Cannabidiol (CBD) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Cannabidiol (CBD) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

The Cannabidiol (CBD) Market is projected to register a CAGR of 10% during the forecast period (2022-2027).

Amidst COVID-19, the Cannabidiol (CBD) Market is expected to grow due to the rising chronic diseases such as neurodegenerative disease cases among the people. During the COVID-19 pandemic, the mental state of the individuals was greatly affected, and consequently, most of the persons were suffering from anxiety and stress. As per the study, ‘The Global Prevalence and Burden of Depressive and Anxiety Disorders in 204 Countries and Territories in 2020' published in October 2021 that there were an estimated 75.2 million people additional dealing with anxiety disorders in 2020. The cases increased by 25.6% in 2020. In Conclusion, COVID-19 has provided lucrative opportunities to Cannabidiol market players to address the global burden of such increasing anxiety disorders, thereby propelling the growth of the market.

The increasing incidence of chronic disorders such as neurodegenerative disorders, diabetes, etc., and the effectiveness of CBD products in treating the same is the major driving factor for the growth of the market. For instance, in the Journal of Clinical Neurology in August 2021, epilepsy is the third most common neurological disorder after stroke and dementia, affecting approximately 70 million patients worldwide. Additionally, the World Health Organization (WHO), in 2021, more than 55 million people live with dementia worldwide, and nearly 10 million new cases every year. Alzheimer’s disease is the most common form of dementia and may contribute to 60-70% of the cases. In the article titled ' The Estimation of the Global Prevalence of Dimentia of and Forecasted Prevalence through 2050' published in December 2021, it is estimated that the number of people with dementia will increase from 57.4 million cases globally in 2020 to 152.8 million cases in 2050. Additionally, the articletitled ‘From Cannabis sativa to Cannabidiol: Promising Therapeutic Candidate for the Treatment of Neurodegenerative Diseases’ published in March 2020 stated that CBD could be a potential pharmacological tool for the treatment of neurodegenerative disorders; its excellent safety and tolerability profile in clinical studies renders it a promising therapeutic agent. Thus, the increasing cases of chronic disorders and the effectiveness of CBD products in the treatment of such chronic disorders boost the growth of the market in the forecast period.

Key Market TrendsThe Hemp Segment is Expected to Hold a Major Market Share in the Cannabidiol (CBD) Market.

The sudden outbreak of COVID-19 has increased the demand for Cannabidiol (CBD) Market due to the increased neurodegenerative disorders such as stress and anxiety are expected to propel the growth of the market.

The Hemp source is expected to dominate the studied market during the forecast period. The rising adoption of refined CBD products, along with the increasing approval of hemp-derived products for medicinal products for various medical applications, is driving the growth of this segment. In 2020, Food and Drug Administration (FDA) published that the agency approved one cannabis-derived drug product named ‘Epidolex’ and three synthetic cannabis-related drug products named ‘Marinol(Dronabinol), Syndros (dronabinol), and Cesamet (nabilone). Additionally, the increasing hemp-derived CBD product launches to meet the growing demand for the treatment of various neuro disorders is also expected to propel the growth of this segment. For instance, in November 2020, HempFusion Wellness launched HempFusion products in the South East United States top 15 United States supermarket chains. Similarly, in December 2021, Cibdol announced the launch of its exclusive CBD oil 2.0 range. The upgraded formula harnesses the synergy of multiple hemp extracts to work alongside CBD. Thus the increasing Cannabis-derived drugs and innovative CBD product launches are expected to boost the studied segment in the forecast period.

North America is Expected to Hold a Significant Share in the Market and is expected to do the Same in the Forecast Period.

The United States is likely to command the global market due to the high incidence of chronic disorders coupled with the rising demand for effective therapeutic products. Owing to the increase in the research and development activities in the biopharma sector in the United States region, the Cannabidiol (CBD) Market market is expected to grow in this region. For instance, according to the Anxiety and Depression Disorders Association of America (ADAA), in 2020, anxiety disorders affected 40 million Americans aged 18 and above each year. Additionally, in 2021, the Centers for Disease Control and Prevention published that 37.3 million people have diabetes which is 11.3% of the United States population. The same source also mentioned that there are approximately 8.5 million people in the United States are undiagnosed with diabetes. Thus the increasing incidence of such chronic disorders and related complications increased the demand for the CBD market, thereby increasing the growth of the market in this region. Moreover, the presence of major market players and advanced technologies for product development is expected to mark this region with dominating share. Additionally, an increase in research and development activities and the presence of favorable healthcare infrastructure are fueling the growth of the overall regional market to a large extent.

Competitive Landscape

The Cannabidiol (CBD) Market Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are ENDOCA, Cannoid, LLC, MEDICAL Marijuana, Inc, Folium Biosciences, Elixinol, Nuleaf Naturals LLC, Isodol International, Inc, Pharmahemp, Aurora Cannabis, Tilray, GE pharmaceuticals plc, ABcann Medicals, Inc (Conviron) and others.

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