Cannabidiol (CBD) Market Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2028

Rising awareness about the therapeutic benefits of cannabidiol and growing medical uses of CBD are the major market growth drivers

NEW YORK, NY, UNITED STATES, April 15, 2022 /EINPresswire.com/ — The global cannabidiol (CBD) market size is expected to reach USD 15.15 billion in 2028 and register a revenue CAGR of 22.6% over the forecast period, according to the latest report by Reports and Data. The most important factors driving market revenue growth are rising awareness about the medicinal uses of CBD and increasing government approvals for cannabidiol use in numerous consumer products. Increasing research & development activities related CBD, increasing incorporation of CBD in a wide range of food and beverage products, rising health consciousness among consumers, and growing demand for cannabis in the pharmaceutical and cosmetics & personal care industries are other major factors expected to support market growth during the forecast period.

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Some Key Highlights from the Report:

Based on product type, the oils segment is expected to hold the largest revenue share in the global cannabidiol (CBD) market over the forecast period, primarily owing to growing demand for CBD-based oils due to numerous advantages, most notably, pain relief. CBD-infused oils are known to relieve pain, inflammation, stress, and mental problems such as depression and anxiety. Increasing prevalence of chronic pain, mostly among the geriatric population, and growing preference for CBD oils over opioids due to minimal or no side-effects are other key factors boosting growth of this segment.

Based on source, the hemp segment accounted for the highest revenue share of around 60% in the global market in 2020. Increasing pharmaceutical uses of cannabidiol, growing consumer awareness of the therapeutic benefits including anti-aging, anti-inflammatory, and antioxidant properties of hemp-derived CBD, legalization of medicinal cannabis, and growing use of CBD in nutraceuticals and cosmeceuticals are major factors propelling the growth of this segment.

The medical segment is expected to dominate other application segments in the market in terms revenue generation over the forecast period. Growth of this segment is majorly attributed to increasing research studies on the medicinal uses of CBD, growing use in pain relief medications, rising awareness about the medical benefits of cannabidiol, and increased spending on CBD pharmaceutical products.

North America was the most dominant regional market in the global cannabidiol (CBD) market in 2020, with the highest revenue share of over 40%. Increasing personal and medical uses of marijuana and its derivatives in the region, growing awareness about the health benefits of cannabis, increasing public acceptance of CBD, and legalization of cannabidiol and its use in various consumer products including food & beverages and nutraceuticals are key factors contributing to the North America revenue growth. Moreover, revenue growth in the regional market is further driven by the presence of leading pharmaceutical retailers – mostly in the U.S., including CVS Health, Walgreens, and Rite Aid – selling a wide array of cannabis-based products.

Leading players in the global cannabidiol (CBD) market include Folium Biosciences LLC, Elixinol Wellness Limited, Medterra, CV Sciences, Inc., Aurora Cannabis Inc., Medical Marijuana Inc., Isodiol International Inc., Cannoid, LLC, PharmaHemp CBD Izdelki, and ENDOCA.

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Cannabidiol (CBD) Market Segmentation:

Product Type Outlook (Revenue, USD Billion; 2018-2028)

Tinctures
Isolates
Pills & Capsules
Oils
Vape Oil
Ointment Roll-on
Transdermal Patches
Suppository
Others