April 19, 2024

Cannabidiol Market Size to Reach USD 35.96 Billion by 2033

The global cannabidiol market size was valued at USD 8.13 billion in 2023 and is projected to grow to around USD 35.96 billion by 2033 with a CAGR of 16.03% from 2024 to 2033.

Key Points

  • North America held the largest market share of 82% in 2023.
  • By source type, the hemp segment held the largest market share.
  • By sale type, the B2B segment holds the largest market share.
  • By end use, the pharmaceutical segment holds the largest market share.

Cannabidiol Market Size 2024 to 2033

The Cannabidiol (CBD) market has witnessed significant growth in recent years, driven by increasing awareness of its potential health benefits and relaxation of regulatory restrictions in many regions. CBD, a non-psychoactive compound derived from the cannabis plant, has gained popularity for its purported therapeutic properties, including pain relief, anxiety reduction, and anti-inflammatory effects. The market encompasses a wide range of products, including oils, tinctures, capsules, edibles, topicals, and beverages, catering to diverse consumer preferences and needs. With the expanding acceptance of CBD as a natural remedy, the market is poised for continued expansion in the foreseeable future.

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Growth Factors:

Several factors contribute to the robust growth of the CBD market. One key driver is the growing trend toward natural and holistic health remedies, with consumers increasingly seeking alternatives to pharmaceutical drugs. CBD’s perceived effectiveness in managing various health conditions without the adverse side effects commonly associated with traditional medications has fueled its demand among health-conscious individuals. Additionally, the legalization of hemp-derived CBD in many countries has opened up new market opportunities, enabling companies to expand their product offerings and reach a broader customer base. Moreover, ongoing research into the therapeutic potential of CBD continues to uncover new applications, driving innovation and product development in the industry.

Region Insights:

The CBD market exhibits significant regional variation, influenced by regulatory frameworks, cultural attitudes toward cannabis, and consumer preferences. North America leads the global market, driven by the legalization of cannabis for medical and recreational use in several states and provinces. The United States, in particular, accounts for a substantial share of CBD sales, with a robust infrastructure of dispensaries, online retailers, and wellness stores catering to diverse consumer demographics. Europe also represents a sizable market, with countries like the United Kingdom, Germany, and Switzerland experiencing rapid growth in CBD adoption. Meanwhile, Asia-Pacific presents untapped potential, with emerging markets like China and Japan gradually liberalizing regulations on CBD products.

Cannabidiol Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 16.03%
Global Market Size in 2023 USD 8.13 Billion
Global Market Size by 2033 USD 35.96 Billion
U.S. Market Size in 2023 USD 4 Billion
U.S. Market Size by 2033 USD 17.69 Billion
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Source Type, By Sales Type, and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Cannabidiol Market Dynamics

Drivers:

Several factors contribute to the growth of the CBD market. Firstly, increasing awareness of CBD’s potential health benefits, coupled with a growing preference for natural remedies, drives consumer demand. Additionally, the expanding legalization of cannabis for medicinal and recreational purposes in various regions opens up new market opportunities for CBD products. Furthermore, the proliferation of online retail channels and the availability of CBD products in mainstream stores make them easily accessible to consumers, further fueling market growth. Moreover, endorsements from celebrities and influencers, as well as favorable media coverage, contribute to the normalization of CBD use and help destigmatize cannabis-related products.

Restraints:

Despite its rapid growth, the CBD market faces certain challenges that could hinder its expansion. One significant restraint is the lack of clear regulations and inconsistent enforcement, leading to confusion among consumers and businesses alike. Regulatory uncertainty creates barriers to market entry and limits investment in research and development. Additionally, concerns regarding product quality and safety, including the risk of contamination and mislabeling, pose a challenge to consumer trust and confidence in CBD products. Moreover, lingering stigma associated with cannabis and misconceptions about CBD’s psychoactive effects impede mainstream acceptance and adoption.

Opportunities:

The CBD market presents numerous opportunities for growth and innovation. As scientific research continues to uncover the therapeutic potential of CBD, new applications and formulations are likely to emerge, expanding the market beyond its current scope. Moreover, partnerships between CBD companies and established brands in sectors such as beauty, wellness, and food and beverage open up new distribution channels and market segments. Furthermore, advancements in cultivation techniques and extraction methods enable companies to improve product quality, consistency, and scalability, enhancing their competitive edge in the market. Additionally, increasing consumer interest in sustainable and eco-friendly products creates opportunities for CBD companies to differentiate themselves through ethical practices and environmental stewardship.

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Recent Developments

  • In January 2023, the NCL released a statement regarding the FDA’s decision on the CBD regulatory framework.
  • In February 2024, Avicanna reported a new supply and licensing agreement for two products.
  • In November 2022, PrograMetrix & WUNDERWORX launched a partnership to assist cannabis and CBD brands in achieving mainstream marketing success.
  • In November 2023, The CURE Brand expanded its cannabis wellness consumer products into Asia.
  • In February 2024, Curaleaf International acquired Can4Med, expanding its presence in Poland’s growing medical cannabis market.

Cannabidiol Market Companies

  • ENDOCA
  • Cannoid, LLC
  • Medical Marijuana, Inc.
  • Folium Europe B.V.
  • Canopy Growth Corporation
  • Elixinol
  • NuLeaf Naturals, LLC
  • Isodiol International, Inc.
  • PharmaHemp
  • The Cronos Group

Segments Covered in the Report

By Source Type

  • Hemp
  • Marijuana

By Sales Type

  • B2B
    • By End-use
      • Pharmaceuticals
      • Wellness
        • Food & Beverages
        • Personal Care & Cosmetics
        • Nutraceuticals
        • Others
  • B2C
    • By Sales Channel
      • Hospital Pharmacies
      • Online
      • Retail Stores

By End-use

  • Medical
    • Chronic Pain
    • Mental Disorders
    • Cancer
    • Others
  • Personal Use
  • Pharmaceuticals
  • Wellness
    • Food & Beverages
    • Personal Care & Cosmetics
    • Nutraceuticals
    • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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