of cannabidiol in ameliorating nausea and seizures witnessed by people that suffer epilepsy, Alzheimer's disease, Parkinson's disease and other neurological conditions is proven. In the United States, up to 5.5 million people suffer Alzheimer's disease, and up to 1.2% of them are epileptic. With the increase in such neurological disorders in the country, the CBD market is expected to witness a huge growth.
Up to 20% of the market share in 2019 went to the Topical route of administration segment, and this is because they've been adopted for the treatment of skin conditions and as a skin care application. The market in South Korea is specifically driven by the use of cannabidiol based products for beauty and skin care. Due to the famous K-Pop entertainers, many countries have also adopted this for skin care and beauty.
The two major segments of the CBD market according to source are marijuana and hemp. A higher CAGR of 53.1% growth is expected of the hemp segment, and this is expected to go on till the forecast timeframe is over. In hemp, there are trace amounts of THC and huge amounts of CBD, and because of this, several ailments are being treated by CBD based products. The source also showed that many of the countries made the farming of hemp legal instead of marijuana, and this is because it has THC, which is psychoactive. Because of the factors stated above, there are expectations of growth in the market in the years to come.
Based on what the distribution channels are saying, the value of the online segment is put at USD 1,306.9 million in 2019. There are no strict and explicit regulations on the sale of CBD products, and that is why people can buy them in retail stores. Countries with such regulations are Malaysia, China, Germany and India. E-marketing platforms like Flipkart, Alibaba, Amazon and others sell these products with no qualms across the globe, and this makes more people adopt the use.
In the report, the Peru cannabidiol market is expected to record more than 59.5% CAGR from 2020-2026, because the medicinal and therapeutic use of cannabis and its derivatives were recently legalized. The growth in the market is also aided by the favorable climate for cannabis production that makes it possible to have more than 5 harvests every year, plus cheap labor. The key players in the market will also experience lots of gainful opportunities because of the increase in information about hemp farming and benefits, and this will grow the market.
Some of the firms that are into the cannabidiol market are Folium Biosciences, Elixinol, Endoca, Tilray and Green Roads. Others are NuLeaf Naturals, Canopy Growth Corporation, and Aurora Cannabis, CV Sciences, and Medical Marijuana Inc. Strategies like business expansion, strategic partnerships, and novel product launches are being employed by these firms to consolidate their presence in the market. The Canopy Growth Corporation in 2019 for instance, rolled out a lot of CBD products like creams, soft gels, and oils on their pioneer ecommerce website. With the launch of the new products, the company will achieve some growth in their revenue and customer base.
The entire report gives credence to the fact that the CBD market has come to stay and the reason for the lately experienced boom is because of legalizations of the use of CBD for medicinal and therapeutic use. The research and report also justifies the fact that the revenue of the CBD sector will jump to $86bn by 2026. This makes it a very viable sector to invest in now that the competition is still minimal. You should recognize this goldmine if you have a knack for doing business.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!