Cannabidiol Market Size 2024 | Industry Share, Growth And Forecast 2032

IMARC Group's report titled "Cannabidiol Market Report by Product (CBD Oil, CBD Isolates, CBD Concentrates, and Others), Source Type (Marijuana, Hemp), Grade (Food Grade, Therapeutic Grade), Sales Type (B2B, B2C), and Region 2024-2032". The global cannabidiol market size reached US$ 6.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 22.1 Billion by 2032, exhibiting a growth rate (CAGR) of 15.46% during 2024-2032.

Factors Affecting the Growth of the Cannabidiol Industry:

• Growing Acceptance and Legalization:

The market is experiencing growth due to the increasing acceptance and legalization of cannabis-based products. Many countries and states are updating their laws to allow for medical and recreational use helping to expand the applications of CBD. This change in regulations is making it easier for businesses to operate in the by removing obstacles to access and creating a more favorable regulatory climate. As a result, CBD products are becoming more accessible to consumers, driving up demand. Additionally, as attitudes towards cannabis change and negative perceptions decrease, more people are turning to CBD for its possible health benefits and therapeutic qualities.

• Rising Awareness of Health Benefits:

The growing recognition of CBD's advantages is fueling the market's expansion. Ongoing scientific studies are uncovering more proof of CBD's effectiveness in addressing a range of health issues. As a result, CBD is gaining popularity for its diverse uses in enhancing overall well-being, including alleviating pain, anxiety, and sleep disturbances, as well as promoting healthy skin. Furthermore, the trend towards natural and holistic approaches to health is driving consumers to seek alternatives to traditional medications, sparking a surge in interest in CBD products. The endorsement of CBD by social media personalities, celebrities, and health professionals is also contributing to its increased visibility and appeal to a wider audience.

• Diverse Product Innovation:

The market is expanding due to a steady flow of new CBD products being introduced to meet the diverse needs of consumers. Companies are dedicating resources to research and development in order to produce innovative CBD items that cater to a range of preferences. Whether it's oils, edibles, topicals, beverages, or pet products, leading companies are providing a wide selection for consumers to pick from. This variety not only showcases the flexibility of CBD but also ensures that individuals can find products that match their lifestyles, preferences, and goals.

Leading Companies Operating in the Global Cannabidiol Industry:

• Aurora Cannabis Inc.
• Canopy Growth Corporation
• CV Sciences Inc.
• Elixinol Global Limited
• Endoca BV
• Folium Biosciences
• Green Roads of Florida LLC (The Valens Company Inc.)
• Isodiol International Inc.
• Koi CBD
• Medical Marijuana Inc.
• Medterra CBD
• NuLeaf Naturals LLC
• PharmaHemp d.o.o.
• Tilray Brands Inc

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/cannabidiol-market/requestsample

Cannabidiol Market Report Segmentation:

By Product:

• CBD Oil
• CBD Isolates
• CBD Concentrates
• Others

CBD isolates represent the largest segment as they contain zero THC, the psychoactive compound found in cannabis.

By Source Type:

• Marijuana
• Hemp

Marijuana accounts for the majority of the market share due to its ability to alleviate pain.

By Grade:

• Food Grade
• Therapeutic Grade

Therapeutic grade holds the biggest market share. It is of high quality and suitable for therapeutic use.

By Sales Type:

• B2B
• B2C

B2B exhibits a clear dominance in the market owing to the increasing number of benefits offered by it, including the availability of customization.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Global Cannabidiol Market Trends:

The evolving regulatory environment for CBD has a profound impact on the industry's growth and development. As governments establish rules for CBD production, distribution, and sales, companies must carefully comply with these regulations to operate lawfully. Clear and consistent regulations are essential for fostering a thriving market, as they provide businesses with a sense of security and reassure consumers about the safety and quality of CBD products. Furthermore, recent regulatory advancements, such as the approval of CBD-based medications and the launch of hemp cultivation initiatives, are creating new avenues for market growth and establishing benchmarks for industry excellence.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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