Asia Pacific CBD Market size exceeded USD 129.8 million in 2020 and is predicted to grow at more than 35.2% CAGR from 2021 to 2027.
Cannabidiol is used for medical conditions such as anxiety, seizures, muscle disorders, and Parkinson’s disease among other conditions. In the recent years, cannabidiol based products have been sold as supplements in many countries such as the Japan, Australia, Thailand, and others. In addition, it is claimed to have additional benefits for several ailments without having any negative effects. For instance, CBD has been studied for its pain relieving effect in individuals with chronic pain and neuropathic, especially when the patients are unaffected by other treatments.
Asia Pacific Cannabidiol (CBD) Market, 2021 & 2027 (USD Mn)
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Further, as of now there are few cannabidiol based medications available in the market such as Epidiolex and Sativex, among others. These products help in treating multiple sclerosis (MS) symptoms as well as for the treatment of acute neuropathic-associated cancer pain. Thus, high potential applications of cannabidiol for various ailments will create steady opportunities in the market.
Asia Pacific Market, By Product
The oil segment revenue was over USD 31.4 million in 2020. Adoption of oils for varied ailments due to its efficacy and ease of use will drive the oils segment revenue. Further, CBD products including oils is legal according to laws in Japan.
CBD oil products in the country are mainly imported and used mostly for cosmetics, health products or food, dietary supplements, pet snacks and for CBD electronic cigarettes, among others. For instance, in February 2020, Hiro International launch a THC-free CBD oil product mainly known as Orange CBD. The product is an alternative to hemp-based cannabidiol.
Asia Pacific Market, By Application
The chronic pain segment size will cross USD 570 million by 2027. The increased adoption of CBD products such as oils and capsules among others for suppressing chronic pain is one of the major factors supplementing the market growth. For instance, according to the Australian Institute of Health and Welfare (AIHW), chronic pain is a common and complex condition characterized by persistent pain experienced on most days of the week, affecting 1 in 5 Australians aged 45 and over.
Asia Pacific Market, By Route of Administration
The oral route of administration dominated a market share of 53.1% in 2020 due to increased usage of oral CBD products such as oils, tinctures, capsules, and tablets. In addition, oral drug launches for treating various syndrome such as Lennox-Gastaut syndrome and Dravet syndrome will propel the market demand.
Asia Pacific Market, By Source
The hemp-derived source segment will observe significant growth of 35.5% during the forecast period. The use of hemp-derived CBD products is increasing rapidly owing to its anti-aging, antioxidant, and anti-inflammatory properties. Thus, various industries such as pharmaceuticals, nutraceuticals, and food and beverages are developing CBD-derived products for health and wellness purposes. Furthermore, several countries such as China and Australia among others support the cultivation of hemp that would further create profitable opportunities in the industry.
Asia Pacific Market, By Distribution Channel
The offline segment is estimated to reach USD 1 billion by 2027 impelled by the increased sales in retail stores. Also, the cannabidiol derived nutritional supplements are being marketed in food & health stores. Furthermore, after the legalization of CBD products in various Asia Pacific countries, the avenues for supplying these products significantly increased due to the expanding consumer pool.
Asia Pacific Market, By Country
Australia cannabidiol market size valued at USD 30.5 million in 2020 and is poised to show considerable CAGR of 35.4% through 2027. High growth rate is due to rising government support and legalization of CBD products in the country. For instance, in September 2020, Australian government announced plan to reschedule low-dose CBD products that will enable consumers to legally purchase CBD products over the counter (OTC). Furthermore, with increasing prevalence of diseases across the Asia Pacific, the adoption of cannabidiol products has witnessed an exponential growth in the recent years.
Competitive Industry Landscape
Key companies operating in the industry are ECOFIBRE, Bod Australia Ltd, MEDLAB CLINICAL, Aurora Cannabis, Cronos Group, and CV Sciences, Inc. among others.