SEATTLE, Sept. 09, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global cannabidiol market is estimated to be valued at US$ 3665.5 Million in 2021 and is expected to exhibit a CAGR of 47.3% over the forecast period (2021-2028).
Key Trends and Analysis of the Global Cannabidiol Market:
The key players operating in the market are focusing on increasing legalization and approvals of cannabidiol to use in several products that increases potential opportunities for several manufacturers to operate in the market.
For instance, in 2019, Thailand became the first country in Southeast Asia to legalize cannabis for medical and research purposes. It also legalizes the use of hemp in the production of textiles, clothing, and other products.
Furthermore, key players operating in the global cannabidiol market are focusing on adoption of inorganic growth strategies such as collaboration and acquisition to increase their market presence in the global market.
For instance, in August 2019, Exactus, Inc. acquired Green Goddess Extracts, based in Florida, USA, dedicated to the manufacture and distribution of hemp products. The acquisition will help expand Exactus, Inc.'s manufacturing capabilities and complement the existing product portfolio while enhancing distribution capabilities.
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Key Market Takeaways:
The global cannabidiol market is expected to exhibit a CAGR of 47.3% during the forecast period, owing to increasing launches of new products and regulatory approvals for cannabidiol and its derivatives, which is expected to propel the growth of the global cannabidiol market over the forecast period. For instance, in 2018, the U.S. Food and Drug Administration (FDA) approved Epidiolex, a cannabidiol drug in the U.S., for the treatment of epilepsy disorders.
Among regions, North America is expected to dominate the cannabidiol market over the forecast period. Favorable regulations, increasing awareness about CBD oil, growing consumer preference, and a rise in the number of manufacturers are factors expected to fuel market growth in the region. In recent years, countries such as the United States and Canada have begun to relax laws on CBD products, which has led to increased acceptance and increased sales. For instance, California is the main market for CBD (cannabidiol) in the United States in 2019, with estimated sales of 730 million U.S. dollars. The top three are Florida and New York, with sales of approximately 290 million and 215 million, respectively.
Key players operating in the global cannabidiol market include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann, Inc. (Wayland Group Corporation), Tilray, GW Pharmaceuticals, plc, ABcann Medicinals, Inc., Organigram Holding, Inc., Tikun Olam, The Cronos Group, ENDOCA, Isodiol International, Inc., MEDICAL MARIJUANA, INC., Cannoid, LLC, Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, and Pharmahemp d.o.o.
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Global Cannabidiol Market, By Product:
Creams and Roll-on
Global Cannabidiol Market, By Source Type:
Global Cannabidiol Market, By Application:
Food & Beverages
Personal Care & Cosmetics
Global Cannabidiol Market, By Distribution Channel:
Global Cannabidiol Market, By Region:
Rest of Latin America
Rest of Europe
Rest of Asia Pacific
Rest of Middle East
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