The global cannabidiol market size is expected to reach USD 9.69 billion by 2025, as per a new report by Grand View Research Inc. It is projected to register a CAGR of 32.6% during the forecast period. CO2 is the most majorly used extraction technique to safely and purely extract the cannabidiol (CBD). There is a rise in demand for high CBD hemp biomass, which is expected to propel growth of the CBD market.
Equipment and processing practices differ significantly depending upon cultivation, variety of hemp, available equipment, and standard processes according to regions. Manufacturers are heavily investing in time and resources to maintain consistency in the quality of products. This also includes the development of reliable supply chain.
Manufacturers are focused on R&D activities to develop various strains of cannabis which are CBD rich. Apart from conventional manufacturing of CBD and its products, development of synthetic CBD has been recently introduced. Involvement of biotechnology for production of synthetic CBD has resulted in potential growth of low-cost mass production. However, the product development is still in nascent phase.
There are multiple regulations in place in different countries regarding usage of CBD. In Italy, CBD oil with 5%, 10%, and 50% is permitted to be sold in Italian markets and those categorized under the food aromatic preparation are allowed to be purchased without a prescription. Hash oil that needs prescription can only be legally purchased and prepared by pharmacists in the Galenic Laboratory of Pharmac, which is driving the demand for CBD globally.
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Further key findings from the report suggest:
Market participants are focused on investing in the production and distribution of CBD infused products, in which a French-based wellness company, TONIC, sells a wide range of hemp-derived CBD infused orals and topicals
Despite the high demand and increasing availability of cannabidiol, there are several uncertainties pertaining to its safety, quality, and legality, restraining the market growth
Growing marijuana has been legalized in most of the European countries, thereby providing opportunities to start-ups dealing with marijuana-based products to explore the CBD market
Few prominent states in U.S. such as New Jersey, Delaware, Oklahoma, New Hampshire, Florida, Connecticut, and New Mexico have legalized the use of cannabis only for medical purposes and not for recreational purposes
In March 2019, Phyto Animal Health and HempMeds, subsidiaries of Medical Marijuana, Inc., collaborated with Mr. Checkout to increase their distribution capacity and expand their market presence worldwide
Grand View Research has segmented the CBD market on the basis of product, application, and region:
Cannabidiol (CBD) Source Outlook (Revenue, USD Million, 2014 - 2025)
Cannabidiol (CBD) Application Outlook (Revenue, USD Million, 2014 - 2025)
Personal Care & Cosmetics
Food & Beverages
Cannabidiol (CBD) Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
Cannabidiol (CBD) Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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