Fior Markets has released new market research on Global Cannabidiol (CBD) Market which comprehensively explains each segment of the market along with forecast for 2019 to 2026 time-period.
According to the report, the global Cannabidiol (CBD) market is projected to grow from USD 1,453.81 Million in 2018 to USD 17,345.80 Million by 2026 with a CAGR of 36.3% during the projection period 2019-2026. Major growth drivers of the growth of the market include the adoption of various cannabis products along with the growing consumers spending on cannabis products, increasing usage of cannabidiol (CBD) in medical application, and high R&D investments the pharmaceutical industry.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Fior Markets have categorized the cannabidiol markets into key segments such as product, application, regions, and major players in this report. As per the report, the product segment includes food grade and therapeutic grade. As per the research study, in 2018, the therapeutic grade segment dominated the market with the highest share of 59.90%. This is because it contains health benefits that help in the treatment of neuropsychiatric disorders. CBD also can be used to treat other chronic disorders which are likely to spur the product demand. CBD is safe to consume as it does not contain synthetic ingredients or harmful contaminants. Cannabidiol (CBD) drugs also have the ability to treat chronic disorders.
The market research firm has described the application segment by categorizing it into neurogenerative disorder, fibromyalgia, diabetes, and others. In 2018, due to the increasing instances of the physiological disorder among people especially young adults that the demand for fibromyalgia is growing rapidly, the fibromyalgia segment dominated the market with market size of USD 686.19 Million. The symptoms such as widespread musculoskeletal pain, fatigue, and other types of discomfort are responsible for fibromyalgia disorder. Women tend to develop fibromyalgia compared to men. Many of the emerging countries are announcing the legal use of cannabis for medicinal purposes. Cannabidiol can has the ability to reduce pain, improve sleep, and reduce headstrong pain for people with fibromyalgia. The cannabidiol (CBD) oil effectively eases the migraine and irritable bowel syndrome.
Regional Segmentation Analysis:The market is assessed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. In 2018, North America has dominated the market with the highest share of 42.50%. This is because a marijuana-derived CBD product is widely available in the region. Other regional market growth drivers include shifting consumers’ preferences towards ingesting edibles and vapes products. Furthermore, the increasing investments for the development and launch of a new product based on the cannabidiol (CBD) are also the regional growth boosters. The Asia Pacific is expected to see rapid growth due to the growing traditional use of cannabidiol products in various food items in India, China, and Nepal. According to the report, major players are focusing on the expansion of their presence in this region by signing the agreement and partnership as well as the local companies is creating new opportunities for the cannabidiol (CBD) market in the Asia Pacific region.
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Competitive Analysis:The key players of the market include Aurora Cannabis, Canopy Growth Corporation, CBD American Shaman, CV Sciences, Inc., Elixinol, Folium Biosciences, Gaia Botanicals LLC, IRIE CBD, Isodiol International Inc, NuLeaf Naturals, LLC.,Pharmahemp d.o.o., and among many others. These leading companies are acquiring strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships to secure their position in the global cannabidiol (CBD) market. For example, in Feb 2018, Marijuana Company of America (MCOA) launched its hempSMART Full Spectrum Pet Drops with a specially formulated product that contained naturally occurring CBD extracted from hemp seed oil, full-spectrum hemp extract, and fractionated coconut oil, along with a rich bacon flavor.
Crucial specifics such as growth drivers, restraints, and the expected growth rate of the market during the forecast period are included in the report. Each regional market is evaluated separately. Additionally, the report analyzes competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
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