Cannabidiol (CBD) Industry In-Depth Analysis Report 2032
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.
North America dominated the cannabidiol market with a market share of 47.04% in 2023. Moreover, the
cannabidiol market size in the U.S. is projected to grow significantly,
reaching an estimated value of USD 78.74
billion by 2032, driven by rising liberalization in laws related to the use
of cannabidiol products and increase consumer acceptance.
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.
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.)
Market Segmentation:
The market is segmented based on source into marijuana and hemp.
In terms of application, it is divided into food & beverages, pharmaceuticals,
pet care, cosmetics, and others. Among these, the pharmaceuticals
segment is anticipated to dominate the global cannabidiol (CBD) market during
the forecast period, driven by ongoing efforts to develop innovative medical
products across the global pharmaceutical sector. Regionally, the market is
classified into North America, Europe, Asia-Pacific, South
America, and the Middle East & Africa.
What does the Report Provide?
The global market report offers an in-depth analysis of the key factors
driving and challenging market growth. It provides detailed regional insights,
illustrating the contributions of various areas to the market’s overall
development. The report also examines the competitive landscape, spotlighting
strategies such as product launches, partnerships, and collaborations adopted
by leading companies to fuel growth. Leveraging analytical tools like PORTER’s
Five Forces and PESTEL analysis, it identifies emerging trends and industry
developments expected to influence the market from 2024 to 2032. With
up-to-date and comprehensive data, the report equips businesses with the
essential insights needed to develop effective, data-driven strategies.
Source: https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
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.
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.
Cannabidiol (CBD) Market Trends:
The Cannabidiol (CBD) market is experiencing
significant growth, driven by increasing consumer awareness of its potential
health benefits, such as pain relief, anxiety reduction, and improved sleep.
The global CBD market is projected to expand at a compound annual growth rate
(CAGR) of over 43.66% in the coming years, fueled by the legalization of
hemp-derived products in regions like North America and Europe.
Key trends include the rise of CBD-infused
products in wellness and beauty sectors, with skincare, beverages, and edibles
gaining popularity. The demand for full-spectrum and broad-spectrum CBD
products is also growing, as consumers seek products with additional
cannabinoids and terpenes for enhanced effects.
However, regulatory challenges and varying
legal frameworks across regions remain hurdles. Companies are investing in
research, quality control, and transparent labeling to build consumer trust. As
the market matures, consolidation and partnerships are expected, with larger
players entering the space. Overall, the CBD market is poised for sustained
growth, driven by innovation and increasing acceptance.
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.
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