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 increasing acceptance and legalization of cannabis-derived products are impelling the growth of the market. Apart from this, numerous countries and states are revising their legislation to legalize cannabis for both medicinal and recreational purposes. This shift in legal frameworks is contributing to the expansion of (CBD) applications by removing barriers to access and fostering a more conducive regulatory environment for businesses. As a result, CBD products are becoming more readily available to individuals, leading to a rise in demand. Furthermore, as public perception of cannabis evolves and stigmas diminish, more individuals are embracing CBD for its potential health benefits and therapeutic properties.
- Rising Awareness of Health Benefits:
The increasing awareness about the various benefits of CBD among the masses is propelling the market growth. As scientific research continues to analyze the therapeutic properties of CBD, more evidence is emerging to support its efficacy in treating various health conditions. CBD is garnering attention for its versatile applications in promoting overall health and wellness, including pain management and control, anxiety relief, skincare, and sleep disorders. Moreover, with the rise of holistic health practices and the growing preferences for natural remedies, people are actively seeking out alternatives to conventional pharmaceuticals, driving interest in CBD products. Social media influencers, celebrities, and health experts are also playing a part in raising awareness about the benefits of CBD, amplifying its visibility and accessibility to a broader audience.
- Diverse Product Innovation:
The continuous stream of product innovations, driven by the demand for diverse and convenient CBD formulations is supporting the market growth. Companies across the industry are investing heavily in research and development (R&D) to create innovative CBD products that cater to several preferences and needs. From CBD oils and tinctures to edibles, topicals, beverages, and pet products, key market players are offering a plethora of options for people to choose from. This diversity in product offerings not only reflects the versatility of CBD but also ensures that people have access to products that align with their lifestyles, preferences, and desired outcomes.
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 regulatory landscape surrounding CBD plays a significant role in shaping the market dynamics. As governments implement and refine regulations governing the production, distribution, and sale of CBD products, businesses must navigate complex compliance requirements to ensure legal operation. Regulatory clarity and consistency are crucial factors positively influencing the market, as they provide certainty for businesses and instill confidence in people regarding product safety and quality standards. Additionally, regulatory developments, such as the approval of CBD-derived pharmaceuticals or the establishment of hemp cultivation programs, are opening up new opportunities for market expansion while also setting standards for industry best practices.
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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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