Published Date: 2021-06-08
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APAC Cannabidiol (CBD) Market size is poised to surpass USD 1.9 billion by 2027, according to a latest forecast report by Graphical Research.
The regulatory status of cannabidiol has been very vague in many countries and laws differ country by country depending on the product forms, utilization as well as the intended use. CBD was legalized in New Zealand, Japan and Australia after approving by their respective regulatory bodies and have witnessed a rapid increase in CBD based product sales since. However, cannabidiol wasn’t legal until 2016 and before that cannabidiol based products were under a legal grey area wherein products weren’t approved but were marketed. In addition, in 2017, Sativex was approved in Australia for the treatment of spasticity owing to multiple sclerosis despite the lack of clinical evidence. Currently, this drug has been approved in over 28 countries due to positively changing regulatory landscape in many countries. Thus, as a result of such changing regulatory scenario and product approvals, the market is anticipated to garner increased revenue during the analysis period.
The tinctures segment accounted for the second largest market proportion at over USD 18.5 million in 2020 and is expected to show significant growth of 36.0% over the forecast period. This is due to the long shelf life of tinctures and can be applied on skin or placed under the tongue for faster absorption. Further, CBD tinctures are generally made from high CBD strains of hemp with 60 to 70 percent alcohol. Also, increased utilization of tinctures for a wide array of medical conditions such as anxiety, nausea, pain, inflammation and other ailments will further drive the segmental growth.
The skin care segment is expected to reach USD 188.8 million by 2027. High segmental growth is due to introduction of new skin care products as well as government support. For instance, in 2017, a subsidiary of Hanma Investment Group, HYBT launched a hemp-based skin care brand named Cannaclear. Shortly after, Shanghai CBD Biotechnology launched skincare products with contain hemp leaf extract and seed oil as their main constituents. These products, ranging from creams and serums to face and eye masks, claiming to have antioxidant, anti-aging/wrinkle, and moisturizing properties.
Browse detailed statistical insights from the report, “Asia Pacific Cannabidiol (CBD) Market Forecast 2027 by Application (Anxiety/Stress, Sleep/Insomnia. Chronic Pain, Migraine, Skin Care, Seizures, Joint Pain & Inflammation, Neurological Conditions), Product (Oil, Tinctures, Suppository, Transdermal Patches, Isolates, Tablet, Capsules, Vape Oil, Creams And Roll-On), Route of Administration (Oral, Topical, Inhalation, Transdermal Patches, Rectal, Sublingual), Source (Marijuana, Hemp), Distribution Channel (Online, Offline {Hospital Pharmacies, Retail Stores}), Research Report, Country Outlook (Japan, Australia, New Zealand, Thailand), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1824/asia-pacific-cannabidiol-cbd-market
The sublingual segment is expected to witness a robust 35.7% CAGR between 2021 and 2027. Sublingual route of administration is one of the most preferred routes as it offers faster onset of action. As sublingual route of administration has fast absorption rate, it is preferred in patients suffering from seizures. Thus, wide application of sublingual route of administration has made one of the preferred routes for CBD products administration.
The marijuana segment is estimated to account for USD 557.1 million by the end of 2027. This is due to the development of products where tetrahydrocannabinol (THC) plays an important role for neurological disorders such as dementia, Alzheimer’s, epilepsy and other movement disorders. However, THC is banned in majority of the countries owing to its psychoactive properties, thus it is expected to have slow growth as compared to hemp during the forecast period.
The online segment accounted for nearly 45.4% of the Asia Pacific CBD market share in 2020. Online segment offers various advantages over offline such as cost-effective prices, more variety, easy returns, convenience and privacy for discreet purchases. Thus, owing to these advantages, customers are largely attracted towards online selling platforms, thereby boosting the market growth in the upcoming years.
Japan cannabidiol market is expected to show a robust growth rate of nearly 37.5% between 2021 and 2027. Both in plant-based and synthetic form and CBD-infused products with no detectable level of THC are considered legal in Japan and are widely distributed in specialist stores especially as oils, edibles and in e-liquid. Therefore, Japan’s CBD market is certainly on the rise with many online retailers and brands appearing. Furthermore, with the changing regulatory scenarios and increase in awareness regarding the potential benefits of cannabidiol-based products, the market is predicted to witness an exponential growth during the forecast timeline.
The APAC cannabidiol (CBD) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Asia Pacific Market, By Product
Asia Pacific Market, By Application
Asia Pacific Market, By Route of Administration
Asia Pacific Market, By Source
Asia Pacific Market, By Distribution Channel
The above information has been provided for the following countries:
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