Cannabidiol Market Size, Share & Trends Analysis Report By Source Type (Hemp, Marijuana), By Distribution Channel (B2B, B2C), By End-use (Medical, Personal Use), By Region, And Segment Forecasts, 2021 - 2028
New York, March 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cannabidiol Market Size, Share & Trends Analysis Report By Source Type, By Distribution Channel, By End-use, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06034137/?utm_source=GNW
Cannabidiol Market Growth & Trends
The global cannabidiol market size is expected to reach USD 13.4 billion by 2028. The market is expected to expand at a CAGR of 21.2% from 2021 to 2028. Increasing awareness about the health benefits of cannabidiol (CBD), changing consumer opinion, and attitude toward CBD products are some of the key factors driving the demand for these products. Furthermore, increasing demand for cannabidiol from various end-user industries such as food and beverage, personal care and cosmetics, and pharmaceuticals is expected to trigger market growth.
The recent COVID-19 pandemic has affected many industries around the world, including the CBD industry.The impact of COVID-19 has led to disruption in production processes, due to strict quarantine measures taken across the globe, there is a stagnation in the supply of products, including CBD products.
In addition, most of the retail stores are currently closed due to the pandemic. Hence, the marketplace may face a slowdown amidst the pandemic, however, it can gain momentum in 2021, due to the increase in demand for CBD-based products in the coming years.
In 2020, the hemp segment accounted for the largest revenue share valued at USD 1.7 billion, owing to the rising awareness regarding the health benefits of products infused with cannabidiol derived from marijuana. On the other hand, hemp-derived CBD is expected to witness the fastest CAGR over the forecast period, owing to the increasing legalization of hemp in various countries.
The Business to Business (B2B) segment accounted for the largest revenue share in 2020 and is expected to witness a lucrative growth rate over the forecast period.Growing demand for cannabidiol products in various sectors such as health and wellness, pharmaceutical, food and additives, and cosmetics sectors has increased the need for companies to procure cannabidiol raw material or precursor material for their product in bulk.
Hence, various growth opportunities are emerging in the cannabidiol wholesale business, which is expected to propel the growth of this segment.
North America dominated the market in 2020 and is expected to continue its dominance over the forecast period. Favorable regulations, increasing awareness about CBD oil, growing consumer preference, and a rise in the number of manufacturers are factors expected to fuel market growth in the region.
Cannabidiol Market Report Highlights
• North America accounted for the largest revenue share in 2020 owing to the increase in consumers opting for CBD oil and awareness about allied products
• Hemp-derived CBD dominated the market in 2020, with a revenue of USD 1.7 billion owing to its higher purity and potential health benefits
• The B2B segment accounted for the largest revenue share in 2020 owing to the increasing demand and rising number of businesses using cannabidiol as raw materials
• In 2020, the medical segment accounted for the largest revenue share owing to the rising use of cannabis derivate for various medical conditions
Read the full report: https://www.reportlinker.com/p06034137/?utm_source=GNW
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