Cannabidiol Extract Market - By Type (CBD Oil Extracts {Full Spectrum, Broad Spectrum}, CBD Isolates), By Source (Hemp, Marijuana), By Application (Pharmaceuticals {Transdermal Patches, Suppository}, F&B, Cosmetics), By Region - Global Forecast to 2032
Report ID: GMI5474
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Published Date: March 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 9
Tables & Figures: 317
Countries covered: 19
Pages: 280
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Cannabidiol Extract Market
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Cannabidiol Extract Market Size
Cannabidiol Extract Market size surpassed a valuation of USD 5 billion in 2022 and is foreseen to depict 21% CAGR between 2023 and 2032 on account of soaring product utilization backed by increasing government approvals.
Extensive uptake of cannabidiol-based products in numerous forms, such as beauty & health, CBD pharmaceutical, and pet products, is propelling market progress. Changing consumer perception about cannabis-derived products and the ways to apply and consume CBD products is likely to promote industry penetration. Additionally, positive legislative actions have amplified CBD use for medical conditions viz., seizures, anxiety, muscle disorders, and Parkinson’s disease. In recent years, CBD-based products have been sold as supplements in several countries, including the U.S., Canada, the UK, the Netherlands, Italy, and so on, which is also forecast to spur industry expansion.
Side effects related to CBD oil to impede cannabidiol extract market progression
While cannabidiol is known for its significance in treating various ailments, such as anxiety, neurological conditions, seizures, cancer-induced nausea, chronic pain, and others, research studies have found that CBD-based products can have certain side effects. Some of these side effects include dry mouth, drowsiness, low blood pressure, light headedness, and so on, which are hampering product adoption. Nonetheless, widespread emphasis on leveraging the potential of CBD as a novel pharmacotherapy, mainly to address unmet clinical needs and manage chronic diseases, is estimated to fuel market share.
Cannabidiol Extract Market Analysis
Based on type, the cannabidiol extract market share from the CBD isolates segment is expected to surpass USD 17.5 billion by 2032. CBD isolate, which is the pure and potent form of CBD that contains no THC, terpenes, flavonoids, and other compounds present in cannabis plant, offers numerous benefits, including inflammation, anxiety, and pain relief. Moreover, it offers easy dosing and various consumption methods, including both sublingual administration and as an addition to food & beverages, which is likely to support segment expansion.
Cannabidiol extract market from the pharmaceutical application segment was valued at over USD 3 billion in 2022 and is expected to show notable growth between 2023 and 2032. The pharmaceutical segment is further divided into tablets & capsules, transdermal patches, creams & roll-ons, suppository, and others. Increasing adoption of CBD extracts in the pharmaceutical sector owing to its varied advantages in the treatment of joint pain & inflammation, seizures, sleep/insomnia, and neurological conditions, among others is foreseen to impel segment uptake.
Cannabidiol extract market share from the marijuana segment is speculated to exceed USD 9.5 billion by 2032 bolstered by mounting applications of marijuana-based CBD products for pain relief, depression, and for the treatment of Alzheimer’s disease, dementia, neuropathic pain, and other brain-related illnesses. Moreover, supportive government efforts to legalize marijuana usage, especially for medicinal purposes, are slated to facilitate segment adoption.
North America CBD extract market was worth more than USD 3 billion in 2022 and is projected to exhibit steady progress over the forecast period. Surging adoption of marijuana for medical utilization, such as for managing pain, inflammation, anxiety, and stress among the adult population in the region is likely to boost product sales. Furthermore, prominent focus of government and health agencies viz. the U.S. FDA on research efforts pertaining to CBD and its applications is anticipated to be favorable for the regional industry scenario.
Cannabidiol Extract Market Share
are some key firms operating in the cannabidiol extract market. These companies are developing innovative products to cater to diverse consumer needs and attain a competitive edge in the industry. For instance, in March 2023, mood elevation expert Daytrip Beverages introduced its NightTrip gummies at the Natural Products Expo West. These gummies, which are available in a CBD + CBN infused variant, are gluten-free and vegan and are created to ease tension and support restful sleep.
Impact of the COVID-19 pandemic
The COVID-19 outbreak negatively impacted the global economy, interrupting the operations of virtually all sectors and organizations. It adversely impacted the demand for non-essential services worldwide. However, several countries, including the U.S., Canada, Germany, Argentina, and Portugal, considered the cultivation and distribution of CBD as essential services and allowed companies to continue their operations throughout the pandemic. Moreover, some studies indicated that CBD has the potential to prevent and inhibit SARS-CoV-2 infection, which has also been lucrative for the CBD extract market.
The cannabidiol extract market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and units from 2018 to 2032, for the following segments:
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By Type
By Source
By Application
The above information is provided for the following geographies: