"We Envision Growth Strategies Most Suited
to Your Business"
The global cannabidiol market size is expected to reach USD 39.99 billion by 2027. The astonishing health benefits of CBD in insomnia and anxiety will induce the expansion of the CBD business during the forecast period, mentioned in a report, titled “Cannabidiol (CBD) Market Size, Share & COVID-19 Impact Analysis, By Source (Marijuana and Hemp), Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, and Others), and Regional Forecast, 2020-2027.” The market size stood USD 2.19 billion in 2019 and is expected to exhibit a CAGR of 46.4% between 2020 to 2027.
Launch of Cannabis-derived Nutraceutical by Medical Marijuana to Boost Growth
Medical Marijuana, Inc, a major producer of hemp-based products with several subsidiaries and also the only traded cannabis company in the United States announced that through its subsidiary Kannaway® introduced the first-ever cannabis-derived nutraceutical products brands and supply chain. The Kannaway® has been awarded the most popular Cannabidiol (CBD) MLM Company in HealthMJ's new 2020. This has made Kannaway in the list of Top 100 MLM Companies of 2020 by Business for Home.
The sanction of the farm bill in 2018 has helped the company develop and innovate its quality to offer the best to the customers. As per the Brightfield Group survey, more than 50 percent of its consumers in the U.S learn about CBD from friends or family, making direct selling companies a perfect fit for the CBD industry. The expansion of this industry in the U.S will consequently create lucrative business opportunities for the market in the forthcoming years. As per Nielsen projects’ data, the U.S. hemp-based CBD market could reach from $2.25 billion to $2.75 billion industry in 2020. The increasing advantage and business for direct selling companies for cannabidiol-related products will have a tremendous impact on the global cannabidiol market.
To get a detailed report summary and research scope of this market, click here:
Rising Utilization of CBD in Pharmaceuticals to Augment Growth
The improvements and advancements in the pharmaceuticals have directed to the high utilization of cannabis because of abundant advantages. The health benefits of cannabidiol for various disorders has propelled its use in medical products. The companies are shifting towards plant-based and natural ingredients for the production of novel drugs, which, in turn, will spur the demand of the market. The increasing approval of CBD for medicines and therapies will increase the demand for these products, in turn, boosting the industry. The increasing R&D investment by big corporations for the development of high-end CBD-based medicines will enable speedy expansion of the market in the forthcoming years.
Development of Advanced CBD-based Products to Spur Competition
The rising focus of companies towards the utilization of CBD as the main ingredient in products will consequently fuel demand of the market. The key players are investing in R&D for the development of varied CBD product categories to establish a strong foothold in the market. For instance, Medterra introduced products such as CBD based oil, gummies, capsules, and others. The constant product innovation by major companies to serve the needs of the customers will subsequently augur well for the market. Nonetheless, the emergence of regional companies experimenting with CBD will enhance competition in the near future.
The Report Lists the Main Companies in the Market:
Further Report Findings:
The Cannabidiol Market is Segmented into:
Value (USD Billion)
By Source, Application, and Region