Cannabidiol are obtained from hemp plant and are known for their antipsychotic properties. Cannabidiol are widely used in the treatment of neuropsychiatric disorders such as epilepsy, schizophrenia, etc. Cannabinoids are also used in treating anxiety, insomnia, and depression. There is an increasing demand of cannabidiol globally due to its several benefits and applications. Cannabidiol are used in cosmetics, food and beverages, and therapeutic medicines. Market players are trying to expand the therapeutic application of cannabidiol thus creating more opportunity and scope for the growth of the cannabidiol supplements market in the future. Epidiolex is the first FDA approved cannabidiol drug in the market.
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Rising prevalence of diseases like epilepsy, schizophrenia are the major factors driving growth of the cannabidiol supplements market. Increasing use of cannabidiol in skincare products is further anticipated to surge the growth of the cannabidiol supplements market. The cosmetics skincare products infused with cannabidiol improves anti-aging properties of the cosmetics and helps in natural healing of skin. Growing demand of cannabidiol in pharmaceutical products is supporting the growth of the cannabidiol supplements market. Increasing legalization of cannabidiol for medicinal use is further expected to aid in the growth of the cannabidiol supplements market. The increasing demand of cannabidiol in food and beverages industries as a supplement is further aiding the cannabidiol supplements market growth. Intensive research and development activities to expand the therapeutic applications of cannabidiol is anticipated to support the growth of the cannabidiol supplements market. The presence of huge number of market players are further anticipated to boost the growth of the cannabidiol supplements market. However there are several side-effects associated with the usage of cannabidiol such as diarrhea, headaches, fatigue etc., which in turn hamper the growth of the cannabidiol supplements market.
The cannabidiol supplements market is segmented on the basis of Product type, application, form, and distribution channel.
Based on Product type, the cannabidiol supplements market is segmented into
- Food and beverages
- Medicines and therapeutics
- Skincare products
Based on Application, the cannabidiol supplements market is segmented into
- Multiple sclerosis
- Bipolar disorder
- Parkinson disease
Based on form, the cannabidiol supplements market is segmented into
- Aerosol spray
- Vape and smoke
Based on distribution channel, the cannabidiol supplements market is segmented into
- Hospital pharmacies
- Retail pharmacy
- Drug stores
Cannabidiol supplements market is expected to have robust growth over the forecast period. Among the product type segment, medicines and therapeutics is expected to dominate the cannabidiol supplements market as it is widely used in treatment of neuropsychiatric disorders. By form the cannabidiol supplements market is classified into epilepsy, multiple sclerosis, bipolar disorder, schizophrenia, Parkinson disease, others. The Epilepsy segment is expected to dominate the cannabidiol supplements market. By distribution channel type, retail pharmacy is expected to dominate the cannabidiol supplements market owing to higher patient footfall.
The North America is accounted for significant market share in terms of revenue and is expected to dominate the cannabidiol supplements market over the forecast period. This is attributed to the rising prevalence of epilepsy and schizophrenia patient. Also, intensive research and development activities is further aiding in the growth of the cannabidiol supplements market. Furthermore FDA approval of cannabidiols are further assisting the growth of the cannabidiol supplements market. Europe is accounted for second most lucrative region due to higher adoption of cannabidiol medication. Also improved healthcare facilities and FDA approval of several cannabidiol medicines in the region is further expected to drive the growth of the cannabidiol supplements market in the region. The Asia Pacific is expected to register prominent growth in the near future, owing to the increasing patients of schizophrenia and rising awareness of people towards benefits of cannabidiol. The higher disposable income of the people and increasing healthcare per capita is also contributing to the cannabidiol supplements market growth.
The major key players operating in the cannabidiol supplements market are
- Greenwich Biosciences Inc.
- C V Sciences
- Isodiol International
- Global cannabinoids
- Folium Biosciences
- Stock CBD supplements
- Medical Marijuana Inc
- Elixinol and Pharmahemp D.o.o.
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The report covers exhaustive analysis on:
- Cannabidiol supplements market Segments
- Cannabidiol supplements market Dynamics
- Historical Actual Market Size, 2013 – 2017
- Cannabidiol supplements market Size & Forecast 2018 to 2024
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Market Drivers and Restraints
Regional analysis includes
- North America
- Latin America
- Asia Pacific
- Middle East & Africa