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Add to CartGlobal Cannabidiol (CBD) Market Growth, Share, Size, Trends and Forecast (2024 - 2030)
By Source;
Hemp and Marijuana.By Sales;
B2B - By End-use - Pharmaceuticals, Wellness - Food & Beverages, Personal Care & Cosmetics, Nutraceuticals, and Others, B2C - By Sales Channel - Hospital Pharmacies, Online, Retail Stores, By End-use - Medical - Chronic Pain, Mental Disorders, Cancer and Others, Personal Use.By End User;
Medical - Chronic Pain, Mental Disorders, Cancer, and Others, Personal Use, Pharmaceuticals, Wellness - Food & Beverages, Personal Care & Cosmetics, Nutraceuticals, and Others.By Geography;
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America - Report Timeline (2020 - 2030).Introduction
Global Cannabidiol (CBD) Market (USD Million), 2020 - 2030
In the year 2023, the Global Cannabidiol (CBD) Market was valued at USD 4,699.25 million. The size of this market is expected to increase to USD 43,311.99 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 37.3%.
The CBD market is poised for growth as hemp-based products become increasingly legalized. Companies are expanding their offerings of cannabidiol products, such as edibles, topicals, and beverages, to meet rising consumer demand. The rise of e-commerce has enabled companies to reach a broader audience and boost sales through online channels, positively impacting growth projections for the CBD industry.
The growing interest in the potential health benefits of cannabidiol has spurred increased investment in research and development to better understand its effects and create new products. The market for CBD is becoming more competitive, with an influx of companies offering similar products, thus driving the global CBD market size.
Increased recognition of the therapeutic benefits of cannabidiol has led consumers to invest in these products, even at higher prices. Commercial retailers are now prioritizing the sale of cannabis-based items, which offer higher profit margins. For instance, Abercrombie & Fitch plans to sell CBD-infused body care products in over 160 of its 250-plus stores, while health and wellness stores like Walgreens Boots Alliance, CVS Health, and Rite Aid are also offering CBD-based products.
CBD, a non-psychoactive compound derived from the hemp plant, is marketed for its potential health benefits, including anxiety and pain relief. Its demand has surged due to the increasing legalization and normalization of marijuana and hemp-based products. Its effectiveness in treating conditions like anxiety, seizures, and pain, coupled with government approvals and increasing acceptance, is expected to drive production and sales. Additionally, CBD oil is gaining popularity as an ingredient in skincare products for treating acne and wrinkles, with major retailers like Sephora and Ulta Beauty launching CBD skincare lines, and new companies entering the market with CBD-infused cosmetic products.
Global Cannabidiol (CBD) Market Report Snapshot
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In January 2023, Medical Marijuana, Inc. revealed that its subsidiary, HempMeds Brasil, had introduced two new full-spectrum products in Brazil, with concentrations ranging from 3,000-6,000 mg and available in 30 mL and 60 mL jars.
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In October 2022, Medical Marijuana, Inc. announced that its subsidiary, HempMeds Mexico, had collaborated with the Autonomous University of Barcelona, Spain, and the Meritorious Autonomous University of Puebla, Mexico, to conduct a study demonstrating the benefits of CBD in treating Parkinson’s disease.
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In October 2022, High Tide, Inc. launched multi-cannabinoid products through its subsidiary, NuLeaf Naturals, in Ontario, Canada. The products listed for sale include Full Spectrum Hemp Multicannabinoid oil and plant-based softgels containing delta-9 tetrahydrocannabinol, cannabichromene, cannabidiol, cannabigerol, and cannabinol.
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In September 2022, Kannaway, a subsidiary of Medical Marijuana, Inc., announced a distribution agreement with Complete Hemp Technologies (CHT) to expand its capabilities in Europe. Under the agreement, CHT added warehousing and daily operations to the services it already provides to Kannaway in the region.
