Market For Cannabidiol Products Further Expand To Surpass US$ 34 Billion By 2031

A new study by Fact.MR reveals that the global CBD market is likely to grow by over 40% in 2019 from 2018. The global CBD market is anticipated to have a positive growth in the forecast period owing to the growing awareness about therapeutic benefits of CBD, decrease in the social stigma against the cannabis and countries taking initiation towards legalization of some of the varieties of cannabis derivatives like CBD.

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In the last 30 years, around 50 countries have legalized some form of cannabis by virtue of its potency against various illnesses like Crohn’s disease, epilepsy, glaucoma, and nausea. The increase in the geriatric population across the globe has bolstered the requirement of medical cannabis for pain-relieving purposes. All of this has rapidly changed the consumer mind-set regarding cannabis and its derivatives. The consumer now regards cannabis as a therapeutic instead of a psychotropic ingredient. These changes have led to many companies getting attracted to growing cannabis and selling for both medical and recreational purposes. The companies are adopting CBD into various end-user products like Vapes, edibles, and beverages. CBD used in non-conventional products had a market share of around 45% in 2018, says the report.

The CBD Market is Establishing Inroads with Ingenious Offerings Within the Pharmaceutical Industry

According to the report, more than 50% of the U.S. population is living in states where some form of cannabis is statutory. Countries like Canada and Uruguay have incorporated cannabis. Many countries across the globe are steadily accepting medical cannabis, making CBD a new buzzing market phenomenon. Consumers are spoilt for choice with companies providing CBD in various forms like tinctures and edibles. The significant business of cannabis is currently based in North America, which accounts for 2/3rd of the global cannabis market. Europe is showcasing a great premise for the market with sales doubling over the year 2018.

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The major companies in the fray are taking intelligent decisions to capture the maximum share of the market. Companies have signed partnerships and agreements with celebrities like Snoop Dogg, Seth Rogan, and Evan Goldberg to promote their products. Various cannabis companies partnered with brands like Constellation and Canada’s Greatest Kitchen to innovate cannabis-infused products like alcoholic beverages and chocolates. The larger companies in the market have aggressively acquired petite companies to increase their production capacity. Some of the companies have a business in over 20 countries displaying the potential of Global CBD Market.

Segmentation

The study also shares details on factors impacting pricing strategies of the manufacturers within the global CBD market. Segmentation of the global CBD market provided in the report is briefly delineated in the following segmentation table:

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 Report Benefits & Key Questions Answered

•  CBD Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
•  CBD Market Historical volume analysis: The report provides a comparison of Canned Cocktails Market historical sales and projected sales performance for 2021-2031.
•  CBD Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in theCBD Market It carefully gauges the impact of changing healthcare needs of key demographics globally
•  CBD Market Consumption by demographics: The report investigates consumer behavior affecting  CBD Market demand outlook for the assessment period. Effect of their keenness for digital trends on CBD Market is  carefully analyzed
• Post COVID consumer spending on CBD Market Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting CBD Market growth.

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