Cannabidiol Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.14 Billion |
| Market Size (2029) | USD 18.91 Billion |
| CAGR (2024 - 2029) | 15.65 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cannabidiol Market Analysis
The Cannabidiol Market size is estimated at USD 9.14 billion in 2024, and is expected to reach USD 18.91 billion by 2029, growing at a CAGR of 15.65% during the forecast period (2024-2029).
Nearly every industry, including the market for cannabidiol, has experienced unprecedented lockdowns as a result of the COVID-19 epidemic, which has also changed customer behavior. According to the study published in the International Journal of Drug Policy in December 2021, during the epidemic in 2020 compared to the same period before the pandemic, mean monthly cannabis sales in all four states increased. Sales reached a three-year peak in Washington, Alaska, Colorado, and Oregon in 2020. The study found that cannabidiol sales increased during the pandemic, which had a positive impact on the market under investigation. This trend is anticipated to continue throughout the projected period as the incidence of neurological diseases is anticipated to rise.
The increasing incidence of chronic disorders such as neurodegenerative disorders, diabetes, etc., and the effectiveness of CBD products in treating the same is the major driving factor for the growth of the market. For instance, in the Journal of Clinical Neurology in August 2021, epilepsy is the third most common neurological disorder after stroke and dementia, affecting approximately 70 million patients worldwide. Additionally, the WHO, in 2021, more than 55 million people live with dementia worldwide, and nearly 10 million new cases every year. Alzheimer's disease is the most common form of dementia and may contribute to 60-70% of the cases. In the article published in the Journal of Alzheimer's Association in December 2021, it is estimated that the number of people with dementia will increase from 57.4 million cases globally in 2020 to 152.8 million cases by 2050. Thus, the increasing cases of chronic disorders and the effectiveness of CBD products in the treatment of such chronic disorders boost the growth of the market in the forecast period.
Additionally, to increase the awareness of the individual various organization is conducting various programs and activities that are expected to propel the growth of the market. For instance, in May 2022, National Health Observances (NHOs) brought attention to crucial health issues affecting Americans as a whole. It promotes awareness of issues such as HIV testing, safety, sickle cell disease, and Alzheimer's disease. Similarly, the very year in June the Alzheimer's Association recognizes Alzheimer's and Brain Awareness Month. Such initiatives increase the awareness of various health issues including neurological diseases which is expected to propel the growth of the market.
However, strict regulation on cannabidiol products may restrain the market growth over the forecast period.
Cannabidiol Market Trends
The Hemp Segment is Expected to Hold a Significant Share in the Cannabidiol (CBD) Market.
The sudden outbreak of COVID-19 has increased the demand for Cannabidiol (CBD) Market due to the increased neurodegenerative disorders such as stress and anxiety are expected to propel the growth of the market.
The Hemp source is expected to dominate the studied market during the forecast period. The rising adoption of refined CBD products, along with the increasing approval of hemp-derived products for medicinal products for various medical applications, is driving the growth of this segment. In January 2022, FDA published that the agency approved one cannabis-derived drug product named 'Epidolex' and three synthetic cannabis-related drug products named 'Marinol (Dronabinol), Syndros (dronabinol), and Cesamet (nabilone). Additionally, the increasing hemp-derived CBD product launches to meet the growing demand for the treatment of various neuro disorders is also expected to propel the growth of this segment. For instance, in August 2022 BioLife Sciences Inc. has launched its first line of cannabinoid consumer products. The Company will be offering six distinct industrial hemp-based tincture formulations. The hemp sciences division will be a subsector of the orthomolecular medicine and natural health products line. Similarly, in December 2021, Cibdol announced the launch of its exclusive CBD oil 2.0 range. The upgraded formula harnesses the synergy of multiple hemp extracts to work alongside CBD.
Thus, the increasing Cannabis-derived drugs and innovative CBD product launches are expected to boost the studied segment in the forecast period.
North America is Expected to Hold a Significant Share in the Market and is expected to do the Same in the Forecast Period.
The United States is likely to command the global market due to the high incidence of chronic disorders coupled with the rising demand for effective therapeutic products. Owing to the increase in research and development activities in the biopharma sector in the United States region, the cannabidiol (CBD) market is expected to grow in this region. For instance, as per the data published by the Center for Rare Neurological Disease Research in January 2021, rare neurological diseases affect approximately 200,000 individuals in the United States. Thus, the increasing incidence of such disorders and related complications increased the demand for the CBD market, thereby increasing the growth of the market in this region.
Moreover, the presence of major market players and advanced technologies for product development is expected to mark this region with dominating share. For instance, in August 2022, Cheef Botanicals launched Vegan CBD Gummies to expand its CBD portfolio. The new launch of CBD gummies aims to bring freshness to the Cannabinoid market. These are the best CBD gummies in the market as they are sourced from organic farms.
Thus, all the above-mentioned factors are expected to propel the growth of the market over the forecast period.
Cannabidiol Industry Overview
The Cannabidiol (CBD) Market Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Cannoid, LLC, MEDICAL Marijuana, Inc, Elixinol, Nuleaf Naturals LLC, Isodol International, Inc, Pharmahemp, Aurora Cannabis, Tilray, GE pharmaceuticals plc, and others.
