Cannabidiol Global Market Report 2024

Cannabidiol (CBD) is a chemical compound derived from the Cannabis Sativa plant, known as hemp or cannabis. It is utilized for various health conditions, including epilepsy, anxiety, dystonia, pain, Parkinson's disease, Crohn's disease, and more. Additionally, CBD is incorporated into coffee products, skincare items, and pet treats.

The primary product types of cannabidiol encompass oil, tinctures, suppositories, transdermal patches, vape oil, isolates, creams and roll-ons, capsules, tablets, and other formulations. CBD oil is formulated by extracting CBD from cannabis plants and blending it with a carrier oil like coconut or hemp seed oil. The sources of CBD include marijuana and hemp, utilized in oil and supplement production. Applications span medical, personal use, pharmaceuticals, and wellness, with distribution through channels like hospital pharmacies, retail pharmacies, online stores, and other distribution channels.

The cannabidiol market research report is one of a series of new reports that provides cannabidiol market statistics, including cannabidiol industry global market size, regional shares, competitors with a cannabidiol market share, detailed cannabidiol market segments, market trends and opportunities, and any further data you may need to thrive in the cannabidiol industry. This cannabidiol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cannabidiol market size has grown exponentially in recent years. It will grow from $9.41 billion in 2023 to $13.01 billion in 2024 at a compound annual growth rate (CAGR) of 38.2%. The growth in the historic period is associated with shifts in the regulatory environment, resulting in the increased legalization of CBD. This was complemented by the growing awareness and acceptance among the public regarding the potential health benefits of CBD. Additionally, the expansion of medical research supporting the use of CBD for various health conditions played a crucial role. The market also witnessed the emergence of diverse product categories, including CBD-infused foods, beverages, and skincare items. Furthermore, the increased availability of CBD products through retail and e-commerce channels contributed to the overall growth.

The cannabidiol market size is expected to see exponential growth in the next few years. It will grow to $43.81 billion in 2028 at a compound annual growth rate (CAGR) of 35.5%. The projected growth in the forecast period is driven by the global legalization and regulatory harmonization of CBD products. Additionally, increased pharmaceutical research and development for FDA-approved CBD medications is anticipated to contribute significantly. Growing consumer interest in CBD for mental health and relaxation is expected to fuel market expansion, along with the increasing popularity of CBD in the pet market and veterinary applications. The forecast period also predicts the expansion of the hemp industry for CBD production. Notable trends include the development of novel CBD delivery methods and formulations, the integration of blockchain and traceability solutions in the CBD supply chain, substantial investment in research and development for new CBD-based pharmaceuticals, the emergence of customized CBD formulations, and advancements in novel CBD delivery methods.

The growing market acceptance and utilization of CBD products, fueled by government approvals, are poised to drive the expansion of the cannabidiol market. CBD, derived from Cannabis Sativa, serves as a key ingredient in various consumer products and therapeutic applications. Recognizing the potential health benefits, governments worldwide are taking measures to improve regulatory pathways for the lawful marketing of CBD products, contributing to the market's growth. An illustrative example is the Therapeutic Goods Administration in Australia, which, in January 2022, approved approximately 210,000 SAS Category B applications for unapproved medicinal cannabis products.

The anticipated rise in neurological disorders is set to be a significant driver for the cannabidiol market. Neurological disorders affecting the central and peripheral nervous systems, including the brain and spinal cord, are increasingly prevalent. Cannabis has shown promise in treating neurological conditions by regulating calcium homeostasis and reducing neuroinflammation. As reported by the Parkinson's Foundation in December 2022, the incidence rate of Parkinson's disease in the United States surged to nearly 90,000 diagnoses annually, a notable increase from previous estimates of 60,000 yearly diagnoses.

A noteworthy trend gaining momentum in the cannabidiol market is product innovation. Companies are leveraging innovation to introduce new and improved products, differentiating themselves in a competitive market and attracting a broader customer base. For instance, in December 2021, Cibdol, a Netherlands-based CBD and wellness company, unveiled its exclusive CBD Oil 2.0 range. This innovative product boasts elevated levels of essential compounds, including CBC, CBG, CBN, CBDa, alongside high-purity CBD. The new CBD oil formula addresses various physical and mental challenges associated with modern living, offering solutions for conditions related to appetite, mood, pain, and sleep.

Key players in the cannabidiol market are strategically forming partnerships to expand their market reach and capitalize on combined resources. Strategic collaborations involve agreements between independent organizations to pursue mutually agreed-upon objectives. A notable example is the partnership between Teva Pharmaceutical, an Israel-based pharmaceutical company, and Tikun Olam-Cannbit, an Israel-based firm specializing in medical cannabis research. This collaboration, established in December 2021, aims to develop specific medical cannabis products in oil form, with Teva Israel responsible for marketing these products to patients in Israel.

In August 2021, Village Farms International Inc., a Canada-based greenhouse produce company, executed the acquisition of Balanced Health Botanicals for $75 million. This strategic move is geared towards enhancing Village Farms International Inc.'s position in the U.S. retail CBD market. Balanced Health Botanicals, a U.S.-based company, is a producer of high-quality health and wellness products, owning and operating various brands in the hemp-derived CBD market.

Major companies operating in the cannabidiol market include Endoca BV, Cannoid LLC, Medical Marijuana Inc., Folium Biosciences, Elixinol Global Limited, NuLeaf Naturals LLC, Isodiol International Inc., Pharmahemp d.o.o., Canopy Growth Corp., CV Sciences Inc., Medterra LLC, Cronos Group, CBD American Shaman LLC, Walgreens Boots Alliance, Aphria Inc., Maricann Inc., Tilray Inc., Organigram Holding Inc., CannTrust Holdings Company, Charlotte's Web Holdings Inc., Aurora Cannabis Inc., GW Pharmaceuticals PLC, Green Roads, HempMeds PX LLC, Eco Sciences, Bluebird Botanicals, HempFusion Inc., Kannaway LLC, Lazarus Naturals, Kazmira LLC, HempLife Today LLC

North America was the largest region in the cannabidiol market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabidiol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the cannabidiol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The cannabidiol market consists of sales of full spectrum CBD, broad spectrum CBD and CBD isolate forms of cannabidiol products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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