Vantage Market Research’s latest analysis of the global cannabidiol (CBD) market found that growing awareness of the therapeutic benefits of cannabidiol is driving the market growth.
Driven by rising demand for cannabidiol (CBD), primarily for health and wellness purposes, the overall global cannabidiol (CBD) market will grow from US$4.9 billion in 2021 to US$47.22 billion by 2028, calculated as a compound annual growth rate (CAGR). ) of 21.3%.
Furthermore, according to Vantage Market Research, “Cannabidiol (CBD) Market by Source (Hemp, Marijuana), By Distribution Channel (Online, Offline), By End Use (Medical, Personal Use, Pharmaceutical, Wellness), By Region ( North America, Latin America, Europe, Asia Pacific) – Global Industry Assessment (2016-2021) and Forecast (2022-2028).
Growing Applications of CBD In The Skincare Industry To Fuel Global Cannabidiol (CBD) Market
CBD oil is increasingly being used to make skin care products to treat acne and wrinkles. For example, Sephora has launched a special line of CBD skin care products in its stores.
Similarly, Ulta Beauty plans to offer a dedicated line of CBD-based products. Additionally, many new companies are entering the CBD-infused beauty market, for example, in 2019 Canadian cannabis company Aphria launched her first CBD-based cosmetics line in Germany.
In addition, there is increasing investment by governments and major companies in the R&D sector. Cannabidiol (CBD) has been shown in multiple clinical studies to be an effective treatment for epilepsy.
For example, Epidiolex, manufactured by GW Pharmaceuticals, has shown positive results in phase III trials in the UK for Dravet syndrome and Lennox-Gastaut syndrome, treatment-resistant seizure disorders. Echo Pharmaceuticals has developed Arvisol, an oral tablet containing pure CBD, to treat several neurological disorders, including schizophrenia and epilepsy.
Arviso is still in Phase I clinical trials. Zynerba Pharmaceuticals is developing a CBD-based gel called Zygel. This product has been developed for the treatment of fragile X syndrome, adult seizures, and encephalopathy. This formulation is currently in an open-label Phase II study in Fragile X Syndrome.
List of Prominent Players in the Cannabidiol (CBD) Market:
- Aurora Cannabis
- Canopy Growth Corporation
- Cronos Group
- CV Sciences, Inc.
Increasing Demand for CBD Hemp Oil via Ecommerce Platform to Stimulate Market Growth
CBD is being legalized in more and more regions and is gaining the attention of e-commerce platforms in North America and Europe. The global trend of purchasing pet food, nutritional products, cosmetics, and pharmaceuticals on e-commerce websites and platforms are some of the key factors driving the demand for CBD oil products.
The closure of offline stores in the context of COVID-19 has led regular offline consumers to migrate to online stores, fueling increased demand for CBD oil and products on e-commerce platforms.
CBD oil/tincture/ Increased demand for powdered cosmetics and nutritional products saw a 25% increase in traffic, with significant growth on e-commerce websites in the Asia Pacific and North America.
CBD oil/tinctures/powder and products via e-commerce The sale of these products provides manufacturers with many opportunities to increase their revenues and thus their profit margins.