Market Overview:
The global cannabidiol (CBD) market size was USD 7.59 billion in 2023 and is projected to grow from USD 11.16 billion in 2024 to USD 202.45 billion in 2032 at a CAGR of 43.66% during the forecast period 2024-2032.
This information is published by Fortune Business Insights, in a report, titled “Cannabidiol (CBD) Market, 2024-2032.” The report further mentions that the market stood at USD 7.59 billion in 2023. Factors such as the increasing product approvals by the FDA and concerned government agencies and the growing demand for CBD amongst the health and fitness enthusiasts will bode well for the growth of the market. For instance, according to a report by the Harvard Health Institute in 2018, CBD can be extensively adopted to provide relief from health issues such as anxiety, insomnia, etc.
Market Segmentation:
On the basis of source, the market is bifurcated into marijuana and hemp. Furthermore, based on application, the market is segregated into food & beverages, pharmaceuticals, pet care, cosmetics, and others.
On the basis of application, the pharmaceuticals segment is expected to hold the largest global cannabidiol market share during the forecast period. This is owing to the constant focus on developing innovative medical products across the pharmaceutical industry worldwide.
Lastly, based on region, the market is categorized into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
What does the Report Provide?
The global market report provides a comprehensive analysis of various factors influencing growth, including key drivers and restraints. It offers regional insights that highlight the contributions of different areas to market expansion. The report also examines the competitive landscape, detailing the strategies of leading companies, such as new product launches, partnerships, and collaborations, which further stimulate market growth. The research methodology includes PORTER’s Five Forces Analysis and PESTEL analysis to uncover current trends and industry developments expected to drive market growth from 2024 to 2032. Our thoroughly revised reports equip companies with detailed information about the current market scenario, enabling them to adopt effective strategies accordingly.
Source: https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
DRIVING FACTORS:
Increasing FDA Approvals for CBD Products to Promote Market Growth
Prominent market players are concentrating on launching innovative and advanced products to meet the high consumer demand for CBD. The growing use of CBD in the production of medicines and consumer products is creating lucrative opportunities for the market. Furthermore, increasing government approvals for various CBD products are anticipated to support market growth. Additionally, manufacturers' proactive efforts to incorporate CBD into a wide range of food products are expected to drive the growth of the global cannabidiol market during the forecast period.
REGIONAL INSIGHTS
North America – The region stood at USD 7.59 billion in 2023 and is anticipated to hold the highest position in the market in the forthcoming years. This is attributable to the favourable government policies that enable the commercialization of cannabidiol products in countries such as the U.S. and Canada.
Europe – The market in the region is anticipated to showcase exponential growth backed by the rising sales of CBD products such as vaping, smoking, and edibles in the region between 2024 and 2032.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The global market for cannabidiol is experiencing healthy competition among key players that are focusing on partnering with other companies to expand their product portfolio and further boost sales revenues. Additionally, the other major companies are striving to maintain their presence by adopting strategies such as merger and acquisition, facility expansion, and collaboration that will bode well for the growth of the market in the forthcoming years.
Industry Development:
February 2024 - Jublee CBD, a global company that produces personal care products, introduced several CBD skincare lines, including body butters and bath salts.
List of the Companies Profiled in the Global Market:
Medical Marijuana Inc. (California, U.S.)
Cannoid, LLC (Colorado, U.S)
Isodiol International Inc. (Vancouver, Canada)
ENDOCA (Chicago, U.S.)
Folium Biosciences (Texas, U.S.)
Nuleaf Naturals Llc. (Colorado, U.S)
Pharmahemp d.o.o (Slovenia, Europe)
Elixinol Global (Sydney, Australia)
CV Sciences (California, U.S.)
Medterra CBD (California, U.S.)