A report published by Global Market Insights, Inc., shows that the cannabidiol market size is expected to surpass $89.0bn in revenue by 2026.
The report from Global Market Insights shows that the global cannabidiol market share is expected to witness remarkable growth prospects in the forthcoming years, primarily driven by the increasing sale of CBD products in leading retail stores available in various forms.
In 2018, after the Farm Bill in the US was passed there has been an exponential demand for the products primarily in developed nations like Canada, France, the US, and the Netherlands.
Hemp and cannabis
With respect to source, cannabidiol market is bifurcated into hemp and cannabis. The presence of a certain amount of psychoactive compound known as THC and major volume of CBD is present in hemp which is supporting the use of the product during the treatment of various ailments. Many countries have legalised hemp farming instead of cultivation of cannabis as it comprises of major quantities of THC. Hemp as a source is subjected to grow at a CAGR of 53.10% over 2020-2026.
CBD in Peru
In countries such as Peru, cannabidiol and its derivates have lately been legalised by the government for medicinal and therapeutic purposes. Through 2026, Peru cannabidiol market share is expected to register notable CAGR of 59.5%. Favourable climatic conditions and low cost of labour in the region is an additional factor supporting the market statistics.
Adequate information among the farmers regarding the benefits associated with hemp farming will drive the product demand. Canopy Growth Corporation, a Canada based cannabis company reportedly announced a partnership with a Peru headquartered firm, Spectrum Cannabis in January 2019 to establish new regulations and providing knowledge and access to the use of medical cannabis. Cannabidiol products are distributed both online and offline. Offline channels may be bifurcated into retail stores and pharmacies. Proliferating penetration of internet in both developed and emerging countries and restrictions towards the direct sale of these products in retail stores is boosting the sale of the products via online distribution channels. In the year 2019, online distribution of cannabidiol was valued at close to $1,306.9m.