Cannabidiol for chronic pain management is fastest growing segment fueling the growth of Cannabidiol Market

The cannabidiol market is estimated to be valued at US$ 7953.14 Mn in 2023 and is expected to exhibit a CAGR of 47 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cannabidiol (CBD) is a non-psychoactive compound extracted from hemp and cannabis plants. It is increasingly being used as an alternative treatment for chronic pain, anxiety, depression and other medical conditions. CBD products come in various forms like oils, edibles, pills, lotions and many more and are gaining popularity due to their therapeutic benefits without the psychoactive effects of marijuana.

Market Dynamics:

The cannabidiol market is expected to witness high growth over the forecast period owing to rising adoption of CBD products as an alternate treatment for pain management. According to a study published in European Journal of Pain in 2018, around half the respondents reported that CBD-based treatments were effective in relieving arthritis pain. Moreover, increasing legalization of cannabis-based products in various countries is also fueling the market growth. For instance, the 2018 Farm Bill legalized all hemp-derived CBD products with less than 0.3% THC in the U.S. However, lack of regulatory standards and guidelines around the production, labeling and marketing of CBD products continues to restrain the market growth to some extent.

Swot Analysis

Strength: The Cannabidiol Market has strong growth potential due to increasing legalization of cannabis-based products across countries. Cannabidiol offers several medical benefits for treating conditions like chronic pain, anxiety disorders, epilepsy etc. Many players are investing in R&D to develop innovative Cannabidiol products.

Weakness: Lack of clinical data and research limits the understanding of dosage mechanisms and side effects of Cannabidiol. Stringent regulations in some countries restricts market expansion.

Opportunity: Increasing acceptance of Cannabidiol for medical use offers ample opportunities for market growth. Launch of new application-specific Cannabidiol products will help expand the market size. Greater accessibility through e-commerce platforms also provides growth opportunities.

Threats: Negative social stigma around cannabis-related products poses challenges. Presence of substitute products may threaten market demand. Dependence on seasonality of cannabis production can disrupt supply chain.

Key Takeaways

The Global Cannabidiol Market Size is expected to witness high growth, exhibiting CAGR of 47.% over the forecast period, due to increasing legalization of cannabis across regions. As per estimates, the market was valued at US$ 7953.14 Mn in 2023.

Regional analysis

North America dominates the global Cannabidiol Market owing to most cannabis-friendly regulations and large consumer base. Canada and United States accounted for majority share in the region. Asia Pacific region is anticipated to exhibit fastest growth rate during the forecast period supported by rising medical spending, increasing chronic disease prevalence, and favorable government policies in countries like China, India and Australia.

Key players

Key players operating in the Cannabidiol Market are Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann, Inc., Tilray, GW Pharmaceuticals, plc, ABcann Medicinals, Inc., Organigram Holding, Inc., Tikun Olam, The Cronos Group, ENDOCA, Isodiol International, Inc., MEDICAL MARIJUANA, INC., Cannoid, LLC, Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, and Pharmahemp d.o.o.

https://www.rapidwebwire.com/cannabidiol-market-size-share-growth-outlook-2023/