Market Overview:
The global Cannabidiol (CBD) Market is estimated to be valued at US$3665.5 million in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 47.3% over the forecast period (2023-2030), according to a new report published by Coherent Market Insights. Cannabidiol is derived from hemp plants and is known for its potential therapeutic benefits. The market for CBD products is driven by the increasing demand for natural and alternative treatments, as well as growing awareness about the health benefits of CBD. CBD products are widely used in various industries, including pharmaceuticals, cosmetics, food and beverages, and others. These products are known for their analgesic, anti-inflammatory, and neuroprotective properties, making them suitable for a range of medical applications.
Market Key Trends:
The key trend in the Cannabidiol market is the legalization of cannabis for medical and recreational purposes in several countries. This has led to an increased acceptance and use of CBD products among consumers. The relaxation of regulations has created new opportunities for market players to expand their product portfolios and cater to a wider customer base. Moreover, there is a growing trend of CBD-infused products in the beauty and skincare industry, as consumers seek natural and plant-based alternatives. CBD-based skincare products are known for their anti-aging and anti-inflammatory properties, which are driving their popularity among consumers. With the increasing legalization and acceptance of CBD, the market is expected to witness significant growth in the coming years.
Segment Analysis:
The cannabidiol market can be segmented based on product type, application, and distribution channel. In terms of product type, oils and tinctures dominate the market. The oils and tinctures segment is expected to hold the largest market share due to their wide range of applications and ease of use. Cannabidiol oils and tinctures are popular among consumers for their therapeutic benefits and ease of dosage. Moreover, the increasing use of oils and tinctures in the pharmaceutical and healthcare industries for treating various medical conditions such as chronic pain, epilepsy, and anxiety is driving the dominance of this segment.
Key Takeaways:
The Global Cannabidiol Market Demand is expected to witness high growth, exhibiting a CAGR of 47.3% over the forecast period. This growth can be attributed to the increasing acceptance of cannabidiol products for medical and therapeutic purposes. The growing awareness about the potential benefits of cannabidiol in the treatment of various health conditions, coupled with the legalization of cannabis in several countries, is driving the market growth. Additionally, the rising demand for cannabidiol products for pain management, anxiety relief, and as a natural alternative for pharmaceutical drugs is further fueling market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the cannabidiol market. The legalization of cannabis for both medical and recreational purposes in several states of the United States has significantly contributed to the growth of the market in North America. Moreover, the increasing number of companies entering the cannabidiol market in the region, along with the availability of a wide range of cannabidiol products, has further propelled market growth in North America.
Key players operating in the cannabidiol market include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Tilray, and GW Pharmaceuticals. These key players have a strong market presence and are involved in strategic partnerships, product launches, and mergers and acquisitions to expand their market share. For example, Canopy Growth Corporation, one of the leading players in the market, has entered into a partnership with several renowned beverage companies to develop and market cannabis-infused beverages. Such initiatives by key players are expected to drive the growth of the cannabidiol market in the coming years.
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Studies have confirmed that the herb can help in treating chronic pain, inflammation,and other related conditions without causing any side-effects.
As cannabis is illegal as per federal regulations, you require an MMJ recommendation letter from a reputed Oceanside medical clinic to use it legally for medical purposes.
However, anecdotal evidence says that cannabinoids found in marijuana plants can be effective in treating pain.
THC is similar to the cannabinoid chemicals in the body, and it stimulates cannabinoid receptors in the brain.
A review of research on cannabis use and cannabinoids for pain relief reported positive results.
In 2016, a research paper published that cannabis use for pain relief reduced opioid use by 64%, improved quality of life.
The detailed market intelligence report on the Medical Marijuana market applies the best of both primary and secondary research to weighs upon the competitive landscape and the prominent market players expected to dominate the Medical Marijuana market for the forecast period, 2019 - 2026.
A detailed evaluation of the major events such as acquisition and mergers, collaborations, product launches, new entrants, and technology advancements offer a complete overview of what the future of the Medical Marijuana market will be like in the years to come.Request For Free PDF Sample Of This Research Report At: https://www.reportsanddata.com/sample-enquiry-form/1413Market Size – USD 11.70 Billion in 2018, Market Growth - CAGR of 26.4%, Market Trends – Legalization of marijuana in several countries.Key participants include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, Insys Therapeutics, Inc., MedReleaf Corporation, and GW Pharmaceuticals PLC.Scope of the Report:Based on the in-depth analysis the research also brings to light major facts pertaining to the vital aspects such as market share, size, and growth rate.
Deep dive into other aspects including the investment feasibility, demand and supply, import and export status, supply chain management and growth prospects narrates a lot about what the business environment will be like for the forecast period,2019 - 2026.
All the vital statistics in the report are explained with the help of resources such as tables, charts, and info graphics.Various research techniques are applied to produce data on competitors’ strategies; past, present and future sales and purchasing trends.
Business owners aiming to inspect the present consumer base and reaching the target audience will be able to leverage the demographic details derived from different regions, to infer dynamic market shifts.
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