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CBD Market 2021 Development Analysis, Strategic Outlook, Growth Rate and Forecast to 2030 | Says Kenneth Research

In a recent published report, Kenneth Research has updated the market report for CBD Market  for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.  

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for CBD Market  products.  

The Global CBD Market is expected to register a CAGR of 125.58% to reach USD 22,07,162.54 Million by 2026.Cannabidiol (CBD) is a safe, non-addictive substance found in the cannabis plant. CBD is the second-most abundant cannabinoid found in cannabis after tetrahydrocannabinol (THC). CBD has significant therapeutic benefits such as anti-inflammatory, analgesic, anti-anxiety, and seizure-suppressant properties. According to a survey by the National Center for Biotechnology Information (NCBI) conducted between 2017 and 2018, about 62% of the population used CBD to treat a medical condition.

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The growing research & development and financial support by various private and government organizations for cannabinoid research, rising occurrence of chronic diseases and related complications, and legalization of CBD in various regions are expected to have a positive impact on the global cannabidiol (CBD) market. However, adverse effects associated with cannabis and stringent government policies are anticipated to restrain the growth of the global CBD market.

In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of CBD Market over the period 2019-2026.

The CBD Market report also focuses on the analysis on the basis of geography which includes North America (U.S. and Canada), Latin America (Mexico, Brazil, Argentina, Rest of Latin America), Europe (Germany, UK, France, Spain, Italy, NORDIC, BENELUX, Poland, Russia, Hungary, Rest of Europe), Asia Pacific (China, Japan, India, Australia, New Zealand, South Korea, Malaysia, Indonesia, Rest of Asia Pacific) and Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa).

In U.S., the GDP per capita was valued at USD 62,606 in 2018 as compared to USD 59,895 marked in 2017, observed a growth of 4.53% in 2018 over previous year. Rise in GDP per capita has intensified the growth of this market in the country.

Market Dynamics

Growing research and development activities and financial support by various private and government organizations for cannabinoid research- There are many private and government organizations supporting the research and development for cannabinoids for medical purposes. Cannabis has numerous medicinal properties by which it can cure various diseases. According to the National Institute of Drug Abuse, May 2018 publication, in 2017, the National Institute of Health (NIH) supported 330 projects and spent USD 140 million on cannabinoid research and development. During this investment, USD 36 million was spent on 70 projects to examine the therapeutic properties of cannabis, and USD 15 million was spent on 26 projects centered on cannabinoid (CBD).

Even in 2016, NIH spent USD 21 million studying therapeutic properties of cannabinoids. Singapore, known for the world’s most stringent drug laws, is also funding research projects on medical treatments containing synthetically derived compounds of the cannabis plant. In 2017, the government-run National Research Foundation launched a program to research the therapeutic potential of cannabinoids.

Segmentation

On the basis of form, the global cannabidiol market is segmented into solid and liquid.In the solid form of CBD, the report covers CBD crystals, CBD wax, capsule/softgel, hash, and others. The liquid form of CBD includes CBD oil, tincture, cream, e-liquid, and others.

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CBD crystals are a pure form of CBD isolates. CBD crystals are produced by heating CBD rich extract and then continuous cooling and separating it. CBD crystals are generally used to manufacture CBD infused edibles and creams. CBD wax is solidified or crystalized full spectrum form of CBD. CBD wax is a highly concentrated form of CBD and especially used for pain relief. CBD capsules are similar in comparison to capsules as they are surrounded by an outer shell, usually gelatin. CBD soft gelatin capsule is a translucent golden shade standard capsule that is filled with hemp oil and sometimes olive oil as filler.CBD oil is one of the most popular and widely available forms of CBD. It is specifically used for medical purposes as it provides fast and effective results. There are a wide variety of flavors of full spectrum CBD oils available in the market. CBD tinctures are made from high strains of hemp, with 60-70% of alcohol. CBD tinctures are primarily used to relieve anxiety and ease the pain. CBD infused e-liquid are used as a fluid in electronic cigarettes and vaporizers.

Key Players

The prominent players in the global CBD market are Aphria Inc., Folium Biosciences, Freedom Leaf, Inc, Green Roads of Florida, LLC, CBD Health Solutions, LLC, ENDOCA, Isodiol International Inc, CV Sciences, Inc, Medical Marijuana, Inc., Canopy Growth Corporation, Elixinol Global Limited.The players operating in the global CBD market are focusing on product launches, along with expanding their global footprints by entering untapped markets.

Regional Analysis

The Americas dominate the global CBD market, owing to the increasing consumption of cannabis-based products. According to the World Health Organization (WHO), the consumption of marijuana has an annual prevalence rate of nearly 2.5% of the global population, i.e., approximately 147 million individuals. It is also reported that approximately 22.2 million Americans of 12 years of age and older use cannabis and related products for various reasons.

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Europe holds the second largest market share due to the rising awareness about clinical applications of cannabis. CBD is legal and can be openly marketed in certain European countries, for instance, the Ministry of Agriculture, Food and Forestry, and the Bulgarian Food Safety Agency issued the ‘free certificate of sale’ for the CBD products. Thus, such approvals and consideration by the regulatory agencies in Europe are driving the CBD market growth in the region.

In spite of the approvals and considerations, there are positive restrictions associated with the use of the products. For instance, in 2013, medical cannabis was legalized in the Czech Republic, but it was limited to 180 grams of dry matter per month. In Europe, marijuana and cannabis laws differ from country to country. Previously, Germany was importing medical cannabis from other countries, but in 2017, Germany passed a law to expand access to medical cannabis and to allow domestic production. Increasing participation of various companies such as Medical Marijuana Inc., as a scope of development, announced the formation of Canipa Holdings in Romania, European Union. The effect of such initiatives by the companies is facilitating the growth of the CBD market in the European region.

The Asia-Pacific region is classified into China, India, Japan, and Rest of Asia-Pacific. It holds the third largest position in the CBD market. Recently, China has legalized the cultivation of CBD (Hemp) and extraction for the derived product. The products are exported and not sold in China. Yunnan provincial government and Public Security Bureau approved the first industrial hemp plant extraction factory in China. It is the largest country in terms of area, population, businesses, and others. The entry of Chinese companies in the CBD market has created a great potential for expansion and growth. In Asia-Pacific, cannabis-based products are completely unacceptable.

But due to the increasing cases of epilepsy, cannabis-based products are prescribed by some physicians. For instance, a recent Australian nationwide survey of 976 people with epilepsy indicated that 13% of the parents were using illicit cannabis extracts to manage their child’s seizures. Australia mainly focuses on the medical use of cannabis products. Australian regulatory agencies are operating on providing a guideline for the use of the CBD products. This is expected to help in the growth of the CBD market in Australia.

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The Middle East and Africa is expected to witness a restricted growth due to stringent government policies, adverse effects associated with cannabis, and the illegal use of marijuana. In the Middle East, few of the Arab countries are imposing trick laws over the use and handling of cannabis-related products. Thus, the CBD market in these regions has limited scope for growth during the forecast period.

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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