Based on product, the global cannabidiol market is segmented into therapeutic grade, food-grade, and others.
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.
Global CBD Market is expected to register a huge CAGR of 125.58% during the forecast period and reach astronomical revenue of 2,207.16 million by 2026, as reported by MRFR. However, to curb the global CBD industry’s development, adverse effects associated with cannabis and strict government policies are expected.
January 2021: A US-based maker, Nano Hydrate, has unveiled product marketing services leveraging advanced technologies to provide natural healing through branding services of pharmaceutical-grade cannabidiol (CBD). Nano Hydrate aimed to create a collaborative program that would allow them to introduce existing brands to the market for niche CBD products while expanding options for cannabis-infused beverages to the cannabis industry.
The major operational strategies adopted by key competitors include R&D activities, establishment of joint ventures, collaborations, partnerships, product launches, and mergers and acquisitions. R&D activities and product launches are the topmost strategies to improve market position and brand image. The CBD oil market is a highly competitive market with the presence of many national, regional and local companies. Demand in the market calls for both cost and product differentiation, continuous product development and upgrades to assure and sustain profitability.
CBD oils are primarily used in pharmaceutical, food, cosmetic and other industries. The cosmetic and food industry segments accounts for more than half of the market. However, the pharmaceutical industry segment is expected to expand significantly, with a higher CAGR (REDACTED) from 2020-2025. Regionally, North America captured the largest share of the CBD oil market, with sales of REDACTED in 2019. However, the Asia-Pacific is one of the fastest-growing regions with a market size of REDACTED in 2019. The Asia-Pacific region is expected to grow at a CAGR of REDACTED from 2020-2025 and reach REDACTED by 2025.
The global CBD oil market is mainly driven by growing research funding for cannabinoid research, legalization of CBD in various regions and the rising occurrence of chronic diseases and related complications. However, the adverse effects associated with cannabis and stringent government policies may slow the growth of the market.