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In January 2022, Elixinol launched two innovative CBD products - the Sleep Rapid Rest Liposome and Sleep Gummies - designed to support sleep. The former contains a customized formula of CBN (cannabinol), CBD, chamomile, and lemon balm, while the latter contains 2mg CBN and 15mg CBD.
| Parameters | Description |
|---|---|
| Market | Global Cannabidiol (CBD) Market |
| Study Period | 2020 - 2030 |
| Base Year (for Cannabidiol (CBD) Market Size Estimates) | 2023 |
| Drivers |
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| Restraints |
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| Opportunities |
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Segment Analysis
The cannabidiol (CBD) market is segmented by source into hemp and marijuana, with each offering distinct properties and applications. Hemp-derived CBD is widely utilized due to its legal status and lower levels of tetrahydrocannabinol (THC), the psychoactive component found in marijuana. On the other hand, marijuana-derived CBD contains higher THC levels and is primarily used for medicinal purposes in regions where it is legalized. This segmentation provides consumers with a range of options based on their preferences and regulatory restrictions in their respective regions.
The CBD market operates in both business-to-business (B2B) and business-to-consumer (B2C) segments. B2B sales cater to pharmaceutical companies and wellness industries, including food and beverages, personal care, cosmetics, and nutraceuticals. These sectors incorporate CBD into various products to leverage its potential health benefits and therapeutic properties. B2C sales channels include hospital pharmacies, online platforms, and retail stores, allowing consumers to access CBD products for medical purposes or personal use conveniently. This diversified sales approach enhances market penetration and caters to a wide range of end-users seeking CBD-based solutions.
The end-user segmentation of the CBD market encompasses medical and personal use categories. Medical applications of CBD include managing chronic pain, mental disorders, cancer symptoms, and other health conditions. CBD's therapeutic properties make it a valuable option for alleviating various ailments and improving well-being. Additionally, CBD is increasingly sought after for personal use, with individuals incorporating it into their daily routines for general wellness purposes. As awareness of CBD's potential health benefits continues to grow, demand is expected to rise across both medical and personal use segments, driving market expansion and innovation in CBD product offerings.
Global Cannabidiol (CBD) Segment Analysis
In this report, the Global Cannabidiol (CBD) Market has been segmented by Source, Sales, End-User and Geography.
Global Cannabidiol (CBD) Market, By Source
The Global Cannabidiol (CBD) Market has been segmented by Source into Hemp and Marijuana.
In 2023, the hemp segment emerged as the dominant force in the cannabidiol (CBD) market, contributing to 55.7% of the total revenue. This segment's prominence is attributed to several factors driving its rapid growth trajectory. There is an increasing demand for CBD products from the pharmaceutical industry, where CBD is being explored for its potential therapeutic benefits in managing various medical conditions. As research continues to uncover CBD's medicinal properties, pharmaceutical companies are integrating it into their product portfolios, driving demand for hemp-derived CBD.
The growing consumer awareness of the health benefits associated with CBD is fueling demand within the hemp segment. Consumers are seeking natural remedies for a range of health issues, including pain management, anxiety relief, and improving well-being, leading to a surge in CBD product consumption. The legalization of medicinal cannabis in many regions, coupled with rising disposable incomes among consumers, is further bolstering the demand for CBD in the pharmaceutical sector.
The versatility of hemp-derived CBD is another key factor driving its rapid growth. CBD is available in various forms such as oils, tinctures, concentrates, capsules, and topical solutions like salves and lotions, as well as edible products like baked goods, coffee, chocolate, and candies. This wide range of product options caters to diverse consumer preferences and lifestyles, contributing to the segment's robust growth. The anti-inflammatory, antioxidant, and anti-aging properties attributed to CBD derived from hemp are driving its adoption across multiple industries, including pharmaceuticals, personal care products, nutraceuticals, and the food and beverage sector. As a result of these favorable market dynamics, the hemp segment is poised for significant expansion in the future, with sustained growth expected across various CBD product categories.
Global Cannabidiol (CBD) Market, By Sales
The Global Cannabidiol (CBD) Market has been segmented by Application into into B2B and B2C.
