Newark, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the CBD patch market will grow the USD 316.79 million in 2022 and reach USD 878.61 million by 2030. In just eight years, the rising adoption of Cannabidiol (CBD) in medical applications and increasing demand for CBD beverages & food are also helping to drive market growth. Further, the legalization of the use of CBD oil and related products and growing consumer preference are also anticipated to drive market growth during the forecast period.
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Key Insight of the CBD Patch Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the CBD patch market. Key factors favouring the growth of the CBD patch market in North America include the increasing customer disposable income along with the legalization of medicinal cannabis. Further, the rise in the prevalence of chronic diseases globally, the rising adoption of strategies by key players, the presence of favourable laws about the use of CBD products and the increasingly health-conscious population are expected to drive market growth in this region.
The reservoir segment is expected to augment the CBD patch market during the forecast period.
The reservoir segment held the largest market share in 2022 and is expected to continue during the forecast period owing to its steady and controlled release for a longer period.
The cannabis indica segment market size is 120.95 million in 2022
The cannabis indica segment is anticipated to dominate the market over the forecast period owing to the growing adoption of laboratory information management systems (LIMS) in cannabis testing laboratories.
The Cannabidiol (CBD) segment market size will be 130.58 million in 2022
The cannabidiol (CBD) segment is anticipated to dominate the market over the forecast period owing to the increasing use of Cannabidiol in oil form. Further, the growing adaptation of mobile applications, e-commerce, and digital media is helping to boost the segment's market growth.
The natural segment is anticipated to dominate the market by 59.01% in 2030
The natural segment is anticipated to dominate the market in the forthcoming years, owing to the increasing consumption of cannabis-based products. Further, technological advancements, changing lifestyles, and awareness of CBD-infused products are also helping to boost the segment's market growth.
The chronic pain segment is anticipated to dominate the market by 29.12% in 2030
The chronic pain segment is anticipated to dominate the market in the forthcoming years, owing to the surging prevalence of chronic health conditions.
The online segment accounted for the largest market share of 36.15% in 2022
Due to rapid global urbanization, the online segment held the largest share of the global CBD patch market.
The homecare setting segment accounted for the largest market share of 23.02% in 2022
The homecare setting segment held the largest share in the global CBD patch market, owing to the increasing expenditure on healthcare and research & development activities.
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Advancement in market
For example, in June 2021, Always Pure Organics announced its enterprise expansion by growing 10,000 square feet of warehouse.
Market Dynamics
Driver: The rising sales & applications of CBD patches:
The rise in product awareness and availability in developing and emerging economies is the driving factor of market growth. Further, the increasing awareness of the health benefits of Cannabidiol (CBD) and its usefulness in pain management & different other treatments is also helping to propel the market growth. Moreover, the increasing oil and gas exploration activities drive market growth. In addition, the rising sales of a broad range of CBD-fortified products, along with new product launches and expansion of the product pipeline, are stimulating the market over the projection period.
Restraint: The lack of approvals & CBD acceptance:
The presence of strict regulations against CBD (Cannabidiol) and its products is hampering the market growth. Further, the rules imposed on sales and the application of certain products hinder the forecast period.
Opportunity: The rising demand for Cannabidiol in fitness and health:
The growing research and development activities are driving factors of the market growth. Further, the increasing adoption of cannabis in healthcare and recreational applications propels the market growth. Moreover, the growing availability and the rising number of new product variations are also helping to boost market growth. The high effectiveness of CBD derived from hemp for various medical applications, like developing a treatment for Parkinson's disease, is encouraging market growth during the forecast period. Moreover, the increasing demand for industrial hemp from application industries like the personal care, food & beverage, and animal care industries worldwide is helping to boost the market growth over the forecast period.
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Some of the major players operating in the CBD patch market are:
• Always pure organics • NENO'S Naturals • CBD British Cannabis • Pure Ratio Wellness • Atlas Thrive • Mary’s Medicinals • Pacific Roots • Pure Kana • Essentia Pura
Key Segments cover in the market:
By Product:
• Matrix • Reservoir • Layer Drug-In-Adhesive
By Species:
• Sativa • Cannabis Indica • Hybrid
By Derivatives:
• Tetrahydrocannabinol (THC) • Cannabidiol (CBD) • Others
By Source Type:
• Synthetic • Natural
By Application:
• Elevate Mood • Chronic Pain • Neurological Pain • Arthritis • Anxiety • Others
By Distribution Channel:
• Online • Dispensaries & Pharmacies • Conventional Stores
By End-User:
• Rehab Centers • Clinics • Homecare Settings • Hospitals • Research & Development Centers • Others
By Region
• North America (U.S., Canada, Mexico) • Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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