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Cannabidiol Market Worth $22.05 Billion by 2030 at CAGR of 16.8%: Grand View Research, Inc.
Cannabidiol oil is used in various medical applications to treat disorders including anxiety and depression and is also used for stress relief, cancer symptom relief, inflammation, and diabetes prevention. The recent COVID-19 pandemic has affected many industries around the world, including the CBD industry. The impact of COVID-19 has led to disruption in production processes. Due to strict quarantine measures taken across the globe, there is a stagnation in the supply of products, including CBD products. In addition, most of the retail stores are currently closed due to the pandemic. Hence, the marketplace may face a slowdown amidst the pandemic, however, it can gain momentum in 2021 due to the increase in demand for CBD-based products in the coming years.
The global market is expected to develop at a lucrative rate over the forecast period owing to the increased acceptance of CBD-based products to treat diseases. There is a growing need for nutrient-rich foods to help people achieve fitness objectives and avoid problems such as inflammation and pain. Furthermore, the Center for Food Safety (CFS) assesses companies that sell CBD-based products based on their manufacturing process, processing procedures, testing processes, and customer openness. Such government activities piqued consumer interest, resulting in increased uptake of CBD-based products.
The introduction of CBD-infused goods is a priority for major industry players. CBD oil is a non-psychoactive and legal component of hemp that can be used in a variety of industries, including food, health products, pharmaceuticals, and cosmetics. To capture a large revenue share in the CBD market, the industry players are expected to use organic and inorganic methods such as mergers, acquisitions, and new product introduction. In June 2021 , Vertical Wellness announced that it has agreed to merge with CanaFarma Hemp Products Corp., a Canada -based company that offers multiple products and services related to hemp. After the merger, Vertical Wellness, a U.S.-based cannabidiol company, would transform into a public entity with a combined worth of USD 50 million .
Grand View Research has segmented the global cannabidiol market based on source type, distribution channel, end-use, and region:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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