In 2023, the Business-to-Business (B2B) segment emerged as the dominant force in the CBD market, capturing the largest share of revenue. This segment's leadership is expected to persist and even strengthen over the forecast period, driven by several key factors. There has been a notable increase in the number of wholesalers offering CBD oil, catering to the growing demand for CBD products across various industries. Additionally, CBD oil is increasingly being recognized as a valuable raw material in the manufacturing sector, further fueling demand within the B2B segment. The legalization of CBD products in numerous countries has also created new avenues for market expansion, as it has broadened the consumer base and increased opportunities for supplying CBD products to different regions.
The Business-to-Consumer (B2C) segment, the sub-segment of hospital pharmacies is poised for significant growth in the coming years. This growth trajectory is attributed to several factors contributing to the increasing adoption of CBD products among consumers. There is a growing trend of companies collaborating with retail pharmacies to enhance their market presence and provide dedicated spaces for customers to access CBD products. This strategic partnership approach is expected to drive the expansion of CBD product offerings in hospital pharmacies, thereby boosting sales and revenue. The rising demand for CBD products among patients seeking alternative treatment options is expected to further propel growth in this sub-segment.
The CBD market is anticipated to offer abundant opportunities for market participants, particularly within the B2C segment. Factors such as the increasing availability of CBD products in retail pharmacies, the formation of exclusive partnerships between companies and retail outlets, and the growing acceptance of CBD as a viable treatment option among patients are all expected to drive market growth. As pharmacies increasingly stock up on CBD products and form strategic alliances with CBD manufacturers, the B2C segment is likely to witness sustained expansion, presenting lucrative opportunities for industry players.
Global Cannabidiol (CBD) Market, By End User
The Global Cannabidiol (CBD) Market has been segmented by End User into Medical, Personal Use, Pharmaceuticals, and Wellness.
The pharmaceuticals segment emerged as the primary revenue generator in 2023. This segment is poised for significant growth in the foreseeable future, driven by several key factors. There is a notable increase in the number of clinical trials aimed at evaluating the potential health benefits of CBD across various medical conditions. This research-driven approach is expected to stimulate demand for CBD-based pharmaceutical products, as the results of these trials become available and highlight the therapeutic properties of CBD. Additionally, many companies are capitalizing on the growing demand for CBD-infused products by purchasing bulk CBD oil and incorporating it into pharmaceutical formulations designed to address pain management and stress relief. Consequently, these products are anticipated to witness robust growth within the pharmaceutical segment, contributing to the expansion of the CBD market.
The pharmaceutical segment is projected to experience accelerated growth over the forecast period. This rapid expansion can be attributed to the evolving regulatory landscape surrounding CBD, which is gradually transitioning CBD-based products from herbal remedies to regulated prescription drugs. As regulatory frameworks continue to evolve and become more favorable towards CBD-based pharmaceuticals, market growth is expected to accelerate further. Additionally, there is a growing acknowledgment of the medicinal benefits offered by CBD, including its therapeutic properties in alleviating various medical conditions. This increasing recognition of CBD's medical potential is expected to drive sustained demand for CBD-based pharmaceutical products, positioning the pharmaceutical segment as a key growth driver within the CBD market.
Global Cannabidiol (CBD) Market, By Geography
In this report, the Global Cannabidiol (CBD) Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Cannabidiol (CBD) Market Share (%), by Geographical Region, 2023
In 2023, North America emerged as the dominant player in the cannabidiol (CBD) market, capturing a substantial revenue share of 87.4%. The region is poised for significant growth in the CBD market, driven by several factors. These include a large population of health-conscious individuals, increasing acceptance of CBD products, the presence of major manufacturers, and the passage of the U.S. Farm Bill in 2020. North America is widely regarded as the most advanced region in the cannabis industry, with a high concentration of CBD companies and favorable regulatory frameworks governing the use of CBD products. The heightened awareness among Americans regarding the myriad benefits associated with cannabidiol is further propelling the growth of the CBD market in the U.S.
