Global Market for CBD Products to Expand Over 11x in 2031 Compared to 2021: Fact.MR Report
Published : 13 Aug 2021 Industry: Food & Beverage
A recent study published by Fact.MR reveals that the global cannabidiol (CBD) market will likely reach US $3 Bn in 2021. Long-term prospects project global demand cannabidiol products to surpass US$ 34 Bn by 2031, expanding at a stellar 28% CAGR.
The global cannabidiol market was worth US$ 2.9 Bn in 2020. Demand for cannabidiol (CBD) for health and wellness purposes is strong due to its therapeutic characteristics, which is a major factor driving market growth. Furthermore, increased product acceptance and use as a result of regulatory approvals is likely to promote CBD-infused product production.
Increased scramble to seek regulatory approvals for various therapeutic uses is anticipated to widen CBD uptake in the pharmaceutical sector. Consumers are expected to rely majorly on online sales channels to purchase high-grade CBD products, given the efficacy associated with delivery and ease of availability across key regions.
Key Takeaways from the Market Study
- By 2031, marijuana-based cannabidiol likely to to be worth US$ 30.9 Bn
- Hemp-based CBD to register impressive share, accounting for almost 60% revenue
- CBD processed oil sales to expand fastest by form, surging at around 8% CAGR through 2031
- Therapeutic grade CBD to register maximum sales, capturing nearly 3/5th of global demand
- By application, food & beverage sector accounts for approximately 1 out of 3 sales of CBD products
- Pharmaceutical applications to generate 43% revenue in the global CBD market
- 2 out of 5 CBD sales are expected to happen across the U.S market
- China to emerge as the dominant Asian market, with 89% of its CBD produce being exported
“Documented benefits of hemp and marijuana across patients with complex chronic and infectious ailments is stepping up adoption of CBD products in the pharmaceutical sector, sanctioning regulatory approvals,” says the Fact.MR analyst.
- Greenheart CBD, an Irish company, became the first CBD producer to launch a decentralized financial token in March 2021. The token will aid the company's expansion and provide token holders with cost-effective products.
- With a new CBD nutraceutical to be packaged by ALKM and marketed by USMJ, PAOG hopes to tap into an US $18 billion market opportunity. PAOG is on pace to introduce a CBD Nutraceuticals range of products that will generate income this year, in 2021.
- Likwise, Eurox will be the first to introduce cannabis derivatives made in Germany to the domestic market.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global CBD market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of source (hemp and marijuana), form (processed oil, distillate and isolate), grade (food and therapeutic) and application (food & beverage, cosmetics & personal care, pharmaceuticals and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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Sr. Consultant – Food and Beverages