The global hemp-derived cannabidiol market size was estimated to be $8.28 billion at the end of 2023, growing to nearly $10 billion to end 2024, according to a new report.
The report by Research and Markets found that the global CBD market is expected to reach $46.25 billion by 2034 with a compound annual growth rate (CAGR) of 16.93% during the forecast period 2024-2034.
“Growing demand for CBD in personal care and cosmetics, shifting consumer acceptance of CBD, hemp legalization, regulatory changes, increased R&D, and a shift toward natural and plant-based wellness products will all contribute to the market’s growth”, notes the report. “The global shift towards natural, plant-based products is driving an increasing demand for CBD, which is recognized as a natural alternative to traditional pharmaceuticals for alleviating pain, stress, and inflammation.”
By product, the hemp-derived CBD distillate segment accounted for the highest revenue-grossing segment in the global hemp-derived cannabidiol market in 2023 “owing to the broad spectrum of cannabinoids and terpenes it contains, making it versatile for use in various applications such as tinctures, topicals, and edibles”, notes the report.
By application, the anxiety segment accounted for the highest revenue-grossing segment in the global hemp-derived cannabidiol market in 2023 “owing to the growing consumer preference for natural remedies to manage anxiety and stress, as well as increasing awareness of CBD’s potential therapeutic effects.”wing consumer demand for natural treatments for skin conditions like eczema and dermatitis.
By end-user, the personal care and cosmetics segment accounted for the highest revenue-grossing segment in the global hemp-derived cannabidiol market in 2023 “owing to the widespread use of CBD in beauty products for its anti-inflammatory, antioxidant, and anti-aging properties, driving consumer demand for CBD-infused skincare and haircare products.”nal foods and beverages, as consumers seek natural, health-boosting ingredients in their diets.
The North American region is anticipated for the highest revenue share during the forecast period owing to a well-established legal framework for hemp-derived CBD products, high consumer awareness, and the presence of major market players driving innovation and product availability. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the increasing regulatory relaxations, growing consumer interest in natural wellness products, and rising investments in the hemp-derived CBD industry across countries like China, Japan, and Australia.
Some of the key market players, according to the report:
- CV Sciences Inc.
- Elixinol Global Limited
- Green Roads
- Aurora Cannabis Inc.
- Canopy Growth Corporation
- Medterra CBD
- Charlotte’s Web
- HempFusion Wellness Inc.
- CBDistillery
- Harvest Health & Recreation Inc.
- Glenna’s Good Earth
- Just CBD
- Kiva Confections
- Reliva CBD Wellnes
For more information on this report, click here.
