NEW YORK, May 06, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- The cannabidiol (CBD) market is forecast to grow from USD$1.04 billion in 2018 to USD$16.32 billion by 2026, at a CAGR of 27.7 percent during the forecast period. The market is primarily driven by the increase in the usage of cannabidiol (CBD) in medical application, supplements, beverages and skin care.
As a wide-spectrum pharmaceutical therapy, the cannabidiol market place is likely to witness significant R&D investments in the pharmaceutical industry. For its potential in the treatment of a number of diseases, multiple scientific studies have shown promising results of cannabidiol. As a result, the cannabidiol market is marked by a significant cannabidiol therapy that receives FDA approval or moves forward in human clinical trials.
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Approval of EPIDIOLEX cannabidiol has become a landmark announcement as it is the very first FDA approval of cannabis sativa plant-derived drug and also validated some of cannabidiol's therapeutic benefits. Significant economic, political and legislative shifts across the global cannabinoid marketplace are also expected to impact approval. It is also expected that the Drug Enforcement Administration (DEA) will reschedule and change the cannabidiol compound classification in the near future.
Further key findings from the report suggest:
- The cannabidiol (CBD) Market is forecasted to grow from USD$1.04 billion in 2018 to USD$16.32 billion by 2026, at a CAGR of 27.7 percent, during the forecast period. A rapidly rising population and higher urbanization have boosted global demand for processed food products, driving food demand.
- On the basis of product, the market is segmented into food grade and therapeutic grade. The market for therapeutics is expected to hold the largest market share throughout the forecast period. It is expected to reach USD$9.30 billion in 2026, at a CAGR of 27.4 percent during the forecast period. Due to its health benefits that help in the treatment of neuropsychiatric disorders, the therapeutic grade dominates the segment. CBD also has the potential to treat other chronic disorders that are also expected to boost the demand for the product.
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- On the basis of application, the market is segmented into fibromyalgia, neurogenerative disorder, diabetes, energy drinks, protein bars and others. The market for fibromyalgia is expected to hold the largest market share. It is expected to reach USD$4.24 billion in 2026, at a CAGR of 28.3 percent during the forecast period. Because of the increasing incidence of physiological disorder among people, especially young adults, fibromyalgia leads the segment. CBD oil works with the endocannabinoid system to alleviate the symptoms of different conditions. Because it reduces inflammation, it is an option for treating fibromyalgia that can allegedly alleviate pain. Symptoms of insomnia and anxiety have also been reported to decrease.
- The market for Asia Pacific (APAC) is expected to reach USD$3.10 billion in 2026, at a CAGR of 29.5 percent during the forecast period. The growing traditional use of cannabidiol products in various food items in India, China and Nepal is likely to boost the growth of the Asia Pacific cannabidiol products market. The increasing number of agreements and partnerships between the companies operating on the market to develop new products in the category of cannabidiol is projected to further boost the growth of the cannabidiol products market in Asia Pacific over the estimated timeframe.
- The key players in the market are CV Sciences (US), Isodiol International (Canada), Medical Marijuana (US), Aurora Cannabis (Canada), CBD American Shaman (US), Canopy Growth Corporation (Canada), IRIE CBD (US), The Supreme Cannabis Company (Canada), General Cannabis Corp. (US), Cannabis Sativa, Inc. (US), and Insys Therapeutics, Inc (US).
Segments covered in the report:
This report forecasts volume and revenue growth at a global, regional and country level, and provides an analysis on the industry trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the market on the basis of form, routes of administration, product, application, source, end user and regional analysis.
Form (Revenue, USD Million; 2016-2026)
- Concentrated Oil
Routes of Administration (Revenue, USD Million; 2016-2026)
- Inhalation (Smoke or Vapor)
- Aerosol Spray
- Tincture Spray
Product (Revenue, USD Million; 2016-2026)
- Food Grade
- Therapeutic Grade
Application (Revenue, USD Million; 2016-2026)
- Neurogenerative Disorder
- Energy Drinks
- Protein Bars
End Use (Revenue, USD Million; 2016-2026)
- Food & Beverage
Source (Revenue, USD Million; 2016-2026)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- North America
- Asia Pacific
- Latin America
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