Europe is forecasted to witness the fastest growth in the CBD market over the forecast period. The region's growth is fueled by increasing consumer awareness of the health benefits offered by CBD, coupled with the easy availability and affordability of CBD oil products. The United Kingdom, in particular, has seen a surge in the popularity of CBD oil, which is commonly used in various personal care products such as shampoos, creams, and lotions. CBD products available in European markets typically contain a low percentage of CBD and are often blended with other ingredients. Additionally, CBD is marketed in various forms such as capsules, edibles, hemp oil, and vaping e-liquids. Notably, the cosmetics sector in Europe has witnessed the introduction of CBD-infused skincare products, highlighting the diversification of CBD applications in the region.
Asia Pacific is poised to record significant growth in the CBD market, driven by factors such as the establishment of hemp production facilities, particularly in China. China stands out as a leading hemp producer in Asia, accounting for nearly half of the world's hemp production. The country exports a significant portion of its hemp products to key markets including the U.S., Germany, the U.K., the Netherlands, and Japan. China has begun cultivating hemp in three provinces specifically for CBD extraction purposes. New government policies supporting the hemp industry, coupled with low CBD production costs and robust manufacturing infrastructure and expertise, are expected to position Asia Pacific as a competitive player in the global CBD market, challenging traditional CBD suppliers in the U.S., Canada, and the European Union.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Cannabidiol (CBD) Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers
- Growing Consumer Awareness and Acceptance
- Increasing Scientific Research and Clinical Trials
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Rising Demand for Natural and Organic Wellness Solutions - The Consumers are increasingly prioritizing products derived from natural sources and free from synthetic additives, chemicals, and pesticides. CBD products, being plant-based and derived from the hemp plant, resonate well with this trend towards natural and organic solutions. The inherent perception of CBD as a natural remedy for various health issues, coupled with its minimal processing and organic origins, appeals to health-conscious consumers seeking alternatives to conventional pharmaceuticals. As individuals become more conscious of the potential adverse effects associated with synthetic medications, they are turning towards CBD as a safer, more holistic wellness solution.
The growing awareness of the potential health benefits offered by CBD is driving consumer interest and adoption. Scientific research and anecdotal evidence suggest that CBD may offer a wide range of therapeutic effects, including relief from chronic pain, anxiety, insomnia, and inflammation. As consumers seek alternative remedies for managing various health conditions, CBD products are gaining popularity for their purported therapeutic properties. Additionally, the increasing acceptance of CBD by healthcare professionals and regulatory authorities is bolstering consumer confidence in the safety and efficacy of CBD-based products. This growing recognition of CBD as a natural, non-intoxicating substance with potential health benefits is fueling the demand for CBD products as part of holistic wellness regimens.
Restraints
- Development of Pharmaceutical-Grade CBD Products
- Delivery Method Advancements
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Improved Cultivation Practices - Improved cultivation practices present significant opportunities for the CBD (Cannabidiol) industry. By adopting advanced cultivation techniques, such as hydroponics, aeroponics, and vertical farming, CBD producers can optimize plant growth, increase yields, and enhance the quality of their harvests. These modern cultivation methods offer precise control over environmental factors such as temperature, humidity, light, and nutrient levels, leading to healthier and more robust hemp plants. Additionally, the use of sustainable cultivation practices, including organic farming methods and renewable energy sources, can appeal to environmentally conscious consumers and contribute to a positive brand image for CBD companies.
Advancements in genetics and breeding techniques offer opportunities to develop hemp cultivars with desirable traits, such as higher CBD content, disease resistance, and faster growth rates. Through selective breeding and genetic engineering, researchers can tailor hemp varieties to meet the specific needs of CBD producers and consumers. For instance, breeding programs focused on increasing CBD levels while reducing THC (tetrahydrocannabinol) content can lead to the development of hemp strains that comply with regulatory standards and are well-suited for CBD extraction. The emergence of tissue culture technology allows for the rapid propagation of elite hemp clones, ensuring genetic uniformity and consistency in CBD production. Improved cultivation practices hold immense potential for driving innovation, efficiency, and sustainability within the CBD industry, positioning it for long-term growth and success.
