Global Cannabidiol Market to reach US$ 55,200.2 Mn by end of 2028, Says Coherent Market Insights

SEATTLE, Nov. 5, 2021 /PRNewswire/ -- According to the Coherent Market Insights, The global cannabidiol market is estimated to account for 55,200.2 Mn in terms of value by the end of 2028.

Cannabidiol, also known as CBD, is a derivative of cannabis sativa, the genus containing the plant with medicinal properties. CBD, as it is commonly referred to, is a plant-based drug with an entourage of different phytochemicals. These chemicals provide some of the medicinal characteristics of the cannabis plant. However, the benefits of this compound are not without controversy.

CBD and tetrahydrocannabinol are two of the most well-known compounds isolated from the Cannabis sativa plant. CBD exerts its anti-proliferative, anti-angiogenic and pro-apoptotic activity through various mechanisms.

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Market Drivers:

High prevalence of cancer is expected to propel growth of the global cannabidiol market over the forecast period. For instance, according to the study, 'Cancer statistics for adults aged 85 years and older, 2019', published in ACS CA: A Cancer Journal for Clinicians, in August 2019, in 2019, the projected number of cancer cases and deaths was 140,690 and 103,250 respectively, among adults aged 85 years and older in the U.S.

R&D in cannabidiol is also expected to aid in growth of the global cannabidiol market. For instance, in October 2021, Cardiol Therapeutics Inc. received approval from Health Canada to start Phase II trial to assess the safety and tolerability of CardiolRx for the treatment of acute myocarditis, an inflammation of the heart muscle, and pericarditis is inflammation of the outer lining of the heart.

Similarly, in July 2021, Enveric Biosciences received approval from the Israeli Ministry of Health to begin the Phase 1/2 portion of its study of EV101, designed to investigate the safety and efficacy of synthetic cannabidiol for the treatment of glioblastoma, an aggressive type of cancer that can occur in the brain or spinal cord.

Market Opportunities

Medical use of cannabis is expected to offer lucrative growth opportunities for players in the global cannabidiol market. For instance, in July 2021, Georgia's medical marijuana board chose six companies that will be allowed to sell medical marijuana.

R&D in cannabidiol is also expected to offer lucrative growth opportunities for players in the global cannabidiol market. For instance, in November 2021, Lexaria Bioscience Corp. started a new study that is set to determine whether DehydraTECHTM-CBD demonstrates superior ability to inhibit seizure activity compared to both generic cannabidiol and Epidiolex.

Market Trends

Major players operating in the global cannabidiol market are focused on geographical expansion to enhance their market share. For instance, in May 2020, Aurora Cannabis Inc. entered into an agreement to acquire Reliva, LLC, a producer of hemp-derived CBD products in the U.S.

Major players operating in the global cannabidiol market are also focused on R&D to expand their product portfolio. For instance, in October 2021, Ananda Scientific., a biotech pharma company, announced a clinical trial to evaluate Nantheia ATL5, an investigational drug using cannabidiol in ANANDA's proprietary Liquid Structure delivery technology for opioid use disorder.

Competitive Landscape:

Major players operating in the global cannabidiol market include, Aphria, Inc., ABcann Medicinals, Inc., Aurora Cannabis, Cannoid, LLC, Canopy Growth Corporation, Elixinol, ENDOCA, Folium Biosciences, GW Pharmaceuticals, plc, Isodiol International, Inc., Medical Marijuana, Inc., Maricann, Inc. (Wayland Group Corporation), NuLeaf Naturals, LLC, Organigram Holding, Inc., Pharmahemp d.o.o., Tikun Olam, The Cronos Group, and Tilray,

Major players operating in the global cannabidiol market are focused on R&D to expand their product portfolio.For instance, in October 2021, Cardiol Therapeutics Inc. expanded its LANCER trial designed to assess the efficacy and safety of CardiolRx in preventing cardiovascular complications in COVID-19 patients, to include several hospital centers in Brazil, Mexico, and Canada.

Similarly, in August 2021, Tauriga Sciences, Inc. initiated a clinical trial to examine the effects of Cannabidiol doses on pregnant women with the diagnosis of Hyperemesis Gravidarum.

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Market Segmentation:

Product Type

• Oil
• Tinctures
• Suppository
• Transdermal Patches
• Vape Oil
• Isolates
• Creams and Roll-on
• Capsules
• Tablet
• Others

Source Type:

• Hemp
• Marijuana

Application

• Medical
• Chronic Pain
• Mental Disorders
• Cancer
• Others
• Personal Use
• Pharmaceuticals
• Wellness
• Food & Beverages
• Personal Care & Cosmetics
• Nutraceuticals
• Others

Distribution Channel

• Hospital Pharmacies
• Online Stores
• Retail Stores

Global Cannabidiol Market, By Region:

• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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SOURCE Coherent Market Insights