Global Cannabidiol Market: Future Demand, Analysis & Outlook to 2027

Global Cannabidiol Market: Future Demand, Analysis & Outlook to 2027

Over the past few years, interest in cannabidiol (CBD) products for therapeutic benefits has increased significantly. Consumers are showing keen interest in understanding the associated benefits and side effects of cannabinoid-based products when employed as a treatment solution. The growing inclination towards the product is positively influencing global cannabidiol market. Supportive regulatory stance of the governing bodies is further complementing the business growth.

According to a recent report by Global Market Insights, Inc., cannabidiol market size had surpassed USD 7.0 billion in 2020 and is projected to grow commendably over the subsequent years.  

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The favorable regulations are encouraging various manufacturers to develop new and more effective cannabinoid-based medicines. This in turn is opening new growth avenues for the industry. For instance, in 2021, NuLeaf Naturals announced the expansion of its CBD product line through the launch of the full spectrum Delta 8 THC, CBC, CBN and CBG additions.

Cannabidiol products are available in different types such as oil, suppository, tinctures, transdermal patches, capsules, creams and roll-on, etc. Creams and roll-ons are observing elevating demand with increasing product application in cosmetic products. CBD also offers medicinal benefits with their inflammatory properties which is expected to impel the product demand. Besides, it is also effective against dry skin. Considering the rising demand, creams and roll on segment is estimated to register a substantial CAGR of 35.8% through 2027.

The two major sources for CBD are marijuana and hemp. However, marijuana stands tall as the most preferred source owing to its higher efficiency against medical disorders like Parkinson’s disease and Alzheimer’s disease due to relatively higher THC content. In addition, its legal status in certain countries and regions is further fueling its adoption globally. On account of these factors, marijuana segment is anticipated to register a substantial valuation of nearly USD 30.1 billion by 2027.

Cannabidiol products are majorly consumed through oral route of administration as it provides gradual relief in pain and other disorders. Besides, with growing dependence of various manufacturers on oral route of administration for the product development is positively influencing the business space. With increasing adoption, oral segment is estimated to register a significant growth in the following years. In 2020, the segment had secured a sizeable share of over 45%.

Elaborating on the applications of CBD, it would be imperative to note that the product is being widely adopted in the treatment of anxiety/stress. In 2020, anxiety/stress segment had recorded an appreciable valuation of around USD 1.5 billion. This is majorly due to increasing cases of mental disorders like depression and anxiety compelling the healthcare practitioners to use CBD-based medications. As per the World Health Organization statistics, around 4.5% of population in Europe is affected by depression. Such high prevalence of these disorders is expected to create substantial product demand in the upcoming years.

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The product is being widely distributed through online channels as it is emerging as a preferred medium nowadays. It is majorly due to the advantages of this channel over the offline counterparts including on-time delivery while maintaining adequate inventory. It also reduces the operational costs that are incurred while maintaining a brick-and-mortar store. Due to the increased popularity, online segment had accounted for more than 46% market share in 2020.

Speaking of the regional outlook, Australia is slated to provide ample growth opportunities for cannabidiol industry across the Asia Pacific.  Reportedly, cannabidiol market in Australia is estimated to hold around a quarter share by 2027. Favorable regulatory scenario, permission for the usage of CBD for medicinal and cosmetic purposes in tandem with rising elderly population prone to several diseases are the major factors that are supporting the market growth. Moreover, growing awareness regarding the potential benefits of cannabidiol-based products is also contributing to the market forecast.

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    Cannabidiol (CBD) industry 360° synopsis, 2016-2027

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Application trends

2.1.4    Route of administration trends

2.1.5    Source trends

2.1.6    Distribution channel trends

Chapter 3   Cannabidiol (CBD) Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2016 - 2027

3.3    Industry impact forces

3.3.1    Growth drivers    Growing medical applications of CBD    Increasing product adoption and utilization owing to government approvals    Changing regulatory landscape for approval of CBD products across region    Increasing sales of CBD products in retail stores

3.3.2    Industry pitfalls & challenges    Side effects associated with CBD oil    Counterfeit and synthetic products available in the market    High cost of CBD products    Complex prescription process

3.4    Growth potential analysis

3.4.1    By product

3.4.2    By application

3.4.3    By route of administration

3.4.4    By source

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