Valued at USD 22.7 Billion in 2023, Cannabidiol Market to Register 19.21% CAGR During the Forecast Period (2024-30)

Valued at USD 22.7 Billion in 2023, Cannabidiol Market to Register 19.21% CAGR During the Forecast Period (2024-30)

April 19, 2024

Cannabidiol obtained from the leaves of the cannabis plant possesses several anti-inflammatory and antioxidant properties, and has many advantageous pharmacological effects. According to the latest research report published by MarkNtel Advisors, the Global Cannabidiol Market size was valued at around USD 22.7 billion in 2023 and is estimated to grow at a CAGR of about 19.21% during the forecast period, i.e., 2024-30.

The global population is increasingly switching to natural and plant-based products and is highly inclined towards the consumption of natural and organic products which is majorly propelling the Global Cannabidiol Market. Moreover, the evolving lifestyles, sustainability, ethical shopping, and health along with the increasing requirement for holistic solutions are also contributing to the market growth. Furthermore, cannabidiol is proven to be effective in treating several health issues, such as anxiety, pain, depression, insomnia, acne, inflammation, skin infections, and many more, and is available in the market in numerous forms, such as oils, capsules, patches, vapes, and tinctures. Hence, all these aspects are leading to the growth of the Global Cannabidiol Market and are likely to continue the trend in the coming years as well.

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Leading Competitors Retaining a Significant Share in the Global Cannabidiol Market

Aurora Cannabis Inc., CV Sciences, Endoca, CBD American Shaman, Bluebird Botanicals, Isodiol International, Medical Marijuana Inc., Elixinol, Hemp Inc., Canopy Growth Corporation, Cannoid, LLC, Folium Biosciences, Pharmahemp D.O.O., Medterra CBD, Nuleaf Naturals LLC, GE Pharmaceuticals plc, and Others are among the top players leading the Global Cannabidiol Market. Holding a substantial market share, these companies lead to overall market growth and aid in boosting the market shares of the industry.

Segmentation Analysis of the Global Cannabidiol Market

  • By Application (Medicinal Use, Beauty & Personal Care, Pets, and Recreational)
  • By Product Type (Edibles, Flower, Oil & Tinctures, Pills & Capsules, Topicals, and Others (Vape, Spray, etc.))
  • By Distribution Channel (Regulated Dispensary, Stand-Alone Retailers, Department/Super Stores, and Online Portals)
  • By Region (North America, South America, Europe, Asia Pacific, and Rest of the World)

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Rising Consumer Preference for Natural & Plant-based Products to Drive the Global Cannabidiol Market

The increasing consciousness & awareness of the people towards health and wellness along with the rising demand for natural and plant-based goods is the key factor leading to the Global Cannabidiol Market growth. Moreover, the escalation in the inclination of the global population regarding the consumption of natural, organic, and minimally processed products is also propelling the cannabidiol market given it is considered to be naturally obtained. The legalization, de-stigmatization, and relaxing of stringent regulations related to cannabis and products acquired from hemp have further increased the interest of consumers in it and are likely to push the market growth in an upward trajectory in the coming years.

Flourishing Trend of Functional CBD Products Attaining Popularity Across the Market

CBD products are gaining significant traction as they are highly preferred by consumers wanting to deal with numerous health and wellness concerns like stress management, pain reduction, sleep support, immune support, and skin care. Products containing CBD along with added melatonin might be effective in enhancing sleep quality & bringing relaxation. Moreover, an extensive range of customers are looking for customized solutions to satisfy their distinctive necessities, tastes, and requirements for which they prefer CBD products, thus propelling its market growth.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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