Role of E-commerce, Retail Growth, Changing Consumer Preferences in Cannabidiol (CBD) Market
The global cannabidiol market size is expected to reach USD 22.05 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.8% from 2024 to 2030. Changing consumer attitudes towards CBD products, shifting public opinion, and growing recognition of the health benefits of cannabidiol are some of the main factors contributing to the market's growth. The cannabis Sativa plant contains more than 80 cannabinoids, but cannabidiol is the most widely used for medical purposes because of its lack of psychoactive effects. It is primarily obtained from hemp due to its high CBD content.
Cannabidiol Market Report Highlights
North America accounts for the largest with a market share of 87.4% in 2023 owing to the presence of major manufacturers, and approval of the U.S. Farm Bill are some of the major factors driving the growth of the region
Hemp-derived CBD dominated the market in 2023, with a market share owing to its higher purity and potential health benefits
B2B segment accounts for the largest market share in 2023 owing to increasing demand and a rising number of businesses using cannabidiol as raw materials
In 2023, the pharmaceuticals segment accounted for the largest market share in the end-use market owing to rising use of cannabis derivate for various medical conditions
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There is a high demand for various CBD-infused products, such as beauty products, cannabis oil, beverages, gummies, capsules, etc. CBD can enter the human body through different means, including vaping, smoking, and through the skin. In the U.S., where cannabis is legal, CBD is utilized to produce personal care products and medical drugs. Legalizing cannabis-based products has opened up significant opportunities for various end-use industries to expand their product offerings.
Major players in the industry are focused on introducing CBD-infused products. Companies are exploring opportunities in international markets as the demand for CBD grows globally. Furthermore, they are investing in research and development to enhance the effectiveness and efficiency of their products, as well as to expand their offerings. The players are introducing new and innovative products, such as edibles, topicals, and beverages, to cater to the growing demand. For instance, in May 2022, Medical Marijuana, Inc. announced the launch of a pharma subsidiary in Brazil named “HM Pharma” to expand its access to CBD products in pharmacies.
List of Key Players of Cannabidiol Market
ENDOCA
Cannoid, LLC
Medical Marijuana, Inc.
Folium Europe B.V.
Canopy Growth Corporation
Elixinol
NuLeaf Naturals, LLC
Isodiol International, Inc.
PharmaHemp
The Cronos Group
We have segmented the global cannabidiol market based on source type, sales type, end-use, and region