A new report has determined that the global market for the cannabis compound cannabidiol (CBD) is currently $6.77 billion.
The 2022 Cannabidiol Global Market Report, conducted by Research and Markets, anticipates the CBD market to grow to $23.24 billion by 2026, a ___% increase with a ridiculously high compound annual growth rate of 36.1%.
“The main product types of cannabidiol are oil, tinctures, suppository, transdermal patches, vape oil, isolates, creams and roll-on, capsules, tablets, and other products”, states the report. “The applications of these are medical, personal use, pharmaceuticals, and wellness and can be distributed across various channels such as hospital pharmacies, retail pharmacies, online stores, and other distribution channels.”
According to the report, the major players in the cannabidiol market are ENDOCA, Cannoid LLC, Medical Marijuana Inc., Folium Biosciences, Elixinol, NuLeaf Naturals LLC, Isodiol International Inc, Pharmahemp, Canopy Growth Corporation, CV Sciences Inc, Cronos Group, CBD American Shaman LLC, Aphria Inc, Maricann Inc, Tilray Brands Inc., OrganiGram Holdings Inc., and CannTrust Holdings.
The report found that North America was the largest region in the cannabidiol market in 2021, although Asia Pacific is expected to be the fastest-growing region in the forecast period.
You can click here for more information on this report.