According to a report released by Global Market Insights, Inc., the market size of cannabinoid products is expected to exceed $89 billion by 2026.
Global Market Insights data report shows that in the next few years, the global CBD product market share expected to show significant growth prospects, which is mainly driven by the growth of CBD product sales in leading retail stores of various forms.
In 2018, after the United States passed the Farm Bill, the demand for products in developed countries such as Canada, France, the United States, and the Netherlands increased exponentially.
Hemp and cannabis
Regarding sources, the cannabidiol market divided into cannabis and cannabis. There is a certain amount of psychoactive compound called THC and a large amount of CBD in hemp, which helps to use the product during the treatment of various diseases. Many countries have legalized hemp cultivation instead of cannabis cultivation because cannabis contains a large amount of THC. From 2020 to 2026, hemp as a source will grow at a compound annual growth rate of 53.10%.
CBD in Peru
In countries like Peru, cannabinoids and their derivatives have recently been legalized by the government for drug and therapeutic purposes. By 2026, Peru’s cannabidiol market share expected to reach a significant compound annual growth rate of 59.5%. Favorable climatic conditions and low labor costs in the region are other factors supporting the growth of the market statistics.
Sufficient information among farmers about the benefits of hemp cultivation will drive demand for the product. According to reports, Canadian cannabis company Canopy Growth Corporation announced in January 2019 a partnership with Spectrum Spectrum Cannabis in Peru to establish new regulations and provide knowledge and access to medical cannabis. Cannabidiol products can be distributed online and offline. Offline channels can be divided into retail stores and pharmacies. The increasing penetration of the Internet in developed and emerging countries/regions, as well as restrictions on direct sales of these products in retail stores, are driving the purchase of products through online distribution channels. In 2019, the online distribution value of cannabidiol was close to $1.3069 billion.
This article is issued by Health Europa.