The global cannabidiol market size was valued at USD 5.61 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.5% from 2022 to 2028.
Cannabidiol is extracted from cannabis or hemp, but more specifically from hemp due to its naturally high CBD content. The substance is frequently confused with the same plant’s psychoactive counterpart, tetrahydrocannabinol (THC), extracted. It has many advantages for treating anxiety, preventing seizures, lowering inflammation, and relieving pain. The market is changing more quickly since the cosmetics, food, and pharmaceutical industries use it more frequently. As more people learn about the product’s advantages, the market has enormous growth potential.
The market has worsened due to the COVID-19 outbreak and actions taken by various governments, such as social isolation and lockdown. Since January 2020, the revenue generated by the food services industry, as well as other sectors, including the bakery, beverage servings, and dairy, has significantly decreased. In addition, the operators are worried about the cash flow and surviving the storm because the lockdown has affected several table services across the globe. The International Facility Management Association (IMFA) estimates that 84% of in-store activities were impacted by the pandemic in 2020, with food services accounting for a sizeable portion of those operations.
Market Segmentation:
The global Cannabidiol (CBD) Market is segmented based on Source (Marijuana and Hemp), Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, and Others).
The producers are using a large amount of marijuana to produce CBD due to the market’s growing acceptance of serving innovative and refined products. The market domination of marijuana over goods derived from hemp has been facilitated by the drug’s accessibility, particularly in Europe and North America. Additionally, the growing legalization and popularity in developing nations have increased competition between businesses. As customer demand changes throughout different regions, hemp is also gaining popularity.
One area that consistently concentrates on innovations, development, and research on new and potent pharmaceutical items is the pharmaceutical industry. Due to its extensive benefits, such as its neuroprotective and pain-relieving characteristics, manufacturers have discovered a significant role for CBD in the production of their products. IQVIA Institute for Human Data Science estimates that the value of the global pharmaceutical market was USD 1.2 trillion in 2018. At a CAGR of 4-5%, it was projected to reach USD 1.5 trillion by 2023. Thus, the rapidly growing sector further ensures a huge demand for cannabidiol and its products in the forthcoming years. To address consumer demand for fortified foods, the food and beverage industry is fueling the use of CBD in its manufacturing.
Increased approvals for CBD products are a result of the quick development of treatments, medications, and other consumer goods derived from cannabis and its advantageous health effects. The Food and Drug Administration (FDA) of the United States has acknowledged several possible uses for CBD and the possibility of incorporating it into various food and non-food applications. However, the FDA is trying to safeguard public health and enhance the effectiveness of regulatory processes for bringing good goods to market (including cannabidiol acids). As a result, the producers are putting more effort into finding CBD to add to food and other items. Thus, during the projection period, the expansion of the global CBD business would benefit from the increasing dependence on products.
Globally, the constantly expanding pharmaceutical business is aware of the value and advantages of cannabis and its by-products. One of the main components of cannabis that the pharmaceutical business has used to provide health safety assurance for a variety of illnesses is CBD. It has qualities like being naturally plant-based and a natural substitute for several conventional medicines that are aggressively sold to producers and customers globally. As a result, its use in medications and other medical therapies is being approved by the governments of various regions and nations, which is anticipated to expand and boost these items’ sales and distribution throughout the projection year.
The cannabidiol market share in North America was the highest in 2020. In recent years, nations including the U.S. and Canada have begun to relax their regulations for cannabidiol products, which has improved public acceptability. Consumer demographics are always changing, and manufacturers of food, pharmaceuticals, and cosmetics are already recognizing the benefits of CBD. It is anticipated that the rising demand among various age groups and genders will encourage their spending on goods. Because of the growing customer preference for tobacco-free products, sales of these items, particularly smoking, vaping, and edibles, are booming across Europe. In a few years, North America will likely face intense competition due to the growing demand for such products in the region.
Some of the major key players operating in the market are Medical Marijuana Inc., (U.S.), Cannoid, LLC, (U.S), Isodiol International Inc. (Canada), ENDOCA, (U.S.), Folium Biosciences (U.S.), Aurora Cannabis Inc. (Canada), Pharmahemp d.o.o (Europe), Elixinol Global (Sydney, Australia), CV Sciences (U.S.), Medterra CBD (U.S.)
Report Attribute | Details |
The market size value in 2021 | USD 5.61 billion |
The revenue forecast in 2028 | USD xx billion |
Growth rate | CAGR of 17.5% from 2022 to 2028 |
The base year for estimation | 2021 |
Historical data | 2017 – 2021 |
Forecast period | 2022 – 2030 |
Quantitative units | Revenue in USD million/billion and CAGR from 2022 to 2030 |
Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered | Source type, sales type, end-use, region |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA, Africa |
Country Scope | U.S., Canada, Mexico, UK, France, Germany, Spain, Russia, Italy, BENELUX, Nordic Region, Poland, China, Japan, South Korea, India, Australia, Southeast Asia, Taiwan, Brazil, Argentina, Chile, Peru, Colombia, Israel, Turkey, Saudi Arabia, UAE, Egypt, South Africa, The East African Community (EAC), Nigeria |
Key Companies Profiled | Medical Marijuana Inc., (U.S.), Cannoid, LLC, (U.S), Isodiol International Inc. (Canada), ENDOCA, (U.S.), Folium Biosciences (U.S.), Aurora Cannabis Inc. (Canada), Pharmahemp d.o.o (Europe), Elixinol Global (Sydney, Australia), CV Sciences (U.S.), Medterra CBD (U.S.) |
Customization scope | Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
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