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Based on application, the global cannabidiol market is segmented into fibromyalgia, energy drinks, diabetes, protein bars, neurogenerative disorder, and others.

Regional Analysis

Prominent Players in the Global CBD (Cannabidiol) Market are Aphria Inc., Freedom Leaf, Inc, Canopy Growth Corporation, Green Roads of Florida, LLC, Folium Biosciences, CBD Health Solutions, LLC, ENDOCA, CV Sciences, Inc, Medical Marijuana, Inc., Isodiol International Inc, and Elixinol Global Limited.

As cannabis-based goods are gradually consumed, the Americas dominate the global CBD market. Some of the key factors driving the region’s development are the growing legalization of medical cannabis in independent states of the U.S., the liberalization of government legislation surrounding the same, and an overall rise in the acceptance of cannabidiol for medicinal, health, and personal usage. Also, for medicinal purposes, Canada has authorized the cultivation and sale of both CBD and THC potent marijuana. Therefore, the availability in the major economies of CBD-based products also supports the development of the region’s industry.

Based on form, the global cannabidiol market is segmented into solid and liquid. The liquid segment held the largest market share of 51.86% in 2018, with a market value of USD 1,601.62 million, and is projected to register a CAGR of 127.24% during the review period.

Industry Updates

Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation. Due to the increasing adoption of CBD-based products to treat ailments, the global cannabidiol market is anticipated to grow at a lucrative rate over the forecast period.

In 2020, North America dominated the market with a revenue share of 37.3% and will continue to retain its leading position in the market. The presence of large health-conscious people in the region, growing acceptance for CBD-based products, the presence of major manufacturers, and approval of the U.S. Farm Bill in 2020 are some of the major factors driving the growth of the region. North America is known to be the most progressive region for cannabis and its products, including cannabidiol. It has the highest number of CBD companies and lenient laws regarding the utilization of CBD products.

COVID19 cannabidiol market impact: 6.1% decline in revenue growth

Hemp-derived CBD is expected to grow at a CAGR of 23.4% post-pandemic owing to increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health.

The global cannabidiol market size was valued at USD 2.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2021 to 2028. Due to its healing properties, the demand for cannabidiol (CBD) for health and wellness purposes is high, which is the major factor driving the market growth. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost production for CBD-infused products.

The hemp segment dominated the market and accounted for the largest revenue share of 59.6% in 2020. The increasing acceptance of refined CBD products combined with the increasing legalization of marijuana and marijuana-derived products for various medical applications is driving the growth of this segment. In addition, the high effectiveness of cannabidiol extracted from marijuana is a key factor for the large share of the market.