Cannabidiol Market Leaders
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Cannoid LLC
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Medical Marijuana, Inc
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Elixinol
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Nuleaf Naturals LLC
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Aurora Cannabis
*Disclaimer: Major Players sorted in no particular order
Cannabidiol Market News
- April 2022: Hemp Bombs announced the launch of its newest offering Delts-9 THC Gummies which are available at selective retail locations and on online platforms.
- March 2022: Puration, Inc and PAO group Inc confirmed the two companies are working together on a new line of CBD nutraceuticals under PURA's Farmersville hemp brand name.
Cannabidiol Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing prevalence of Chronic diseases and related complications
4.2.2 Increasing awareness among the consumers regarding health
4.3 Market Restraints
4.3.1 Strict regulation on the Cannabidiol products
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Source
5.1.1 Hemp
5.1.2 Marijuana
5.2 By Application
5.2.1 Anxiety/ Stress
5.2.2 Neurological Conditions
5.2.3 Skin Care
5.2.4 Others
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Cannoid, LLC
6.1.2 Medical Marijuana, Inc
6.1.3 Elixinol
6.1.4 Nuleaf Naturals LLC
6.1.5 Isodol International, Inc
6.1.6 Pharmahemp D.o.o
6.1.7 Aurora Cannabis
6.1.8 Tilray
6.1.9 Jazz Pharmaceuticals plc (GW Pharmaceuticals plc)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cannabidiol Industry Segmentation
As per the scope of this report, Cannabidiol (CBD) is a chemical compound obtained from marijuana and hemp plants and is commonly used for medical purposes. The Cannabidiol (CBD) Market is segmented by Source (Hemp and Marijuana), Application (Anxiety/ Stress, Neurological Conditions, Skin Care, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The Market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers values (in USD million) for the above segments.
| By Source | |
| Hemp | |
| Marijuana |
| By Application | |
| Anxiety/ Stress | |
| Neurological Conditions | |
| Skin Care | |
| Others |
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Cannabidiol Market Research FAQs
How big is the Cannabidiol Market?
The Cannabidiol Market size is expected to reach USD 9.14 billion in 2024 and grow at a CAGR of 15.65% to reach USD 18.91 billion by 2029.
What is the current Cannabidiol Market size?
In 2024, the Cannabidiol Market size is expected to reach USD 9.14 billion.
Who are the key players in Cannabidiol Market?
Cannoid LLC, Medical Marijuana, Inc, Elixinol, Nuleaf Naturals LLC and Aurora Cannabis are the major companies operating in the Cannabidiol Market.
Which is the fastest growing region in Cannabidiol Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cannabidiol Market?
In 2024, the Asia-Pacific accounts for the largest market share in Cannabidiol Market.
What years does this Cannabidiol Market cover, and what was the market size in 2023?
In 2023, the Cannabidiol Market size was estimated at USD 7.71 billion. The report covers the Cannabidiol Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cannabidiol Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging applications of CBD in the health and wellness industry?
The emerging applications of CBD in the health and wellness industry are a) Pain management b) Anxiety relief c) Sleep disorders
What are the emerging applications of CBD in the health and wellness industry?
The emerging applications of CBD in the health and wellness industry are a) Pain management b) Anxiety relief c) Sleep disorders
CBD Industry Report
The global cannabidiol (CBD) market is experiencing significant growth, driven by the increasing acknowledgment of CBD's therapeutic benefits and the expanding legalization of hemp-based products. This market growth is evident across various sectors, including health and wellness, pharmaceuticals, and personal care. CBD's effectiveness in addressing conditions such as anxiety, seizures, and pain is particularly noteworthy.
Top CBD companies are leading the way in industry innovation by broadening their product lines to include edibles, topicals, beverages, and skincare products infused with CBD. This expansion is supported by continuous research and development efforts aimed at uncovering additional health benefits of CBD. The competitive landscape is characterized by a focus on innovation, quality, and consumer education, which helps differentiate products in the market and promotes global acceptance of CBD.
The rise of e-commerce has played a crucial role in the industry's expansion, enabling companies to reach a wider audience and boost sales. For those seeking in-depth insights, Mordor Intelligenceā¢ Industry Reports offer comprehensive analysis on CBD market share, size, revenue growth rate, and a forecast outlook. These reports, available as free PDF downloads, provide a historical overview and future predictions for the CBD market.
This industry report covers various aspects, including market size, industry analysis, industry overview, market forecast, market growth, market leaders, market report, market research, market share, and market trends. Additionally, it includes information on growth rate, industry analysis, industry information, industry outlook, industry reports, industry research, industry sales, industry size, industry statistics, industry trends, market data, market forecast, market growth, market leaders, market outlook, market overview, market predictions, market review, market segmentation, market value, report example, report PDF, and research companies.
Overall, the CBD market is on a promising trajectory, with significant opportunities for growth and innovation. The detailed insights provided in the industry reports are essential for understanding the current market dynamics and future potential of the CBD industry.
