The worldwide market for cannabidiol (CBD) products is on track for major expansion, according to a new report. Valued at $8.97 billion in 2024, the market is expected to climb to nearly $39 billion by 2034, growing at a compound annual rate of 15.8%.
CBD’s role in health and wellness is driving the surge, with products used for conditions ranging from epilepsy and chronic pain to anxiety and sleep disorders. Oils, edibles, topicals, and tinctures are the most common forms, while ongoing research continues to expand CBD’s medical applications. The report was conducted by Towards Healthcare, a sister firm of Precedence Research.
North America dominated the market in 2024, accounting for 88% of global revenue, bolstered by widespread legalization and broad consumer acceptance. Europe is projected to see the fastest growth in the coming years, with strong demand for both medical and cosmetic CBD products.
By source, hemp-derived CBD held the largest share in 2024 and is expected to remain the leading segment. On the sales side, business-to-business transactions were dominant, though consumer-facing sales—particularly through hospital pharmacies—are forecasted to grow rapidly. Pharmaceuticals were the top end-user category, reflecting rising demand for prescription CBD medications and supplements.
Recent developments highlight the momentum behind the market. In April 2025, Charlotte’s Web received FDA approval for the first prescription CBD drug to treat chronic pain in the United States. In Europe, German biotech firm Vertanical completed late-stage trials for a CBD-based alternative to opioids. Meanwhile, companies in North America secured millions in funding for hemp processing facilities, underscoring industry investment in infrastructure.
Despite its rapid growth, the market faces hurdles, particularly the lack of global product standardization and inconsistent regulations across countries. Still, with increasing legalization, new product innovations, and wider consumer access, CBD is expected to remain one of the fastest-growing sectors in health and wellness through the next decade.
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