Rising Consumer Awareness Regarding CBD Patches is Projected to drive the Demand for CBD Patch Market

Production of CBD is somewhere related with marijuana due to which people don't easily accept it. But due to the rising awareness about cannabidiol (CBD) in the treatment of insomnia and arthritis has changed the people's way of thinking. For instance, thus, due to the rising awareness regarding the CBD patches, people are widely accepting it. This has led to an increase in demand for the CBD patches. Thus, due to the rising awareness regarding the CBD patches, people are widely accepting it. This has led to increase in demand for the CBD patches.

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Data Bridge Market Research analyses that the CBD patch market is expected to grow at a CAGR of 12.1% in the forecast period of 2021 to 2028 and is expected to reach USD 131,700.00 million by 2028. Most of the big companies in CBD business such as Harmony, Charlotte's Web Holdings, Inc., and Uncle Buds are using this strategy of merging and acquiring related small businesses in the market. This strategy is helping companies to grow their distribution network and product portfolio which is win-win situation for each party involved in the contract. Such strategic decisions are acting as an opportunity for the CBD product companies to substantially grow their market size.

Increase in Research for Wide Medical Applications is expected to drive the market's growth rate

Many researchers are working on wide applications of CBD patches for different treatments such as skin health, oral care, advancement in neurological pain relief applications and many more. Successful results of these researches will ensure the growth of CBD patch market in near future. Some of ongoing research for different medical applications is mentioned below. Now researchers are focusing on investigating the potential of CBD to control cravings related to substance abuse. CBD has received a lot of attention because of its potential to treat drug and alcohol abuse. The research study focuses on the pharma-co-therapeutic potential of CBD in terms of its relevance with prevention of relapse in drug use. Such research on wide applications of CBD patches and other products is expected to act as an opportunity for the CBD patch market in the near future.

Report Scope and Market Segmentation

Segment Analysis:

Global CBD patch market is segmented into nine notable segments which are based on the product, spices, packaging, dosage, derivatives, application, source type, end user, and distribution channel.

• On the basis of product, the global CBD patch market is segmented into layer drug-in-adhesive, reservoir and matrix. In 2021, the reservoir segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.6% in the forecast period of 2021 to 2028 due to widely utilization of in varied CBD applications. Its steady and controlled release for longer period of drug makes it more preferable amongst its consumers.
• On the basis of spices, the global CBD patch market has been segmented into cannabis indica, sativa and hybrid. In 2021, cannabis indica segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.6%

The cannabis indica segment is expected to dominate the global CBD patches market

In 2021, cannabis indica segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.6% in the forecast period of 2021 to 2028 due to its high CBD and low THC percentage as compared to sativa and hybrid. As per the regulations in relation with usage of THC, the composition of thc is restricted up to 0.2%-0.3% which is only satisfied by cannabis indica category. Comparatively sativa and hybrid have higher percentage of THC.

• On the basis of packaging, the global CBD patch market has been segmented into two to five patches, single patch and more than five patch. In 2021, two to five patches segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.7% in the forecast period of 2021 to 2028 due to comparatively higher product availability as well as rising preference of this packaging type amongst its customers due to the discount offered on the pricing of two to five patches as compared to a single patch.
• On the basis of dosage, the global CBD patch market has been segmented into below 30mg, 30-40 mg, 40-50mg and above 50 mg. In 2021, below 30mg segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.8% in the forecast period of 2021 to 2028 as the market is at its initial stage where new consumers are recommended lower dosage for instance below 20mg in order to check the suitability and reaction in the human body.
• On the basis of derivatives, the global CBD patch market is segmented into cannabidiol (CBD), tetrahydrocannabinol (THC) and othes. In 2021, the cannabidiol (CBD) segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.4% in the forecast period of 2021 to 2028 due to the regulations of using maximum CBD and low THC contain up to 0.2%-0.3%.  Moreover, it has comparatively less side effects as compared to THC and other derivatives. That is why it is preferred by most of medical bodies and consumers.
• On the basis of application, the global CBD patch market has been segmented into chronic pain, anxiety, arthritis, elevate mood, neurological pain and others. In 2021, the chronic pain segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.6%

The chronic pain segment is expected to dominate the global CBD patches market

In 2021, the chronic pain segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.6% in the forecast period of 2021 to 2028 due to the increased cases of chronic cases such as trauma pain, shoulder, neck & back pain and others globally which has eventually enhances the demand of the CBD patches. However, the high availability of the products with the chronic pain by each manufacturer to cater to the rising customer demand is also one factor that is fuelling the segments growth.