Opportunities
- Development of Pharmaceutical-Grade CBD Products
- Delivery Method Advancements
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Improved Cultivation Practices - Improved cultivation practices present significant opportunities for the CBD (Cannabidiol) industry. By adopting advanced cultivation techniques, such as hydroponics, aeroponics, and vertical farming, CBD producers can optimize plant growth, increase yields, and enhance the quality of their harvests. These modern cultivation methods offer precise control over environmental factors such as temperature, humidity, light, and nutrient levels, leading to healthier and more robust hemp plants. Additionally, the use of sustainable cultivation practices, including organic farming methods and renewable energy sources, can appeal to environmentally conscious consumers and contribute to a positive brand image for CBD companies.
Advancements in genetics and breeding techniques offer opportunities to develop hemp cultivars with desirable traits, such as higher CBD content, disease resistance, and faster growth rates. Through selective breeding and genetic engineering, researchers can tailor hemp varieties to meet the specific needs of CBD producers and consumers. For instance, breeding programs focused on increasing CBD levels while reducing THC (tetrahydrocannabinol) content can lead to the development of hemp strains that comply with regulatory standards and are well-suited for CBD extraction. The emergence of tissue culture technology allows for the rapid propagation of elite hemp clones, ensuring genetic uniformity and consistency in CBD production. Improved cultivation practices hold immense potential for driving innovation, efficiency, and sustainability within the CBD industry, positioning it for long-term growth and success.
Competitive Landscape Analysis
Key players in Global Cannabidiol (CBD) Market include:
- ENDOCA
- Cannoid, LLC
- Medical Marijuana, Inc.
- Folium Europe B.V.
- Canopy Growth Corporation
- Elixinol
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- PharmaHemp
- The Cronos Group
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Source
- Market Snapshot, By Sales
- Market Snapshot, By End User
- Market Snapshot, By Region
- Global Cannabidiol (CBD) Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
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Growing Consumer Awareness and Acceptance
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Increasing Scientific Research and Clinical Trials
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Rising Demand for Natural and Organic Wellness Solutions
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- Restraints
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Regulatory Uncertainty
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Product Quality and Standardization
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Marketing and Advertising Restrictions
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- Opportunities
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Development of Pharmaceutical-Grade CBD Products
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Delivery Method Advancements
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Improved Cultivation Practices
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- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Cannabidiol (CBD) Market, By Source, 2022 - 2032 (USD Million)
- Hemp
- Marijuana
- Global Cannabidiol (CBD) Market, By Sales, 2022 - 2032 (USD Million)
- B2B
- By End-use
- Pharmaceuticals
- Wellness
- Food & Beverages
- Personal Care & Cosmetics
- Nutraceuticals
- Others
- By End-use
- B2C
- By Sales Channel
- Hospital Pharmacies
- Online
- Retail Stores
- By End-use
- Medical
- Chronic Pain
- Mental Disorders
- Cancer
- Others
- Medical
- Personal Use
- By Sales Channel
- B2B
- Global Cannabidiol (CBD) Market, By Source, 2022 - 2032 (USD Million)
- Global Cannabidiol (CBD) Market, By End User, 2022 - 2032 (USD Million)
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Medical
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Chronic Pain
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Mental Disorders
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Cancer
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Others
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Personal Use
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Pharmaceuticals
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Wellness
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Food & Beverages
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Personal Care & Cosmetics
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Nutraceuticals
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Others
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- Global Cannabidiol (CBD) Market, By Geography, 2022 - 2032 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Competitive Landscape Analysis
- Company Profiles
- ENDOCA
- Cannoid, LLC
- Medical Marijuana, Inc.
- Folium Europe B.V.
- Canopy Growth Corporation
- Elixinol
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- PharmaHemp
- The Cronos Group
- Company Profiles
- Analyst Views
- Future Outlook of the Market
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