Cannabidiol market is set to experience a remunerative period of growth over the forthcoming timeframe owing to its growing prominence as cure-it-all for a number of ailments such as migraine, chronic pain, and anxiety. In fact, the demand for cannabidiol is set to grow immensely for wellness and medical purposes owing to its healing properties, thereby making it a driving factor for market growth.
Cannabidiol is the second most prevailing active ingredients present in marijuana. CBD or cannabidiol is a key component of medical marijuana, and is directly derived from the hemp plant, a cousin of marijuana plant.
This makes CBD a naturally occurring substance. CBD is commonly used in products such as oils and edibles to give a feeling of relaxation and calmness. CBD is generally used to tackle anxiety and for patients who are suffering the misery of insomnia. Various studies suggest that cannabidiol might further help with both staying asleep and falling asleep.
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Epidiolex, a FDA-approved CBD medication is currently the only product present in the market for the treatment of specific types of epilepsy. But it has also shown the ability to treat other health issues which include osteoarthritis, back pain, and cancer. CBD is also useful in providing relief from chronic pain, depression, inflammation, and many other health related conditions.
The cannabidiol market is segmented into product, application, route of administration, source, distribution channel, and regional landscape.
With respect to product, the market is categorized into oils, tablet, isolates, tinctures, vape oil, transdermal patches, suppository, capsules, creams and roll-on, and others. Among these, creams & roll-ons product segment held a market share of around 12% in 2019 owing to their increased utilization as a substitute to beauty products. Roll-ons contain CBD oil, it relieves, soothes as well as promotes a feeling of well-being instantly.
Based on application, the market is classified into seizures, migraine, anxiety/stress, chronic pain, sleep/insomnia, neurological conditions, skin care, joint pain & inflammation, and others. Among these, the skin care segment is projected to garner a CAGR of 53.3% during the analysis time period due to the increasing trend of utilizing CBD creams for beauty purposes. Also, this trend has been further adopted by western countries owing to the popularity and influence of certain K-Pop entertainers.
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As per route of administration, the market is divided into topical, oral, rectal, inhalation, sublingual, and transdermal patches. Among these, vape oils inhalation segment registered a market share of around 7% in 2019 owing to the increased usage of vape oils when the patients have difficulty in taking medicines orally.
Additionally, vape oils can easily be consumed and are used to treat a variety of indications.
Based on source, the market is divided into marijuana and hemp. Among these, marijuana is expected to reach USD 25,389 million by 2026 owing to the utilization of marijuana-based products in food & dietary supplements for suppressing symptoms of few neurological disorders.
With respect to distribution channel, the market is segmented into offline and online distribution channel. Among these, the offline distribution channel registered a major market share of around 54% in 2019. This is due to the increased sales of cannabidiol based products in big retail stores.
From a regional frame of reference, the Europe cannabidiol market is projected to reach a CAGR of 35.2% during the forecast timeframe with a revenue of USD 23,535 million by 2026.