As cited by the research report titled ‘Cannabidiol (CBD) Market Size By Product, By Route of Administration (Oral, Topical, Inhalation, Transdermal Patches, Rectal, Sublingual), By Source (Marijuana, Hemp), By Distribution Channel (Online, Offline {Hospital Pharmacy, Retail Stores}), COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global cannabidiol (CBD) market is projected to expand significantly over 2021-2027.
 

Growing awareness regarding the product’s medical applications, coupled with favorable regulations are primarily driving the global cannabidiol (CBD) market growth. Additionally, investigation & research of medical cannabis for its possible benefits against the novel coronavirus by many companies across the globe is also augmenting the market scenario.
 

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For instance, STERO Biotechs Ltd., an Israeli company focused on cannabidiol (CBD) based treatment solutions, declared in January 2021, that it is supporting a clinical trial to study the safety and efficiency of CBD solution to treat cytokine storms seen in patients with severe and critical stages of Covd-19 infection.
 

Based on product type, is segmented into oil, suppository, tinctures, transdermal patches, capsules, isolates, vape oil, tablet, creams and roll-on. Among these, suppository segment accounted for USD 291.1 million in 2020 and is anticipated to expand significantly over the forecast duration.
 

Speaking of application ambit, the marketplace is divided into anxiety/stress, chronic pain, sleep/insomnia, migraine, seizures, skin care, joint pain & inflammation, and neurological conditions among others. Among these, skin care segment held 10.9% market share in 2020 and is speculated to grow lucratively though 2027.
 

Considering route of administration, the business space is categorized into oral, inhalation, topical, transdermal patches, sublingual, and rectal. As cited in the report, inhalation segment was worth USD 623.5 million in 2020 and is likely to showcase strong growth over 2021-2027.
 

On the basis of source, the industry space is fragmented into marijuana, and hemp. Among these, hemp segment is poised to grow with 36% CAGR through 2027, due to growing awareness regarding its medicinal benefits.
 

The geographical analysis of worldwide cannabidiol (CBD) industry extends to Latin America, Middle East & Africa, Asia Pacific, Europe, and North America. Expert analysts speculate that Latin America market is reckoned to showcase steady growth of around 35.9% over 2021-2027, owing to augmented research by companies in the region.
 

Prominent players influencing the global cannabidiol (CBD) market trends are HemPoland Sp. z o.o., Formula Swiss AG, Tilray Inc., Medterra CBD, GW Pharmaceuticals plc, Cronos Group, Charlotte's Web CBD, CBD American Shaman, Canopy Growth Corporation, and Aurora Cannabis Inc.