CBD Market Top Trends 2021 | Top Players - Isodiol, Medical Marijuana Inc., CV Sciences, Aurora Cannabis, Canopy Growth Corporation

CBD has often been touted as a cure-it-all drug for common ailment such as stress, anxiety, migraine, chronic pain, and sleep disorders like insomnia. It is the second most prevalent active ingredients of marijuana. CBD, which is derived directly from the hemp plant, is a key component of medical marijuana. CBD has rapidly emerged as an essential ingredient in a plethora of health and wellness products.

Universally gaining traction as one of the fastest-growing and most lucrative verticals within the healthcare and medical devices sector, global CBD market size is expected to witness an exponential growth by 2026. The growth can be largely attributed to a changing regulatory scenario and growing application of the product in medical applications.

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The marijuana plant and hemp plant are the main sources of CBD. CBD sales from marijuana plant are slated to surpass sales worth more than US$25.4 billion by 2026. Marijuana-based products are experiencing a rapid adoption in food and dietary supplements as they can help suppress symptoms related to several neurological disorders.

The different types of CBD products include oils, vape oil, tinctures, tablets, capsules, roll-ons, creams, suppository, and transdermal patches, among others. Creams and roll-ons accounted for more than 12% of global CBD industry in 2019. Roll-ons containing CBD oil can sooth and relieve the skin instantly. Growing use of creams and roll-ons as a substitute to beauty and cosmetics will positively impact CBD consumption.

CBD products are used in applications including stress and anxiety, migraine, seizures, sleep and insomnia, chronic pain, skin care, and neurological conditions, among others. The use of CBD in skin care applications is projected to grow at a CAGR of more than 53.3% through 2026, with a robust demand for high-quality beauty and personal care products.

CBD-based products can be inhaled, administered topically, orally, or rectally, or used in the form of transdermal patches. Vape oil inhalation segment accounted for more than 7% revenue share of CBD industry during 2019. Inhalation of vape oils is a easy and convenient option for patients having difficulty in taking medication orally.

Europe CBD market size is projected to grow at a CAGR of over 35.2%, reaching an annual valuation of US$23.53 billion by 2026. The regional CBD consumption can be associated with a large prevalence of stress, anxiety and associated health problems. In addition to alleviating stress and anxiety, CBD is effective in treatment of depression, chronic pain, inflammation, and other health problems. Research activities have also shown its effectiveness in treatment of chronic back pain, osteoarthritis, and cancer.

In terms of the distribution channel, offline segment captured over 54% revenue share of CBD market in 2019 and will continue to witness a notable growth. This can be attributed to a changing regulatory scenario and growing sales of CBD products via large retail outlets.

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Medical Marijuana Inc., Canopy Growth Corporation, GW Pharmaceuticals, Gaia Herbs, LLC, Folium Biosciences, Green Roads, Tilray, Aurora Cannabis, and CV Sciences are a few prominent names in global CBD industry. These players are focusing on expansion of their production facilities and take advantage of the globally rising CBD demand.

In September 2020, Medical Marijuana Inc. announced the expansion of its manufacturing and warehousing facility, enabling wider product research and development and internal manufacturing, and further vertically integrating its supply chain. The company also disclosed plans to manufacture, encapsulate, and package 80% of its products including CBD-based liquids, powders, capsules, and topicals, in-house.

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