According to a study published by Insure Insights, the global cannabidiol market is expected to grow at a CAGR of 24.5% during the forecast period. Cannabidiol is generally used for seizure disorder (epilepsy). It is also used for the treatment of anxiety, pain, a muscle disorder called dystonia, Parkinson disease, Crohn disease, and many other conditions. Cannabidiol has effects on the brain. It prevents the breakdown of a chemical in the brain that affects pain, mood, and mental function. Minimizing the breakdown of this chemical and increasing its blood levels helps to reduce psychotic symptoms associated with conditions such as schizophrenia. CBD has been proven to modify circuits in the brain related to drug addiction.

Top Driver: Growing Acceptance and Legalization of Cannabis Across Numerous Countries

Growing acceptance and legalization of cannabis across numerous countries such as Colombia, Australia, Chile, Germany, France, and Spain have highly propelled the global cannabidiol market. Countries are abundantly using CBD for the treatment of diseases such as chronic pain, cancer, multiple sclerosis, and depression. Moreover, as the FDA has allowed commercializing CBD oil, several companies have begun to sell these oils on various e-commerce sites and in retail stores. Countries that have decriminalized the use of cannabis are encountering a progression in the economy. As a result, more and more countries are spending in the cannabis industry.

B2C Segment Accounts for the Largest Market Share

The cannabidiol market is segmented into Business to Consumer (B2C) and Business to Business (B2B) based on the distribution channel. The B2C segment includes hospital pharmacies, online stores, and retail pharmacies. The B2C segment accounted for the highest revenue share and is expected to grow at a significant rate over the forecast period. The easy availability of these products to the consumers is one of the major factors driving the growth of this segment. In addition to this, increased acceptance of CBD oil and tinctures for personal and medical use available through pharmacies, retail stores, and online stores is expected to drive the growth of this segment during the forecast period. Based on the Source, the market is segmented into hemp and marijuana. Based on the end-use, the market is segmented into medical, personal use, pharmaceuticals, and others.

  Increasing Decriminalization of Medical Cannabis to Benefit North America Market

North America accounted for the largest market share and will continue to the trend in the forecast period. The increasing decriminalization of medical cannabis in independent states of the U.S., the liberalism of government regulations concerning the same, and an overall increase in the adoption of cannabidiol for pharmaceutical, personal use, and wellness are some of the major factors driving the growth of the region.

Players to Focus on Collaboration and Expanding Product Portfolio

The major player operating in the global cannabidiol market are Isodiol, Medical Marijuana Inc., CV Sciences, Aurora Cannabis, Canopy Growth Corporation, NuLeaf Naturals, Tilray, Green Roads, GW Pharmaceuticals, Folium Biosciences, Medterra, Charlotte’s Web – CW Hemp, Endoca, Elixinol and Gaia Herbs, LLC.

Isodiol: In October 2019, Isodiol reported that it has entered into a strategic partnership with Vitamin Shoppe for the commercial release of Iso-Sport Products. This partnership was focused at expanding its cannabidiol hemp extract product portfolio for meeting the increasing customer demand.

CV Sciences: In November 2019, CV Sciences reported a new partnership with Southeastern Grocers to launch cannabidiol oil Plus brand that compromise topical as well as dietary products. The objective for the partnership was to increase availability and distribution of company’s best-selling PlusCBD oil products.

Scope of the Report

By Source Type

• Hemp
• Marijuana

By Distribution Channel

• B2C
• B2B

By End-User

• Medical
• Pharmaceutical
• Other

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.