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WASHINGTON, Feb. 08, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Cannabidiol (CBD) Market finds that increasing awareness of cannabidiol’s therapeutic benefits is expediting market growth. Primarily driven by increasing demand for cannabidiol (CBD) for health and wellness purposes is high, the total Global Cannabidiol (CBD) Market is estimated to reach USD 47.22 Billion by 2028, up from USD 4.9 Billion in 2021, at a compound annual growth rate (CAGR) of 21.3%.
Furthermore, rising acceptance and use of CBD products due to government approvals to augment the growth of the Global Cannabidiol (CBD) Market, states Vantage Market Research, in a report, titled “Cannabidiol (CBD) Market by Source (Hemp, Marijuana), by Distribution Channel (Online, Offline), by End-Use (Medical, Personal Use, Pharmaceuticals, Wellness), by Region (North America, Latin America, Europe, Asia Pacific ) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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List of Prominent Players in the Cannabidiol (CBD) Market:
- Aurora Cannabis
- Canopy Growth Corporation
- Cronos Group
- CV Sciences, Inc.
- Medterra
- Tilray
Market Dynamics:
Growing Applications of CBD in Skincare Industry to Fuel Global Cannabidiol (CBD) Market
CBD oil is increasingly used for the manufacturing of skincare products to treat acne and wrinkles. For instance, Sephora had launched a special range of CBD skincare products in its stores. Similarly, Ulta Beauty is planning to offer a special range of CBD based products. In addition to this, a number of new companies are entering the CBD infused beauty products market. For instance, in 2019, Aphria, Canada based Cannabis Company, introduced its first-ever CBD-based cosmetics line in Germany.
Additionally, the investment from governments and major players in R&D sector is increasing. Cannabidiol (CBD) has witnessed to be an effective treatment for epilepsy in several clinical trials. For instance, Epidiolex, produced by GW Pharmaceuticals, has shown positive results in Phase III trials in the UK for Dravet and Lennox-Gastaut syndromes, both are treatment-resistant seizure disorders.
Echo Pharmaceuticals developed Arvisol, an oral tablet containing pure CBD, for the treatment of several neurological disorders, including schizophrenia and epilepsy. Arvisol is still undergoing Phase I clinical trials. Zynerba Pharmaceuticals is developing a CBD-based gel, named Zygel. The product is designed for treating Fragile X syndrome, adult seizures, and encephalopathies. Currently, the formulation is in open-label Phase II testing for Fragile X syndrome.
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Increasing Demand for CBD Hemp Oil via Ecommerce Platform to Stimulate Market Growth
CBD is being legalized in more regions, which is grabbing attention from e-commerce platforms in North America and Europe. Global trend leaning towards shopping for pet food products, nutritional products, cosmetic products, and medicinal products on e-commerce websites and platforms are some of the significant factors for providing an impetus to the demand for CBD oil products. Closedown of offline stores against the backdrop of COVID-19 has turned regular offline consumers towards online stores, aiding the increasing demand for CBD oil and products on e-commerce platforms. The rise in demand for cosmetic and nutritional products with CBD oil/tincture/powder has been experienced 25% more traffic and a substantial on e-commerce websites across Asia-Pacific and North America. CBD oil/tincture/powder and product sale through e-commerce bring forth a number of opportunities for manufacturers to enhance their revenues and, subsequently, profit margins.
COVID-19 Impact Analysis:
The Cannabidiol (CBD) market’s situation wasn’t quite good during all quarters in 2020 in terms of demand and supply. Raw material suppliers, manufacturers, and distributors underestimated the underlying demand for Cannabidiol (CBD) products. Lack of clear guidance and regulatory uncertainty from the FDA and other worldwide agencies dealing with CBD regulations are some of the factors that impacted the CBD market negatively.
Since the start of Q1 2020, the overall hemp industry has…
Full story available on Benzinga.com
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