A new study by Fact.MR reveals that the global CBD market is likely to grow by over 40% in 2019 from 2018.
The global CBD market is anticipated to have a positive growth in the forecast period owing to the growing awareness about therapeutic benefits of CBD, decrease in the social stigma against the cannabis and countries taking initiation towards legalisation of some of the varieties of cannabis derivatives like CBD.
In the last 30 years, around 50 countries have legalised some form of cannabis by virtue of its potency against various illnesses like Crohn’s disease, epilepsy, glaucoma, and nausea.
The increase in the geriatric population across the globe has bolstered the requirement of medical cannabis for pain-relieving purposes. All of this has rapidly changed the consumer mind-set regarding cannabis and its derivatives. The consumer now regards cannabis as a therapeutic instead of a psychotropic ingredient.
These changes have led to many companies getting attracted to growing cannabis and selling for both medical and recreational purposes. The companies are adopting CBD into various end-user products like vapes, edibles, and beverages. CBD used in non-conventional products had a market share of around 45% in 2018, says the report.
Global CBD market grows its roots
According to the report, more than 50% of the U.S. population is living in states where some form of cannabis is statutory. Countries like Canada and Uruguay have incorporated cannabis. Many countries across the globe are steadily accepting medical cannabis, making CBD a new buzzing market phenomenon. Consumers are spoilt for choice with companies providing CBD in various forms like tinctures and edibles. The significant business of cannabis is currently based in North America, which accounts for two thirds of the global cannabis market. Europe is showcasing a great premise for the market with sales doubling over the year 2018.
The major companies in the fray are taking intelligent decisions to capture the maximum share of the market.
Companies have signed partnerships and agreements with celebrities like Snoop Dogg, Seth Rogan, and Evan Goldberg to promote their products.
Various cannabis companies partnered with brands like Constellation and Canada’s Greatest Kitchen to innovate cannabis-infused products like alcoholic beverages and chocolates. The larger companies in the market have aggressively acquired petite companies to increase their production capacity. Some of the companies have a business in over 20 countries displaying the potential of global CBD market.