The presented market report on the global CBD market published by Fact.MR is a comprehensive analysis of the leading parameters that are likely to determine the growth of the CBD market in the forthcoming decade. Further, the study dives in deep to investigate the micro and macro-economic factors that are projected to influence the global scenario of the CBD market during the forecast period (2019-2029).
The market study reveals that the CBD market is expected to grow at a CAGR of ~XX% and reach a value of ~USXX by the end of 2029. The report examines the current trends, growth opportunities, restraints, and market drivers that are projected to influence the overall dynamics of the CBD market in the assessment period. The market study predicts the course of the global CBD market post the COVID-19 pandemic and offers resourceful insights to market players pertaining to their business continuity strategies and more.
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CBD Market Segmentation
The report bifurcates the CBD market into multiple segments to provide a clear picture of the CBD market at a granular level. The key segments covered in the report include region, product type, application, and more.
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CBD Heavyweights Are Deploying Expansion and Acquisition Strategies for Further Growth
To take the global CBD market to newer heights, several CBD majors have considered collaborating with Cannabis icons like Snoop Dogg, as well as to partner with beverage brands like Constellation, to create CBD infused beverages to attract potential customers. Companies like Canopy Growth, Aurora, and Tilray are expanding their cultivation to match the gap between the demand and supply of CBD. The brands have entered different verticals of the market, like vapes, oils, edibles, tinctures, topicals, soft-gels, pre-rolls, etc. to offer the consumer a luxury of choice. The companies are also making agreements with retail stores and pharmacies for the exclusive distribution of their products.
Companies have signed agreements with organizations like ‘Canada's Smartest Kitchen' to develop premium chocolates, cakes and confectionary infused with CBD, attracting dessert-loving customers. These CBD-infused products provide the customers with a choice of enjoying their favorite food with the added benefits of cannabis. Cannabis companies are investing a significant amount into research and development of new products to attract potential customers. These products are developed, keeping in mind the young generation, which is curious about the benefits of cannabis and its derivatives. A significant section of the youth has knowledge about the psychoactive effects of cannabis yet is unaware of the therapeutic benefits from CBD.
Patient Care: A Service Adding Value to the CBD Market
Major companies in the CBD market seek to penetrate the medical cannabis market by employing patient care services for their potential customers. Companies like Canopy Growth, Tilray, and Hexo Corp have gained a network of patients by providing them with services like regular check-ups and a steady supply of CBD. This program not only benefits the customers but also the company as it incites customer loyalty. The sale of medical cannabis has never gone below 45% in the past, thus making patient care services an effective channel to endorse the products. Patient care service presents the company with data of usage patterns of customers, providing them actionable insights into the demand across the different verticals of the cannabis-derivatives, thus helping them plan their production activity accordingly.
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The growth projection of each of these segments and sub-segments is accurately tracked in the report along with east-to-understand graphs and tables. Further, the market share, size, value, and Y-o-Y growth of the CBD market segments are included in the report.
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Essential Takeaways from the CBD Market Report
- Comparison of prominent players operating in the CBD market
- Recent developments and key strategies adopted by market players to combat the COVID-19 pandemic
- Study of the micro and macro-economic growth indicators
- Impact of COVID-19 pandemic on the value chain of the CBD market
- Growth opportunities for emerging market players in various regional markets
- Current trends influencing the scenario of the CBD market
Important queries related to the CBD market addressed in the report:
- Who are the most prominent players in the CBD market?
- What are the factors that are likely to hinder the growth of the CBD market during the forecast period?
- Why is the concentration of tier-1 companies high in region 1?
- How is the soaring prices of raw materials impacting the demand for CBD ?
- Why are market players eyeing opportunities in region 2 and region 3?
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