Market Trends of Cannabidiol (CBD) Industry
The Hemp Segment is Expected to Hold a Significant Share in the Cannabidiol (CBD) Market.
The sudden outbreak of COVID-19 has increased the demand for Cannabidiol (CBD) Market due to the increased neurodegenerative disorders such as stress and anxiety are expected to propel the growth of the market.
The Hemp source is expected to dominate the studied market during the forecast period. The rising adoption of refined CBD products, along with the increasing approval of hemp-derived products for medicinal products for various medical applications, is driving the growth of this segment. In January 2022, FDA published that the agency approved one cannabis-derived drug product named 'Epidolex' and three synthetic cannabis-related drug products named 'Marinol (Dronabinol), Syndros (dronabinol), and Cesamet (nabilone). Additionally, the increasing hemp-derived CBD product launches to meet the growing demand for the treatment of various neuro disorders is also expected to propel the growth of this segment. For instance, in August 2022 BioLife Sciences Inc. has launched its first line of cannabinoid consumer products. The Company will be offering six distinct industrial hemp-based tincture formulations. The hemp sciences division will be a subsector of the orthomolecular medicine and natural health products line. Similarly, in December 2021, Cibdol announced the launch of its exclusive CBD oil 2.0 range. The upgraded formula harnesses the synergy of multiple hemp extracts to work alongside CBD.
Thus, the increasing Cannabis-derived drugs and innovative CBD product launches are expected to boost the studied segment in the forecast period.
North America is Expected to Hold a Significant Share in the Market and is expected to do the Same in the Forecast Period.
The United States is likely to command the global market due to the high incidence of chronic disorders coupled with the rising demand for effective therapeutic products. Owing to the increase in research and development activities in the biopharma sector in the United States region, the cannabidiol (CBD) market is expected to grow in this region. For instance, as per the data published by the Center for Rare Neurological Disease Research in January 2021, rare neurological diseases affect approximately 200,000 individuals in the United States. Thus, the increasing incidence of such disorders and related complications increased the demand for the CBD market, thereby increasing the growth of the market in this region.
Moreover, the presence of major market players and advanced technologies for product development is expected to mark this region with dominating share. For instance, in August 2022, Cheef Botanicals launched Vegan CBD Gummies to expand its CBD portfolio. The new launch of CBD gummies aims to bring freshness to the Cannabinoid market. These are the best CBD gummies in the market as they are sourced from organic farms.
Thus, all the above-mentioned factors are expected to propel the growth of the market over the forecast period.
