Pune, India, June 02, 2021 (GLOBE NEWSWIRE) --
The global cannabidiol market size is anticipated to expand at substantial CAGR during the forecast period as CBD is quite famous for treating large number of ailments like anxiety, chronic and neurological pains, sleep disorders, stress, and nausea.
Cannabidiol (CBD) offers a wide variety of therapeutic benefits to the user and is non-toxic in nature as well. Several governments across the world have now made the use of CBD legal in their countries because of its many uses that can help in the creation of new drugs, leading to medical advancements.
Some of the trends that will encourage the growth of global CBD market up to 2027 are listed below:
Cannabidiol oil will witness hike in demand in North America:
North America cannabidiol market is expected to surpass $61.2 billion in size by 2027. Based on product, this market is divided into oil, tinctures, transdermal patches, suppository, tablets, capsules, vape oil, isolates, creams, roll-ons, and many others. Out of these, the CBD oil segment is projected to grow rapidly during the forecast period of 2021-2027.
In fact, this segment dominated the market in 2019 and will continue to do so in the future as well. CBD oil is known to have several benefits for its users, especially for pain-related ailments. Cases of mental illness in North America are increasing every year. Mental health institutions are increasingly demanding CBD oil as it is quite famous for treating various mental illnesses like depression and anxiety, thereby positively influencing the substance demand.
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Chronic pain patients are the largest consumers of CBD in U.S.:
There are several applications of CBD like anxiety, chronic stress, depression, skin care, seizures, joint pain & inflammations, among others. Out of these, CBD will find increased application in the chronic pain segment through 2027, reaching a valuation of $20.6 billion by 2027 across North America, according to current market trends. CBD has several beneficial properties to relieve chronic pain and is a better alternative when compared to its counterpart, opioids.
CBD gives minimal side-effects from use and does not contain toxic elements. This has resulted in increased demand for CBD-derived medicines and products as a better alternative to conventional medicines, augmenting the market size in the U.S.
Online distribution of CBD to gain prominence in North America:
There are two primary distribution channels established to sell CBD in North America: online and offline channels. The offline distribution channels are further divided into pharmacies and retail stores. The offline distribution channel in the region is set to gain momentum through 2027 and will expand at 32.6% CAGR during this time.
One of the major reasons for this is that offline channels are more reliable as compared to their online counterparts. Customers prefer the offline channels to buy their medicines as it not only increases their confidence in their purchases, but they can personally inspect the product as well before buying it. Another important reason is that it is much easier for store owners to monitor CBD products, something that is not possible with online channels.
Favorable government regulations to foster Asia Pacific cannabidiol market:
CBD market in Asia Pacific is predicted to become worth more than $1.9 billion by 2027, according to market reports. CBD was not on the list of legal products in several countries across the region. But today, that scenario has drastically changed as countries like Japan, Australia and New Zealand have made favorable changes in their laws to make the use of CBD based products legal among their population.
The regulatory bodies of these countries have inspected the benefits of CBD-derived products on human body and have given their approval in this regard. For example, Australian authorities approved the use of a CBD-based product, Sativex in 2017 to treat spasticity caused by multiple sclerosis. This drug has won the approval of more than 28 countries, which is an indication of positive changes in the regulatory framework of these nations. All these factors will positively impact the demand for CBD in Asia Pacific.
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CBD tinctures will witness upsurge in demand in Asia Pacific:
Out of the different CBD-derived products like oils, creams and tinctures, the CBD tincture segment is predicted to gain traction and is expected to grow at an incredible 36% CAGR through 2027 in APAC. This segment had the second-largest regional market share in 2020 with a valuation of more than $18.5 million. One of the main reasons for this is that this product has a longer shelf life as compared to its alternatives. It has a wide range of applications as well like treating anxiety, nausea, inflammation, and pain.
These tinctures are made with CBD strains taken from hemp plant and contain 60% to 70% alcohol content, prompting increased demand for them among end-users.
Creams and roll-ons will experience increased demand in Europe:
Total Europe CBD market is projected to go past $25.8 billion by 2027. Oils, tablets, creams & roll-ons, capsules, vape oil and many other products use CBD oil as the main ingredient. Out of these, the creams & roll-ons segment will witness robust growth during the mentioned timeline as there is a rising emphasis among consumers to use skincare products that contain CBD.
This ingredient is known to have many benefits for the skin and helps in improving its quality as well. A large percentage of the population in Europe is increasing their spending on various cosmetic and skincare products each year. While talking about the medicinal benefits of CBD, it has been proved that this product has anti-inflammatory properties, which is a must-have in all skincare and makeup products. All these will benefit the market companies in Europe.
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Prevalence of mental disorders will stimulate Europe CBD consumption:
Anxiety, chronic stress, depression, migraines, skincare, inflammation, and many other areas are using CBD-based products for various purposes. But it is the anxiety & stress segment that will attract the most demand for this product in the coming years. This segment captured 22% of the total Europe market share in 2020 and is expected to grow further in the future.
The population in Europe is experiencing a worrying rise in the number of mental disorders like anxiety & stress, sleep disorders and depression. This has led to an increasing number of healthcare institutions to adopt CBD-based medications to treat these ailments. According to the World Health Organization, nearly 4.3% of the regional population has fallen prey to depression. All these aspects will promote the development of the market.
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