The cannabidiol global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cannabidiol Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The cannabidiol market size has grown exponentially in recent years. It will grow from $9.41 billion in 2023 to $13.01 billion in 2024 at a compound annual growth rate (CAGR) of 38.2%. The growth in the historic period can be attributed to changing regulatory environment, leading to increased legalization of cbd, growth in public awareness and acceptance of the potential health benefits of cbd, medical research supporting the use of cbd for various health conditions, emergence of diverse product categories, including cbd-infused foods, beverages, and skincare, and increased availability of cbd products through retail and e-commerce channels.
The cannabidiol market size is expected to see exponential growth in the next few years. It will grow to $43.81 billion in 2028 at a compound annual growth rate (CAGR) of 35.5%. The growth in the forecast period can be attributed to global legalization and regulatory harmonization of cbd products, pharmaceutical research and development for fda-approved cbd medications, increased consumer interest in cbd for mental health and relaxation, expansion of the pet cbd market and veterinary applications, and expansion of the hemp industry for cbd production. Major trends in the forecast period include development of novel cbd delivery methods and formulations, integration of blockchain and traceability solutions in the cbd supply chain, investment in r&d for new cbd-based pharmaceuticals, customized cbd formulations, and novel cbd delivery methods.
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Scope Of Cannabidiol Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cannabidiol Market Overview
Market Drivers –
The rising acceptance and use of CBD products due to government approvals are expected to propel the growth of the cannabidiol market. CBD products are derived from the Cannabis Sativa and are used in developing various consumer products and therapies. The governments of various countries understood the potential utility of cannabidiol for various medical conditions. Hence, with a focus on protecting public health, the governments are also taking certain steps for improving the efficiency of regulatory pathways for the lawful marketing of the products made using cannabidiol, thereby promoting the growth of the cannabidiol market. For instance, in January 2022, the Therapeutic Goods Administration, an Australia-based medicine and therapeutic regulatory agency approved around 210,000 SAS Category B applications for unapproved medicinal cannabis products. Therefore, the rising acceptance and use of CBD products due to government approvals are driving the growth of the cannabidiol market.
Market Trends –
Product innovations are a key trend gaining popularity in the cannabidiol market. Product innovation helps in bringing change in a monotonous market. It helps companies create an edge over others and acquire more customers by launching new products. For instance, in December 2021, Cibdol, a Netherlands-based CBD and wellness company, launched its exclusive CBD Oil 2.0 range. It contains greater levels of essential compounds such as CBC, CBG, CBN, CBDa along with high purity CBD. A few drops of the new revolutionary CBD oil formula combat the physical and mental challenges related to modern living through managing the conditions linked to appetite, mood, pain, and sleep.
The cannabidiol market covered in this report is segmented –
1) By Product: Oil, Tinctures, Suppository, Transdermal Patches, Vape Oil, Isolates, Creams and Roll-on, Capsules, Tablet, Other Products
2) By Source: Marijuana, Hemp
3) By Treatment: CBD Oil, Supplements
4) By Application: Medical, Personal Use, Pharmaceuticals, Wellness
5) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Stores, Other Distribution Channels
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Regional Insights –
North America was the largest region in the cannabidiol market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabidiol market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the cannabidiol market include Endoca BV, Cannoid LLC, Medical Marijuana Inc., Folium Biosciences, Elixinol Global Limited, NuLeaf Naturals LLC, Isodiol International Inc., Pharmahemp d.o.o., Canopy Growth Corp., CV Sciences Inc., Medterra LLC, Cronos Group, CBD American Shaman LLC, Walgreens Boots Alliance, Aphria Inc., Maricann Inc., Tilray Inc., Organigram Holding Inc., CannTrust Holdings Company, Charlotte’s Web Holdings Inc., Aurora Cannabis Inc., GW Pharmaceuticals PLC, Green Roads, HempMeds PX LLC, Eco Sciences, Bluebird Botanicals, HempFusion Inc., Kannaway LLC, Lazarus Naturals, Kazmira LLC, HempLife Today LLC
Table of Contents
1. Executive Summary
2. Cannabidiol Market Report Structure
3. Cannabidiol Market Trends And Strategies
4. Cannabidiol Market – Macro Economic Scenario
5. Cannabidiol Market Size And Growth
…..
27. Cannabidiol Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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