The global market for cannabidiol (CBD) grew from $6.82 billion in 2022 to $9.4 billion in 2023 at a compound annual growth rate (CAGR) of 37.8%.
According to a report by Research and Markets, the cannabidiol market is expected to grow from $9.4 billion in 2023 to $31.85 billion by 2027 at a CAGR of 35.7%.
The cannabidiol (CBD) market “encompasses a range of CBD products, including full-spectrum CBD, broad-spectrum CBD, and CBD isolate, with values reflecting the factory gate values or the prices at which manufacturers and creators sell their goods”, states the report. These goods ?are distributed to downstream manufacturers, wholesalers, distributors, retailers, and end customers, and the market’s value includes related services offered by the creators of these CBD products.”
In 2022, North America emerged as the largest region in the cannabidiol market, while the Asia-Pacific region is projected to witness the fastest growth in the forecast period.
“Cannabidiol products come in various forms, including oils, tinctures, suppositories, transdermal patches, vape oils, isolates, creams, roll-ons, capsules, tablets, and more”, notes the report. “CBD oil, for instance, is extracted from cannabis plants and diluted with carrier oils like coconut or hemp seed oil. These products have diverse applications, from medical and personal use to pharmaceuticals and wellness, and they are distributed through channels such as hospital pharmacies, retail pharmacies, online stores, and others.”
One driving force behind the cannabidiol market’s growth “is the increasing acceptance and use of CBD products, thanks to government approvals. Recognizing the potential medical benefits of cannabidiol, governments worldwide are taking steps to improve regulatory pathways for lawful CBD product marketing, ensuring public health while promoting market growth.”
Product innovation is a “noteworthy trend” in the cannabidiol market, allowing companies to stand out in a competitive landscape and attract more customers. F
Major players in the cannabidiol market include:
- ENDOCA
- Cannoid, LLC
- Medical Marijuana, Inc.
- Folium Biosciences
- Elixinol
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- Pharmahemp d.o.o.
- Canopy Growth Corp
- CV Sciences Inc.
- Endoca BV
- Medterra
- The Cronos Group
- CBD American Shaman LLC
- Walgreens Boots Alliance
- Aphria, Inc.
- Maricann, Inc.
- Tilray
- Organigram Holding, Inc.
- CannTrust
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