The active element in cannabis obtained from the hemp plant is referred to as cannabidiol. Cannabidiol even though a component of cannabis does not result in addiction and has numerous health benefits. MarkNtel Advisors recently published a research report regarding this topic mentioning that the Global Cannabidiol Market size was valued at around USD 22.7 billion in 2023 and is aimed to grow at a CAGR of about 19.21% during the forecast period, 2024-30.
Out of the several factors propelling the market growth of cannabidiol (CBD), the most prominent ones include the rising disposition of consumers toward natural and plant-based products. CBD is highly preferred by consumers opting for holistic solutions that suit their needs, requirements, and values owing to the product’s sustainability, natural origin, and numerous health benefits. Moreover, the rising inclination of consumers toward switching to environment-friendly and natural alternatives is likely to drive the growth of the Global Cannabidiol Market in the coming years.
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Scanning the Global Cannabidiol Market Segmentation
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The Medical Use segment is witnessing generous growth and dominating the Cannabidiol Market. The rising utilization of cannabidiolfor numerousmedicinal uses, including the treatment of anxiety, stress, neurological diseases, gastrointestinal diseases, etc. is leading to a significant boost in the segment. Moreover, the adoption ofcannabidiol is also witnessing a rise given its low toxicity value as compared to THC (tetrahydrocannabinol).
Furthermore, the legalization of cannabis production & its consumption in countries like India, the US, Argentina, Canada, etc. have resulted in the amplification of R&D activities for the medical purposes of cannabidiol. All these factors have augmented the growth of the medical use segment further bolstering the Global Cannabidiol Market.
North America leads in the Global Cannabidiol Market with the highest market share. The initiatives to legalize cannabis in the region, particularly in the US & Canada have widened the opportunity for expanding the CBD industry for both medical & recreational purposes in North America. Moreover, the availability of a prosperous market for wellness and natural health products in North America to tackle several health problems such as health issues like pain management, anxiety reduction, and sleep disturbances and provide health benefits is also leading to the growth of North America in the Global Cannabidiol Market.
Glancing at the Leading Market Competitors in the Global Cannabidiol Market
The competitive landscape of the Global Cannabidiol Market is quite robust with several market players constantly battling to retain a dominant position in the market. Some of the major market players are 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.
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