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Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....
Cannabidiol Market: By Source Type, By Distribution Channel, By End User and Geography
Cannabidiol Market: By Source Type, By Distribution Channel, By End User and Geography
Cannabidiol (CBD) Market size was valued at US$ 8,231.8 million in 2023 and is anticipated to grow at a CAGR of 18.7% from 2024-2030. Cannabidiol (CBD) is a naturally occurring compound found in the Cannabis sativa plant. It is one of over 100 different cannabinoids present in cannabis. CBD is non-psychoactive, which means it does not produce the "high" or euphoric effects typically associated with another well-known cannabinoid, tetrahydrocannabinol (THC). CBD has gained significant attention for its potential therapeutic benefits and is being studied for its potential use in various medical and wellness applications.
The rising awareness of the potential health benefits of cannabidiol (CBD) is a significant driver behind the increase in revenue within the CBD market. As more individuals become informed about the therapeutic properties attributed to CBD, there is a growing interest in exploring its potential as a natural remedy for various health concerns. This awareness has sparked a consumer-driven demand for CBD products that can address issues like pain, anxiety, insomnia, inflammation, and more. Consumers are actively seeking alternatives to conventional pharmaceutical options and are drawn to CBD's holistic and plant-based approach to wellness.
Moreover, expanding product variety is a significant driver of the growth of the market. The availability of a diverse range of CBD products contributes to attracting a broader audience and meeting the varying preferences and needs of consumers. The introduction of different formulations, delivery methods, and applications enhances consumer accessibility and convenience. For example, individuals who prefer topical applications for localized pain relief can choose CBD creams, while those seeking a discreet option may opt for CBD capsules.
However, Regulatory changes, discrepancies between state and federal regulations (in certain countries), and evolving guidelines can create potential challenges to the growth of the market. Meanwhile, ongoing innovation in product formulation, extraction techniques, and delivery methods further creates prospects for the development. Several key manufacturers are developing innovative solutions that further contribute to the market growth. For instance, in November 2020, Canopy launched a CBD-infused beverage line, Quatreau, in Canada.
Study Period
2024-2030Base Year
2023CAGR
18.7%Largest Market
Asia PacificFastest Growing Market
North America
CBD is the most promising compound from a medical perspective. It is a nonintoxicating compound extracted from cannabis sativa plants that has gained acceptance for medical uses ranging from epilepsy to pain control and addiction treatment because of its differing mechanism of action from marijuana and its safety profile. It has also proven neuroprotective effects and its anti-cancer properties are being investigated at several academic research centers in the United States and elsewhere. The fact that CBD is therapeutically potent as well as non-intoxicating, and easy to take as a CBD oil, makes it an appealing treatment option for many.
Asia Pacific accounted for larger revenue share in market with considerable CAGR. The growth in this region is due to growing traditional use of cannabidiol products and establishments of hemp manufacturing plants especially in countries like India and China. China is the major contributor for the growth of the market in the region. North America held substantial market share during estimated period owing to shifting consumer’s preferences towards ingesting edibles & vapes products and increasing availability of marijuana-derived CBD products in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 8,231.8 million |
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Market CAGR |
18.7% |
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By Source Type |
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By Distribution Channel |
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By End User |
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The global cannabidiol market size was valued at US$ 8,231.8 million in 2023 and is anticipated to grow at a CAGR of 18.7% from 2024-2030.
CBD-infused dietary supplements and nutraceuticals, supportive government regulations, and rising investments are some of the key opportunities for companies to enhance their revenue over the forecast years.
Incorporating CBD into skincare, haircare, and cosmetic products due to its potential anti-inflammatory and antioxidant properties stands out as a significant trend within the cannabidiol (CBD) market.
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.