Upsurge in Clinical Trials and Research on Health Benefits Along with Safety of CBD Products will Drive Market Growth, Says Fact.MR
Rockville, Nov. 30, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global CBD patches market is set to reach US$ 124.6 million in 2023 and surge ahead at an impressive CAGR of 18.7% from 2023 to 2033.
A growing number of patients with mental health diseases such as anxiety, depression, and stress, as well as physical issues such as acute and chronic pain, is elevating the need for naturally derived medical formulations. Along with this, the increasing buzz of transdermal drug delivery systems has generated a call for CBD patches across the world. Additionally, many developing countries are now on the way to accepting CBD and CBD products for medicinal purposes, which are anticipated to create huge demand for CBD patches in the long term. Moreover, easy product availability online as well as offline in CBD-regulating countries is highlighting a strong customer base for market players.
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Hemp and cannabis farming is suitable for the ongoing trend of environment-friendly farming across the world as it helps in the reduction of toxicity, eliminates radioactive chemicals, and restores damaged soil. This indicates that the initiatives for increasing hemp and cannabis farming will escalate CBD extraction and the production of CBD patches. Market players are offering subscriptions to packs of CBD patches, which enhances customer attention and product sales. Fact.MR suggests that manufacturers should avoid the use of chemical carriers for drug delivery to eliminate the cause of the irritation at the site of application. Several research studies should be published to generate customer trust regarding the safety and efficacy of the product. This will help wash away negative rumours about the market.
Key Takeaways from Market Study
The global CBD patches market is projected to skyrocket at a CAGR of 18.7% and reach US$ 691.9 million by 2033.
The market exhibited 23.6% CAGR for the period of 2018-2022.
Under product type, reservoir CBD patches are estimated to hold 48.6% market share in 2023.
North America led the global market with 43.3% share in 2022.
Sales of CBD patches are expected to surge at CAGRs of 23.4% and 21.3% in Latin America and APAC, respectively.
“Market players have an opportunity to position their products as a substitute for other prescription drugs,’’ says a Fact.MR analyst.
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In the CBD patches space, the intensity of competition is moderate to high owing to the presence of several brands on online and offline sales channels that are offering similar products. Established market players have an advantage of brand expansion as they are well-known in the market.
Additionally, market players are also providing subscriptions for CBD patches through their websites. Emerging and mid-level manufacturers are competing with each other through product launches to create a space in the market.
In September 2021, Neno's Naturals CBD (also known as "Neno's CBD"), a vertically integrated cannabis company that has excellent retail locations and a processing and manufacturing facility, announced the launch of its CBD product line, which also includes CBD patches.
In June 2021, Always Pure Organics announced its business expansion by expanding 10,000 square feet of warehouse.
Fact.MR has provided detailed information about the price points of key manufacturers of CBD patches positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Key Companies Profiled
Always pure organics
Pure Ratio Wellness
CBD British Cannabis
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Market players are operating through offline and online platforms, among which, most have established their presence on e-Commerce platforms. Increasing requests for high-street brands will create a plethora of opportunities for companies in this market.
Key industry peers are also providing discounts and subscriptions for CBD patches to enhance affordability and product sales. This will also help gain a strong customer base and build brand positioning. Apart from this, manufacturers should also focus on inorganic growth tactics such as acquisition, partnerships, etc., for better financial aid and product reach.
Segmentation of CBD Patches Industry Research
By Source :
By Product Type :
By Function :
Inflammation and Pain
By Sales Channel :
By Region :
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global CBD patches market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of source (hemp, cannabis), product type (matrix patches, reservoir patches, drug-in-adhesive patches), function (inflammation & pain, anxiety, knee osteoarthritis, others), and sales channel (offline, online), across major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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