Press Release

Global Cannabidiol (CBD) Market Valued at USD 22.7 Billion in 2023, Forecasts Rapid Growth with 19.21% CAGR

The Global Cannabidiol Market size was valued at around USD 22.7 billion in 2023 and is projected to grow at a CAGR of about 19.21% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. One major factor propelling the Cannabidiol (CBD) Industry is consumers' growing inclination for natural and plant-based products. This pattern is indicative of a more general change in consumer perceptions of well-being, sustainability, ethical shopping, and health. Customers looking for holistic solutions that suit their values may find CBD to be an appealing option because of its natural origins, potential health advantages, and environmental credentials. It is anticipated that as this trend picks up steam, the CBD market will see continuous expansion and innovation, with customers having a greater influence on how the industry grows stronger.

Moreover, the CBD industry has seen significant change with the introduction of functional CBD products, which has sparked consumer interest, innovation, and diversification. We may anticipate more development and expansion in the functional CBD product category as this trend picks up steam and businesses create more complex formulations to cater to a wider range of consumer demands.

Additionally, there are certain barriers to the CBD industry's growth even in this favorable environment. The lack of standardized testing and quality control procedures makes CBD companies less competitive on the global stage. Businesses that place a high priority on quality assurance and transparency will be better able to stand out from the competition and acquire a competitive edge in an increasingly crowded and competitive market. However, without standardized testing procedures, businesses find it difficult to prove their products are better than others and to set themselves apart from rivals. Because there are no established standards for quality, businesses find it difficult to gain market share and cultivate customer loyalty, which stifles innovation and impedes market expansion, further states the research report, “Global Cannabidiol (CBD) Market Analysis, 2024.”

Global Cannabidiol Market Segmentation Analysis

The ‘Medical Use’ Segment Dominating Market

Based on application, the market is further bifurcated into Medical Use, Beauty & Personal Care, Pets, and Recreational. Among them, the Medicinal Use segment has seen significant growth in the Global Cannabidiol Market, owing to the growing consumption of cannabidiol for medicinal purposes such as the treatment of anxiety, stress, neurological diseases, gastrointestinal diseases, etc. The application of cannabidiol also grew because of its low toxicity value compared to THC (tetrahydrocannabinol), which is the other component of marijuana containing high toxicity.

In addition, the governments of countries such as India, the US, Argentina, Canada, etc. have been legalizing cannabis production & consumption, which has led to a growth in R&D activities for the medical use of cannabidiol. Hence, the legalization & increasing R&D for medicinal use across the globe would further augment the growth of this segment in the Global Cannabidiol Market during the forecast period.

North America Holds a Major Share of the CBD Industry

Geographically, North America dominates the Global Cannabidiol Market. When it comes to cannabis legalization initiatives, the region has led the way, especially in the US and Canada. A strong regulatory framework has been established for the growth and expansion of the CBD industry in this region as a result of the legalization of cannabis for both medical and recreational use.

Furthermore, there is a sizable and prosperous market for wellness and natural health products in North America. The use of CBD products has grown significantly among customers looking for non-traditional treatments for a range of health issues, such as pain management, anxiety reduction, and sleep disturbances. The market has grown as a result of the region's supportive legislative framework as well as increasing consumer acceptance and knowledge of CBD's possible health benefits.

Global Cannabidiol Market Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Aurora Cannabis Inc., CV Sciences, Endoca, CBD American Shaman, Bluebird Botanicals, Isodiol International, Medical Marijuana Inc., Elixinol, Hemp Inc., Canopy Growth Corporation, Cannoid, LLC, Folium Biosciences, Pharmahemp D.O.O., Medterra CBD, Nuleaf Naturals LLC, GE pharmaceuticals plc, and Others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?