Categories: Market Research

Cannabidiol Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
The cannabidiol is defined as a chemical compound found in hemp or marijuana. Cannabidiol or CBD is derived from the Cannabis Sativa plant that is also known as hemp or cannabis. Cannabidiol is used to treat epilepsy, anxiety, dystonia, pain, Parkinson’s disease, Crohn’s disease, and various other health problems. Its other applications include coffee products, skincare products, and pet treats.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry Players
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

The cannabidiol market report table of contents includes:

1. Executive Summary

2. Cannabidiol Market Characteristics

3. Cannabidiol Market Trends And Strategies

4. Cannabidiol Market – Macro Economic Scenario

5. Global Cannabidiol Market Size and Growth

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31. Global Cannabidiol Market Competitive Benchmarking

32. Global Cannabidiol Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Cannabidiol Market

34. Cannabidiol Market Future Outlook and Potential Analysis

35. Appendix