The global CBD market is estimated to hit USD$2.73bn (£~2.01bn) in 2021, and is projected to reach $7.99bn by 2027.
The Research and Markets report attributes the antibiotic and analgesic effects and properties present in CBD, which can be used to treat a variety of ailments such as anxiety, nausea, stress, chronic pain, neurological conditions, and seizures, as likely to contribute to the growth of the market.
Read more: Report explores cannabis regulations of North America and Europe
Recent years have seen growing medical applications of the compound, as well as increasing R&D in medical cannabis, and increasing product adoption and utilisation due to government approvals. All of this has contributed to bolstering the market growth for CVD, says Research and Markets.
It has also highlighted the changing regulatory landscape and legalisation for approval of CBD-based products globally as expected to drive market growth.
The high cost of CBD and barriers in its marketing has also been attributed to hindering market growth, as well as the lack of consumer awareness. The absence of legalisation programmes in several Asian and African countries is also impeding the growth of the CBD market, according to the market analysis company.
Read more: Looking back on the cannabis industry in 2021
By source segment, Research and Markets has estimated that the cannabis-derived CBD segment is estimated to hold the highest market share, with the business to consumer segment, particularly hospital pharmacies, being estimated to hold the highest share during the forecast period.
By Product, it estimates that the therapeutic grade segment holds the highest market share, by route of administration, that the capsules segment holds the highest market share, and by end-user, the medical segment holds the highest market share. Additionally, by geography, the company estimates that North America accounted for the dominant share of the market and is expected to retain its leading position.
To read the report in full please visit https://www.researchandmarkets.com/r/d237wz.
[activecampaign form=31]
