is projected to grow at a significant pace reaching a CAGR of approximately 15.9%, over the forecast period of 2022–2030, despite a considerable fall in Source Type sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
In a recent research report by Reports Insight Consulting Pvt. Ltd, the Cannabidiol market is expected to surpass USD 19.40 Billion by the year 2030, from USD 5.14 Billion in 2021.
In addition to treating anxiety and seizures, it also lessens discomfort. A growing number of skin care products for treating wrinkles and acne contain cannabidiol oil. For instance, Sephora recently added a line of CBD-infused beauty products to its retail locations. Similar to this, Ulta Beauty plans to introduce a range of products based on cannabidiol.
The hospital pharmacies sub-segment in the B2C market is anticipated to grow profitably over the forecast period as more businesses get into exclusive partnerships with retail pharmacies to boost their visibility and build a stand-alone entity for customers to buy CBD products. Additionally, a rise in pharmacy stockpiling activities, exclusive business partnerships with retail pharmacies, and a rise in the number of patients choosing CBD treatment are all projected to create the considerable potential for market participants in the CBD market.
The establishment of hemp-producing facilities, particularly in China, is expected to result in significant growth during the projection period in areas including Europe and the Asia Pacific. Nearly half of the world's hemp is grown in China, the largest producer of hemp in Asia. The U.S., Germany, the U.K., the Netherlands, and Japan account for about 90% of the nation's exports. Three provinces have begun growing hemp for cannabidiol extraction.
The Cannabis sativa plant contains the chemical compound cannabidiol, which is obtained from hemp or cannabis. Hemp is the source of cannabidiol market most frequently because it contains naturally high levels of the substance cannabidiol (CBD).
The study is consolidated into major segments and further into sub-segments, such as by Source Type Hemp, Marijuana) Sales Type (B2B, B2C), by end use (Medical, Personal Use, Pharmaceuticals, Wellness) to forecast the market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest Industry,trends, along with the major key players including ENDOCA; Cannoid, LLC; Medical Marijuana, Inc.; Folium Biosciences; Elixinol; NuLeaf Naturals, LLC; Isodiol International, Inc.; Pharmahemp d.o.o.