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 2,770.8 million in 2020. 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 offers a comprehensive analysis of key drivers and restraints influencing market growth. It delves into regional insights across various regions, impacting market expansion. The report also covers the competitive landscape, highlighting leading companies and their strategies, including product launches, partnerships, and collaborations to foster market growth. Furthermore, the research analyst employs methodologies like PORTER’s Five Point Analysis and PESTEL to capture current trends and industry advancements driving market growth from 2021 to 2028. Our updated reports provide detailed market scenarios, enabling companies to tailor strategies effectively based on current market conditions.
Source: https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
DRIVING FACTORS:
Increasing FDA Approvals for CBD Products to Promote Market Growth
The market’s leading competitors are focusing on creating unique and improved goods to meet customers’ rising demand for CBD. The rising use of the substance in the production of medications and consumer goods will provide profitable opportunities for the industry. The increasing number of official approvals for various CBD products is projected to boost market growth. Furthermore, manufacturers’ aggressive approach to incorporating CBD into a variety of food products is likely to contribute to global cannabidiol market growth over the forecast period.
Key Drivers and Restraints Impacting Global Market Growth
The key drivers and restraints that will impact growth in the global market encompass various factors. Economic conditions, technological advancements, inflation rates, interest rates, currency exchange rates, legal restrictions, trade barriers, cultural differences, nationalism, prejudices, and international conflicts are among the significant elements influencing market expansion or hindrance. These factors play a crucial role in shaping the landscape for businesses seeking international growth opportunities.
REGIONAL INSIGHTS
North America – The region stood at USD 1276.7 million in 2020 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 2021 and 2028.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The worldwide cannabidiol industry is competitive, with prominent players focused on cooperating with other companies to grow their product range and increase sales revenues. Furthermore, the other big firms are attempting to preserve their position by tactics such as merger and acquisition, facility development, and collaboration, which will augur well for the market’s growth in the future years.
Industry Development:
- February 2020 – Colgate-Palmolive Company announced the launch of a new product in the U.S. The company reports that the product, CBD Vegan Lip Balm, will help to expand its cosmetics business in the country.
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.)