• On the basis of source type, the global CBD patch market has been segmented into natural and synthetic. In 2021, the natural segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.3% in the forecast period of 2021 to 2028 due to the increase in the customer's preference over synthetic, as the consumer believes that organic plant-based products are safer and better than synthetic. Adding to this, naturally, based products are plant-driven and are considered more effective for treating epilepsy, arthritis and other diseases than the synthetic products, which are being made of a chemical, can cause skin problems and allergy. Hence, driving the overall segment growth.
• On the basis of end user, the global CBD patch market has been segmented into homecare setting, research and development centers, hospital, clinics, rehab centers and others. In 2021, the homecare setting segment is expected to dominate the global CBD patches market growing with the highest CAGR of 19.2% in the forecast period of 2021 to 2028 as the usage of CBD in hospitals, clinics, and other medical institutions are not yet approved which eventually drives the utilization of CBD products in homecare settings at a large scale for treatment.
• On the basis of distribution channel, the global CBD patch market has been segmented into dispensaries & pharmacies, online and conventional stores. In 2021, dispensaries and pharmacies segment is expected to dominate the global CBD patches market growing with the highest CAGR of 18.7% in the forecast period of 2021 to 2028 due to its higher presence and established supply chain for CBD products.

Major Players

Data Bridge Market Research recognizes the following companies as the major CBD patch market players in CBD patch market are Papa and Barkley (U.S.), Pure Ratios (U.S.), Charlotte's Web, Bioactive Solutions, Inc., La Mend Inc. (U.S.), Always Pure Organics Ltd(U.S.), Envy CBD (U.S.), GoGreen Hemp (U.S.), Harmony (South Africa), Healist Naturals (U.S.), HempBombs (U.S.), Isodiol International Inc. (Canada), Kangdi Overseas Business Co., Ltd. (China), Manna Molecular(U.S.), Mary's Medicinal (U.S.), Natures Script (U.S.),  Nutrae, LLC. (U.S.), PureKana (Arizona ), SAVAN, Shenzhen Ruiyan Technology Co., Ltd (China), Snowden Ltd. U.S.), Social CBD (U.S.) and Upstate Elevator Supply Co., (U.S.)

Market Development

• In June 2021, Kadenwood LLC, a company in mainstream wellness category, announced the acquisition of Social CBD brand. This acquisition will help Kendenwood LLC to become the largest retail CBD distributor in the United States. Also this will improve Kendenwood's premium portfolio of plant-based, benefit-driven wellness products using both broad-spectrum and isolate CBD. Company's mission is to normalize CBD products through strategic partnerships and acquisitions and builds its position as a trusted and safe partner for plant-based wellness brands across categories.
• In October 2020, Uncle Buds Hemp, the manufacturer of hemp and CBD based personal care products, announced partnership with Tmall Global, which is China's leading B2C cross-border online marketplace. This partnership will enable the way for company to launch their products in Asian market. Also it will increase the company's reach as Tmall Global is hosting over 20,000 brands from 4,000 different categories and 77 different countries on its platform.
• In June 2020, Charlotte's Web Holdings, Inc. announced the acquisition of Abacus Health Products, Inc., a developer of active pharmaceutical products which contain natural ingredients, including a cannabinoid-rich hemp extract. This will help the company cement its position in topical and ingestible products in the CBD category.
• In May 2021, The Good Patch announced their partnership with Ulta Beauty, it is the countries largest beauty retailer. The wellness patches available through Ulta Beauty include B12 awake, Dream, Rescue, Relax and Be Calm. This will help the company to increase its customer base and reach every part of the market.
• In June 2021, Always Pure Organic Ltd. announced that they are constructing a new 10,000 square foot warehouse. Due to the rise in the demand for their product, the company is investing in overhauling and upsizing their warehouse and clean rooms. By constructing this warehouse, they can always have enough products in storage and will not face any shortage issue. This will help the company to meets its consumer and partners' demands.

Regional Analysis

Geographically, the countries covered in the CBD patch market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in CBD patch market during the forecast period

North America dominated the CBD patch market owing to the higher demand and manufacturers. North America will continue to dominate the CBD patch market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period due to the consumer awareness for pain relief applications.

Asia-Pacific is estimated to be the fastest growing region in CBD patch market

Asia-Pacific is expected to grow during the forecast period due to the higher manufacturing and consumption of CBD patches in this region. In addition, widening research scope for medical applications of CBD patches are expected to propel the market's growth rate in this region.

How is side effects associated with CBD usage estimated to pose a challenge for the market?

Some side effects and risks are associated with using CBD patches. Although CBD is a natural compound, it can still cause few side effects such as sleepiness or fatigue, oversleeping, diarrhea, drowsiness, appetite changes, weight loss or weight gain, among others. People who are sensitive to these effects are required to take extra precautions while consuming CBD. Different research studies have shown the side effects and risks associated with CBD usage. Additionally, research on adverse effects of CBD suggests that CBD consumption is not risk-free. Adverse effects such as developmental toxicity, embryo-fetal mortality, central nervous system inhibition and neurotoxicity, hepatocellular injuries, spermatogenesis reduction, organ weight alterations, male reproductive system alterations, and hypotension were observed in animals at doses higher than recommended for human pharmacotherapies. Human studies reported CBD-induced drug-drug interactions, hepatic abnormalities, diarrhea, fatigue, vomiting, and somnolence. Although researchers are working on reducing such side effects, bwhich further minimizes its usage. As a result, this factor is acting as a challenge for CBD patch and other related product's demand in the market.

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