Cannabidiol Market to Exhibit a Stellar CAGR of 47.49% by 2028; Increasing Demand for CBD across Pharmaceutical Sector to Augment Growth

The global cannabidiol (CBD) market size is expected to gain momentum by reaching USD 55,791.3 million by 2028. Fortune Business Insights in its latest report, titled “Cannabidiol (CBD) Market Size, Share & COVID-19 Impapct Analysis, By Source (Marijuana and Hemp), Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, and Others), and Regional Forecast, 2021-2028.”, observes that the market stood at USD 2,770.8 million in 2020 and is likely to exhibit a CAGR of 47.49% between 2021 and 2028. The increasing demand for CBD products across the pharmaceutical industry is expected to propel the product’s demand worldwide.

Medical Marijuana Launches Fitness Program in the U.S. to Create Awareness Regarding Benefits of CBD

In May 2020, Medical Marijuana, Inc. announced that its subsidiary, Kannaway launched the first-ever cannabidiol fitness program in the U.S. Dr. Stuart Titus, CEO of the company, said, “We are upbeat to enter the new market, and our Evolve fitness programs will help our customers to consume the products and services that they desire.” The company further informs that the fitness program, Evolve, is created in partnership with a certified nutrition coach and spokesperson of Kannaway, Dan Miller. The program will help to create awareness regarding the health and fitness benefits of CBD and its by-products. The participants will be receiving supplements and advanced fitness tools to help them maintain good health.

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Increasing Demand for CBD across Pharmaceutical Sector to Augment Growth

The massive advancements in the pharmaceutical sector have led to the high utilization of cannabis owing to its several health advantages. The major companies are shifting towards plant-based and natural ingredients to produce novel drugs and food products that are likely to boost the adoption of CBD globally. For instance, in June 2020, INDIVA Inc. introduced innovative CBD-based softgels and new milk chocolate in Canada to cater to the growing demand from millennials in the country. The growing approval rate of CBD to produce advanced medicines and therapies will further boost its demand globally. Therefore, these factors are expected to favor the global cannabidiol market growth during the forecast period.

Key Players Focus on Product Innovation to Intensify Market Competition

The companies are focusing on adopting cannabidiol as the main ingredient to develop innovative by-products. Additionally, other key players are investing in R&D activities to establish a strong foothold in the market. For instance, Medterra CBD introduced products such as oil based, capsules, gummies, and others. The constant focus on product innovation by established companies is expected to bode well for the growth of the market in the forthcoming years.

List of the Companies Profiled in the Global Market:

• Medical Marijuana Inc. (California, U.S.)
• Cannoid, LLC (Colorado, U.S)
• Isodiol International Inc. (Vancouver, Canada)
• ENDOCA (Chicago, U.S.)
• Folium Biosciences (Texas, U.S.)
• Nuleaf Naturals Llc. (Colorado, U.S)
• Pharmahemp d.o.o (Slovenia, Europe)
• Elixinol Global (Sydney, Australia)
• CV Sciences (California, U.S.)
• Medterra CBD (California, U.S.)

Further Report Findings:

• North America is expected to hold the largest global cannabidiol market share in terms of revenue during the forecast period. This is attributable to the presence of several established manufacturers that are focusing on developing innovative CBD products to cater to the growing demand from the cosmetics, pharma, and food sector. The region stood at USD 1276.7 in 2020.
• The market in Asia-Pacific is expected to experience significant growth in the forthcoming years. This is ascribable to factors such as the increasing focus on the legalization of cannabidiol products and the growing rate of approvals for the consumption of its by-products in the region between 2021 and 2028.
• Based on the source, the marijuana segment is expected to showcase exponential growth backed by the increasing adoption of marijuana by manufacturers to produce innovative CBD products worldwide.

Table of Segmentation: