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.
According to a report titled "Cannabidiol (CBD) Market, 2024-2032" by Fortune Business Insights, the CBD market was valued at USD 7.59 billion in 2023. The report highlights factors driving market growth, such as the increasing number of product approvals by the FDA and other regulatory bodies, as well as the rising demand for CBD among health and fitness enthusiasts. For example, a 2018 report by the Harvard Health Institute indicates that CBD is widely used to alleviate health issues like anxiety and insomnia.
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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 offers an in-depth analysis of various factors impacting growth, including key drivers and restraints. It provides regional insights, highlighting the contributions of different regions to market expansion. Additionally, the report examines the competitive landscape, detailing strategies of leading companies such as new product launches, partnerships, and collaborations that further stimulate market growth. The research methodology incorporates PORTER’s Five Forces Analysis and PESTEL analysis to identify current trends and industry developments anticipated to drive market growth from 2024 to 2032. Our thoroughly revised reports equip companies with comprehensive information about the current market scenario, enabling them to adopt effective strategies accordingly.
DRIVING FACTORS:
Increasing FDA Approvals for CBD Products to Promote Market Growth
Prominent market players are focusing on launching innovative and advanced products to meet the high consumer demand for CBD. The increasing use of CBD in the production of medicines and consumer products is creating lucrative market opportunities. Moreover, growing government approvals for various CBD products are expected to support market growth. Additionally, manufacturers' proactive efforts to incorporate CBD into a wide range of food products are anticipated to drive the growth of the global cannabidiol market during the forecast period.
Source: https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
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.
Dynamic Growth in Global CBD Oil Market Driven by Medicinal Acceptance, Regulatory Changes, and Innovation Amidst Quality and Competition Challenges
The global cannabidiol (CBD) oil market is experiencing dynamic growth driven by several key factors. One of the primary drivers is the growing acceptance of the medicinal uses of CBD, as more people recognize its potential health benefits, such as managing anxiety and pain, leading consumers to increasingly seek natural remedies. Additionally, changes in laws and regulations around CBD are significantly boosting market growth. As more regions legalize and regulate CBD products, businesses find new opportunities to invest and operate, demonstrating how policy changes are driving the market's expansion. Opportunities for further growth include the potential for CBD products to enter mainstream retail, making them more accessible to a wider audience. This move could enhance the market's reach and popularity. Furthermore, ongoing innovation and product diversification, such as developing new formulations and methods of use, present exciting opportunities for market expansion by meeting changing consumer preferences. However, the market faces several challenges. Ensuring high-quality control and accurate labeling is crucial, as poorly labeled or low-quality products can erode consumer trust and harm the market. Additionally, increasing competition among CBD manufacturers and retailers is making it difficult for new companies to establish themselves and gain market share. To succeed in this crowded market, companies need to differentiate themselves and adopt strategic positioning.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The global CBD market is highly competitive, with leading companies partnering with others to expand taheir product offerings and increase sales. Major companies are also working to stay relevant by merging with or acquiring other businesses, expanding their facilities, and collaborating. These strategies are expected to help the market grow in the coming 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.)