The global cannabidiol market size was US$ 7.9 billion in 2021. The global cannabidiol market is forecast to grow to US$ 41.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 19.8% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Cannabidiol (CBD) has various medical applications. It is also used in supplements, beverages, and skincare products. The growing demand for these products will ultimately drive the growth of the cannabidiol market during the forecast period. Apart from that, growing prevalence of diseases will upsurge the need for effective treatment options. As a result, it will be opportunistic for the global cannabidiol market during the forecast period.
Rising R&D activities aimed at expanding the use of cannabidiol will also benefit the cannabidiol market during the analysis period. Apart from that, the pharmaceutical sector is growing rapidly across the globe. CBD is also used in the treatment of Parkinson’s, chemotherapy-related vomiting and nausea, persistent pain conditions, and other ailments. Thus, it will benefit the Cannabidiol market during the study period.
The legalization of cannabidiol is expected to bring untapped growth opportunities for the overall market. On the flip side, the availability of a high range of duplicate & synthetic products may limit the growth of the market.
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Regional Analysis
North America is forecast to hold the highest share in the global cannabidiol market due to the rising legalization of medical cannabis in independent states of the U.S. Further, rising awareness related to the medicinal benefits of cannabidiol will fuel the growth of this regional market. The market may also record significant growth due to the factors like rising prevalence of diseases and the growing cultivation and sale of both CBD and THC potent marijuana.
The Asia-Pacific cannabidiol market is forecast to record notable growth due to the establishment of hemp manufacturing plants, especially in China. China is expected to emerge as Asia’s largest hemp farm as it cultivates nearly half of the world’s hemp output. Further, the presence of a wide range of personal care and cosmetics manufacturers in the region will drive the growth of the cannabidiol market. Apart from that, the region is home to one of the largest pharmaceutical industries, which will drive the growth of this market.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly triggered investments in the pharmaceuticals sector. As a result, it has been beneficial for the cannabidiol market. The pandemic highlighted the need to improve the healthcare and medical infrastructure. In addition, R&D activities were triggered in the medical sector. Thus, the pandemic positively influenced the cannabidiol market.
Competitors in the Market
• ENDOCA
• Isodiol International Inc.
• Medical Marijuana Inc.
• Cannoid LLC
• Elixinol
• Folium Biosciences
• NuLeaf Naturals LLC
• Pharmahemp d.o.o.
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Cannabidiol industry experienced notable growth in its workforce. Starting in January, employment within the Cannabidiol sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Cannabidiol output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Cannabidiol output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Cannabidiol market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Cannabidiol market.
Market Segmentation
The global cannabidiol market segmentation focuses on Source, Distribution Channel, End-User, and Region.
By Source Type:
• Hemp
• Marijuana
By Distribution Channel:
• B2B
• B2C
o Hospital Pharmacies
o Online
o Retail Stores
By End User:
• Medical
o Chronic Pain
o Mental Disorders
o Cancer
o Others
• Personal Use
• Pharmaceuticals
• Wellness
• Food & Beverages
• Personal Care & Cosmetics
• Nutraceuticals
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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