Global Cannabidiol Market – Size, Share and Growth Overview
MarkNtel Advisors, a leading market research company, has recently released its latest Global Cannabidiol Market Report By Application (Medicinal Use, Beauty, & Personal Care, Pets, Recreational), By Product Type (Edibles, Flower, Oil & Tinctures, Pills & Capsules, Topicals, Others) and others forecast [2024-30]. This comprehensive examination analyzes the Cannabidiol market size, share, growth, and revenue of the market by 2030. Our research provides valuable insights for individuals making data-driven decisions, including business owners and analysts. Whether your objective is to explore new markets, launch a new product, or maintain a competitive edge, our research report on the market offers well-researched facts and figures related to market size, share, growth, and revenue in the industry.
What would be the growth rate or CAGR of the Cannabidiol Market during 2024-30?
The Global Cannabidiol (CBD) Market size was valued at USD 22.7 billion in 2023 and is projected to grow at a CAGR of around 19.21% during the forecast period, i.e., 2024-30.
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What Key Factor is Anticipated to Propel the Cannabidiol Market from 2024-2030?
Growing Inclination of Government Toward Approving CBD to treat Mental Disorders – Since 2017, products derived from cannabis have been gaining significant interest owing to their health-related benefits for anxiety, muscle pain, seizures, etc. In addition, progressive research & drug developments have evaluated that important medical therapies could be well-performed using CBD. As a result, due to its non-psychoactive behavior, CBD has emerged as a treatment for seizures in recent years.
In the light of controlled clinical trials, the US government approved a CBD-based drug for epilepsy treatment in 2018. Therefore, such approvals for CBD-based drugs & medicines by government authorities worldwide are likely to drive the Global Cannabidiol Market during 2024-30. For instance, in 2018:
- The U.S. Food & Drug Administration approved Epidiolex (CBD) oral solution to treat seizures. The medicine has been made specifically to treat two severe epilepsies associated with a seizure.
- The government of the United Kingdom has allowed doctors to prescribe CBD-based products.
- The government of South Korea also legalized and has been strictly regulating the usage of CBD-based medicines & products.
Global Cannabidiol (CBD) Market Growth Challenge:
Illegal/Black Market Interference – The illegal sale of CBD has posed a hindrance in the growth of the Global CBD Market in recent years since it was initially illegal for recreational or leisure activities, which, in turn, propagated the black market of CBD. In addition, North America witnessed the growing cases of black Cannabidiol (CBD) even after the legalization of cannabis due to high taxes imposed by governments of countries like Canada & the US on CBD-based products bought from legal market providers. Furthermore, the lack of legal dispensaries also propelled the black market of CBD. As of 2019, according to the US government, California had reported the majority of black CBD sales.
Despite the Australian government legalizing CBD in late 2020 for medical uses, illegal sales of CBD were still observed in the country during 2021 since it was cheaper for consumers instead of purchasing it from legalized vendors. It further ignited the sales of black CBD, which, as a result, negatively impacted the global market growth during the historical period. The same trend is likely to be followed in the coming years if the national governments do not reduce taxes or put stricter regulations on the illegal possession of CBD.
On Geographical Scale, the Market Expand Across the:
- North America
- South America
- Middle East & Africa
Which Companies Are Leading in the Cannabidiol Market Between 2024-2030?
The report looks closely at big companies in the market, studying how they plan to be in the market over the coming years. The information we gathered can even help new companies in the long run. With useful facts and advice, our report gives a clear picture of the market, helping investors and others make strong decisions in the Cannabidiol market. The report points out important companies, including:
> Aurora Cannabis Inc
> CV Sciences
> Cannabidiol (CBD) American Shaman
> Bluebird Botanicals
> Isodiol International
> Medical Marijuana Inc
> Hemp Inc
> Canopy Growth Corporation
accompanied by their respective net worth and valuation in USD.
Global Cannabidiol Industry Segmentation:
The segmented of Global Cannabidiol Market is as follows:
1- By Application
> Medicinal Use
> Beauty & Personal Care
2- By Product Type
> Oil & Tinctures
> Pills & Capsules
> Others (Vape, Spray, etc.)
3- By Distribution Channel
> Regulated Dispensary
> Stand-Alone Retailers
> Department/Super Stores
> Online Portals
Note – If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.
Key Questions Covered in this Cannabidiol Market Research Report
- What is the current size of the Cannabidiol Market, and what factors drive its growth?
- How does the Cannabidiol Market share compare among key players, and what strategies are they using to gain a competitive advantage?
- What are the latest trends in the Cannabidiol Market, and how are these trends expected to evolve in the near future?
- What is the demand outlook for the Cannabidiol Market, and how is it influenced by industry-specific factors and broader economic trends?
- What opportunities are available for investors in the Cannabidiol Market, and what are the latest investment trends and preferences in this sector?
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