Global Cannabidiol Market: Overview
The global cannabidoil market is anticipated to grow at a promising pace during the forecast period of 2019 to 2027. This mainly because of high demand for cannabidiol from the medical and pharmaceutical industry. Moreover, there has been a rise in awareness pertaining to the health benefits of cannabidiol, leading to an increase in demand. Rising research and development activities and increase in the production have further supported the market’s expansion.
The extensive use of cannabidiol in the end-use sector has prompted Transparency Market Research to conduct exhaustive research on the global cannabidiol market. In its latest offering, TMR talks about the new developments and opportunities in the market. It ascertains the drivers, restraints, and challenges in the market and states the impact of changing consumer demographics on the business strategies deployed by the key players.
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Global Cannabidiol Market: Notable Developments and Competitive Analysis
The cannabidiol market is highly competitive as numerous regional and global manufacturers are vying to develop new products and increase their production capacities. Players functioning in the cannabidiol market are adopting strategies such as mergers and acquisitions and collaborations to gain revenue benefits. Some of the notable developments in the market are listed below:
In July 2019, the U.S. Food and Drug Administration announced it is accelerating processes to address the matter regarding CBD. The efforts of the public and the FDA have made way for the U.S. Farm Bill and descheduling of cannabidiol by the U.S. Drug Enforcement Administration. Moreover, the FDA has also approved the use of a CBD-based drug Epidiolex used to treat epilepsy among children.
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In June 2019, Sky440 announced that its Horticulture Development Division is in the process of acquiring and developing numerous new Hemp and CBD products to sale in the public. The company is currently setting up marketing partnerships with several companies to sell its new CBD and hemp products that offer numerous health benefits. The company is anticipated to expand its consumer base through numerous new acquisitions in order to enhance its new CBD and hemp product line.
Prominent companies operating in the global cannabidiol market include:
- Canopy Growth Corporation
- Pharmahemp d.o.o.
- Phyto Animal Health
Global Cannabidiol Market: Key Drivers and Restraints
Rising acceptance and decriminilization of cannabis across numerous countries such Colombia, Australia, Chile, Germany, France, and Spain has highly strengthened the global cannabidiol market. Countries are extensively using CBD for the treatment of diseases such as cancer, multiple sclerosis, depression, and chronic pain. Moreover as the FDA has allowed to commercialize CBD oil, numerous companies have begun to sell these oils on various e-commerce sites and in retail stores. CBD oil is also popular is nations where recreational cannabis is legal. Countries that have legalized the use of cannabis are experiencing a progression in the economy. As a result, more and more countries are investing in the cannabis industry.
Global Cannabidiol Market: Regional Analysis
In terms of geography, North America is at the helm of the global cannabidiol market. U.S. is the leading contributor to the market’s growth in this region due to the recent legalization of the production of hemp-derived CBD. Additionally, legalized transport of hemp or the products derived from it has also contributed to the market’s expansion in this region. Mexico also hold a leading share in the market’s growth in this regions due to high demand for medical marijuana.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.