PUNE, India, Sept. 21, 2020 /PRNewswire/ -- According to a recent market study published by Growth Market Reports (GMR), titled, "Cannabidiol (CBD) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast", the market was valued at USD 395.2 Million in 2019 and is expected to grow at a healthy growth rate of around 30.4 % by the year 2027. Rise in the use of CBD can be attributed to cannabis legalization in several countries across the globe. Under specific conditions, medical use of cannabis was legalized in Israel (2001), the Netherlands (2003), Switzerland (2011), Czech Republic (2013), Australia (2016), and Germany (2017). Furthermore, in 2018 the US passed the Farm Bill, which sanctioned the farming of hemp ? cannabis with less than 0.3% THC by weight. This, in turn, has enabled many farmers to adopt hemp farming, and the domestic supply of the plant has increased drastically.
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The global Cannabidiol (CBD) market is fragmented based on product type, source, application, and region. In terms of product type, the market is segmented into isolate, full spectrum, and broad spectrum. On the basis of source, the market is divided into hemp and marijuana. On the basis of application, the market is segmented into anxiety, fibromyalgia, diabetes, and others. Based on region, the global Cannabidiol (CBD) market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, Australia, Japan, South Korea, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.
The effect of COVID-19 is anticipated to be strongly felt in the consumer durable industry due to high dependency of different global industries for imports. Moreover, the pandemic situation has led to the closure of several non-essential businesses reducing the demand for consumer durables in the world, which in turn, is impeding the packaging industry. Since the COVID-19 pandemic is diminishing the end- user demand for daily packaging products worldwide, the demand for Cannabidiol (CBD) is reducing in the short-term. The COVID-19 effects majorly on manufacturing units which are currently working with 50% workforce. The global supply chain has at the same time slowed down due to restrictions on national borders.
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Key Takeaways from the Study:
Read 733 Page Research Report With TOC on "Global Cannabidiol (CBD) Market By Product Type (Isolate, Full Spectrum, And Broad Spectrum), By Source (Hemp, Marijuana), By Application (Anxiety, Fibromyalgia, Diabetes, And Others) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) Size, Share And Trends" at: https://growthmarketreports.com/report/cannabidiol-cbd-market-global-industry-analysis
Key Segments Covered
By Product Type
By Source
By Application
By Region
Key Market Players Profiled in the Report
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