Ney Jersey, July 03, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled “Cannabidiol (CBD) Market by Product (Food Grade, Therapeutic Grade), Application (Neurogenerative Disorder, Fibromyalgia, Diabetes, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026”.
The global Cannabidiol (CBD) market is expected to grow from USD 1,453.81 Million in 2018 to USD 17,345.80 Million by 2026 at a CAGR of 36.3% during the forecast period 2019-2026. Adoption of various cannabis products along with the growing consumers spending on cannabis products, increasing usage of cannabidiol (CBD) in medical application, and high R&D investments the pharmaceutical industry has spurred the growth of the market.
The therapeutic grade segment is dominating the market with the highest share of 59.90% in 2018
The product segment is segmented into food grade and therapeutic grade. The therapeutic grade segment is dominating the market with the highest share of 59.90% in 2018. It is due to its health benefits that help in the treatment of neuropsychiatric disorders. CBD also has the potential to treat other chronic disorders which is likely to spur the product demand. CBD does not have any synthetic ingredients or harmful contaminants and hence are safe to consume. In addition, cannabidiol (CBD) drugs has potential to treat the chronic disorders.
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In 2018, the fibromyalgia segment dominated the market with the market size of USD 686.19 Million
The application segment is segmented into neurogenerative disorder, fibromyalgia, diabetes, and others. The fibromyalgia segment dominated the market with the market size of USD 686.19 Million in 2018. It is due to the increasing instances of the physiological disorder among people especially young adults that the demand for fibromyalgia is growing rapidly. The symptoms such as widespread musculoskeletal pain, fatigue, and other types of discomfort led to the fibromyalgia disorder. Furthermore, women tends to develop fibromyalgia than are men. Many of the emerging countries are legalizing the use of cannabis for medicinal purposes. Cannabidiol can efficiently reduce pain, improve sleep, and reduce headstrong pain for people with fibromyalgia. The cannabidiol (CBD) oil is effective to lessen the migraine and irritable bowel syndrome.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. The North America is dominating the market with the highest share of 42.50% in 2018. It is due to the wide availability of marijuana-derived CBD product in the region. Also, shifting consumers preferences towards ingesting edibles and vapes products are further driving regional market growth. Furthermore, the increasing investments for development and launch of a new product based on the cannabidiol (CBD) is boosting the regional growth. Asia Pacific is anticipated to grow rapidly due to the growing traditional use of cannabidiol products in various food items in India, China, and Nepal. In addition, major players focusing on the expansion of their presence in this region by signing the agreement and partnership with the local companies is creating new opportunities for cannabidiol (CBD) market in Asia Pacific region.
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Competitive Analysis:
The major players of the market include Aurora Cannabis, Canopy Growth Corporation, CBD American Shaman, CV Sciences, Inc., Elixinol, Folium Biosciences, Gaia Botanicals LLC, IRIE CBD, Isodiol International Inc, NuLeaf Naturals, LLC., Pharmahemp d.o.o., and among many others. These companies are adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global cannabidiol (CBD) market. For instance, in Feb 2018, Marijuana Company of America (MCOA) launched its hempSMART Full Spectrum Pet Drops with a specially formulated product containing naturally occurring CBD derived from hemp seed oil, full spectrum hemp extract, and fractionated coconut oil, along with a rich bacon flavor.
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