Singapore Cannabidiol (CBD) Market Report 2022 to 2030

Singapore Cannabidiol (CBD) Market Analysis

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Singapore Cannabidiol (CBD) Market is projected to grow from $xx Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. Growing consumer demand for CBD products due to increased awareness of their potential health benefits, legalisation efforts in many regions, expanding product applications, increasing awareness and education, shifting consumer preferences toward natural alternatives, favourable regulatory environment, and growing investment and industry support are the drivers for the cannabidiol (CBD) market. CV Sciences, Elixinol LLC, Medterra, NuLeaf Naturals, and Charlotte's Web are global leaders in the Cannabidiol (CBD) market.

ID: IN10SGPH253 CATEGORY: Pharmaceuticals GEOGRAPHY: Singapore AUTHOR: Dr. Netal Patel

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Singapore Cannabidiol (CBD) Market Analysis Summary

Singapore Cannabidiol (CBD) Market is valued at around $13.4 Mn in 2022 and is projected to reach $74.2 Mn by 2030, exhibiting a CAGR of 23.9% during the forecast period 2023-2030.

CBD, derived from the hemp plant, is gaining popularity due to its potential therapeutic properties, which include pain alleviation and anxiety relief. Oils, tinctures, pills, topicals, edibles, and beverages are among the CBD products available on the market. CBD is also finding its way into more skincare, cosmetics, and health products. The availability of many product types and consumption techniques has led to market uptake. Growing consumer demand for CBD products due to increased awareness of their potential health benefits, legalization efforts in many regions, expanding product applications, increasing awareness and education, shifting consumer preferences towards natural alternatives, favorable regulatory environment, and growing investment and industry support are the drivers for the cannabidiol (CBD) market. These factors contribute to the overall growth and market expansion of CBD products by meeting the needs and preferences of people looking for natural cures and alternative wellness solutions. CV Sciences, Elixinol LLC, Medterra, NuLeaf Naturals, and Charlotte's Web are global leaders in the Cannabidiol (CBD) market.

Market Dynamics

Market Growth Drivers

Growing Customer Demand: As people become more aware of the potential health advantages of CBD products, there is a huge increase in consumer demand for them. Consumers are looking for natural and alternative therapies for a variety of health concerns, including pain management, anxiety, sleeplessness, and skincare, which is driving demand for CBD products
Efforts to Legalize CBD: The legalization of CBD in many nations and areas has aided market growth. As legislative restrictions are removed, enterprises will find it easier to develop and sell CBD products, increasing market reach and accessibility
Increased formulation: CBD is being put into a wide variety of products, including oils, tinctures, capsules, sweets, topicals, and beauty items. This product variety appeals to a broader consumer base and fosters market growth
Increasing Knowledge and Education: Increasing awareness of CBD's potential advantages through education and information distribution is driving market expansion. Customers are getting more knowledgeable about CBD's numerous applications and are more eager to try CBD products
Consumer Preferences are Shifting: Consumers are increasingly looking for natural, plant-based alternatives to conventional drugs and therapies. CBD, which is produced from the hemp plant, is popular because it corresponds with this demand for natural and holistic treatments
Favorable Regulatory Environment: Favorable regulatory reforms and growing CBD acceptance in many locations have produced a more favorable environment for CBD enterprises. This facilitates market access, increased product availability, and the expansion of distribution channels
Growing Investment and Industry Support: The CBD industry is attracting significant investment from both established companies and startups. This influx of capital supports research and development efforts, innovation in product formulations, and market expansion

Market Restraints

Lack of Standardization: There are no defined restrictions for product quality, potency, or safety in the CBD sector. This can lead to differences in product quality, making it difficult for consumers to make informed decisions and trust the efficacy and safety of CBD products
Consumer Perceptions and Misconceptions: Because CBD is associated with cannabis, some consumers may still be confused about its psychoactive effects or legality. This can stymie market adoption, especially among more conservative demographics
Supply Chain Challenges: The production of high-quality CBD involves various stages, including cultivation, extraction, and processing. Supply chain challenges such as inconsistent crop yields, quality control issues, and limited access to reliable sources can impact the availability and reliability of CBD products

Competitive Landscape

Key Players

CV Sciences
Elixinol LLC
Medterra
NuLeaf Naturals
Charlotte's Web

Development in Cannabidiol (CBD) Market Analysis

CV Sciences, Inc. announced the launch of +PlusCBD pain relief topicals in January 2022, with four distinct over-the-counter (OTC) medicines designed to detect the source of mild aches and pains. This product introduction will allow the company to broaden its +PlusCBD product offering
The Valens Company paid almost USD 60 million for Green Roads in June 2021. The acquisition provides The Valens Company with access to the CBD market in the United States via a well-developed network of Green Roads

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Singapore Cannabidiol (CBD) Market Segmentation

By Product Type

Oils and Tinctures
Capsules and Pills
Edibles (Gummies, Chocolates, etc.)
Topicals (Creams, Lotions, Balms, etc.)
Vapes and Inhalation Products
Others (Beverages, Pet Products, etc.)

By Source

Hemp-Derived CBD
Marijuana-Derived CBD

By Application

Anxiety/stress
Sleep/insomnia
Chronic pain
Migraines
Skincare
Seizures
Joint pain & inflammation
Neurological conditions
Others

By Distribution Channel

Online Retailers
Pharmacies
Specialty CBD Stores
Others

By End User

Medical
Wellness and Lifestyle
Personal Care and Beauty
Sports and Fitness
Others

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.