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Cannabidiol (CBD) Market – By Source (Hemp, Marijuana) Product (Oil, Oral, Topicals, Isolates, Suppository), Application (Anxiety, Insomnia, Chronic Pain, Skin Care, Migraine), Route of Administration, Distribution Channel, Global Forecast (2024 – 2032)


Published on: 2024-08-07 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

Cannabidiol (CBD) Market – By Source (Hemp, Marijuana) Product (Oil, Oral, Topicals, Isolates, Suppository), Application (Anxiety, Insomnia, Chronic Pain, Skin Care, Migraine), Route of Administration, Distribution Channel, Global Forecast (2024 – 2032)

CBD Market Size

Cannabidiol Market size was valued at USD 22.8 billion in 2023 and is anticipated to witness growth at a CAGR of 17.9% between 2024 and 2032. Increasing consumer awareness and acceptance of CBD products for their potential health benefits, including pain relief, anxiety reduction, and improved sleep quality, is a significant driver.

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Additionally, legalization of hemp-derived CBD in various regions has expanded market opportunities, allowing for the development and distribution of a wide range of products such as cannabidiol oil, edibles, and topicals. Moreover, advancements in extraction and processing technologies have also enhanced product quality and consistency, further boosting consumer confidence. Furthermore, the increasing number of clinical trials and scientific studies supporting the efficacy and safety of CBD contributes to its credibility and adoption. Lastly, the expansion of e-commerce platforms has made CBD products more accessible, driving sales and market penetration globally.
 

Cannabidiol Market Report Attributes
Report Attribute Details
Base Year 2023
Cannabidiol Market Size in 2023 USD 22.8 Billion
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 17.9%
2032 Value Projection USD 108 Billion
Historical Data for 2021 - 2023
No. of Pages 340
Tables, Charts & Figures 583
Segments covered Source, Product, Application, Route of Administration, Distribution Channel, and Region
Growth Drivers
  • Growing medical applications of CBD
  • Increasing product adoption and utilization owing to government approvals
  • Changing regulatory landscape for approval of CBD products across region
  • Increasing sales of CBD products in retail stores
Pitfalls & Challenges
  • Side effects associated with CBD oil
  • Counterfeit and synthetic products available in the market
  • High cost of CBD products
  • Complex prescription process

What are the growth opportunities in this market?

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Cannabidiol (CBD) is a chemical compound obtained from marijuana and hemp plants and is commonly used for medical purposes. Cannabidiol (CBD) is used for treating pain, anxiety, muscle disorder (dystonia), Crohn disease, Parkinson disease and many other medical conditions. Hence, cannabidiol is gaining widespread popularity across regions.

Cannabidiol Market Trends

  • The changing regulatory landscape for the approval of CBD products across various regions is a significant growth driver for the market. As more countries and states adjust their laws to permit the use of CBD for both medicinal and recreational purposes, the market experiences increased demand and investment opportunities.
  • Additionally, regulatory bodies are increasingly recognizing the therapeutic potential of CBD, leading to the establishment of clear guidelines and standards for its production, distribution, and sale.
  • For instance, in June 2018, the U.S. Food and Drug Administration (FDA) announced its first-ever approval of a cannabis-derived pharmaceutical drug, Epidiolex, an oral solution, approved for the treatment of two rare and severe seizure disorders, Lennox–Gastaut syndrome and Dravet syndrome.
  • This regulatory evolution not only enhances consumer confidence but also encourages innovation and the development of new CBD-based products.
  • As a result, companies are more willing to enter the market, invest in research, and expand their product portfolios, thereby driving overall market growth.

Cannabidiol Market Analysis

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Based on source, the market is segmented into marijuana and hemp. The hemp segment dominated the market in 2023 and accounted for USD 16.2 billion.

  • Hemp-derived CBD is widely favored because of its legal status in many regions, including the U.S., where the 2018 Farm Bill legalized hemp cultivation and hemp-derived products containing less than 0.3% THC. This regulatory clarity has spurred substantial investment and innovation within the hemp CBD sector.
  • Furthermore, hemp CBD products are perceived as safe and non-psychoactive, appealing to a broad consumer base seeking the therapeutic benefits of CBD without the intoxicating effects of THC.
  • Additionally, the versatility of hemp-derived CBD, available in various forms such as oils, tinctures, and topicals, caters to diverse consumer preferences and applications, thereby driving high segmental growth.

Based on product, the CBD market is segmented into oil, oral, topicals, isolates, suppository, CBD inhalers, vape oil, and other products. The oil segment is further divided into full-spectrum CBD oil and broad-spectrum CBD oil. The oil segment held a market share of 29.2% in 2023.

  • High adoption of CBD oil is driven by its versatility, ease of use, and wide range of applications. CBD oil is highly favored for its ability to be consumed sublingually, added to food and beverages, or used in topical formulations, catering to diverse consumer preferences.
  • Additionally, increasing awareness of the therapeutic benefits of CBD, including its potential to alleviate anxiety, pain, and inflammation, has further fueled its demand.
  • Further, regulatory advancements and growing acceptance of CBD products in various regions have played a crucial role in the expansion of the CBD oil segment, thereby solidifying its position in the market growth.

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Based on application, the cannabidiol market is segmented into anxiety/ stress, sleep/insomnia, chronic pain, migraine, skin care, seizures, joint pain & inflammation, and other applications. The chronic pain segment dominated the market in 2023 and is anticipated to grow at a CAGR of 16.7% between 2024 - 2032.

  • The use of CBD products in chronic pain management has gained significant traction due to their potential therapeutic benefits and minimal side effects compared to traditional pain medications.
  • Products such as CBD oils, capsules, and topical creams are increasingly being used as part of comprehensive pain management plans.
  • Moreover, the natural origin of CBD aligns with the growing consumer demand for holistic and alternative health solutions, further driving its adoption in chronic pain treatment.
     

Based on route of administration, the CBD market is segmented into oral, topical, inhalation, transdermal patches, rectal and sublingual. The oral segment dominated the market in 2023 and is anticipated to reach USD 58.7 billion by 2032.

  • The oral route offers convenience and ease of use, which appeals to a broad consumer base.
  • Additionally, oral CBD products are perceived as more accessible and less intimidating than other administration routes. Also, the availability of various flavors and formulations caters to diverse consumer preferences, further boosting popularity of oral products.
  • Moreover, advancements in formulation technologies have improved the bioavailability and efficacy of orally administered CBD, making them a preferred choice for consumers seeking therapeutic benefits.

Based on distribution channel, the CBD market is segmented into online and offline. The offline segment is further divided into hospital pharmacy and retail stores. The offline distribution channel dominated the market in 2023 and is anticipated to witness considerable growth over the forecast years.

  • This can be attributed to an increased consumer confidence on offline purchases as compared to online channels.
  • Further, as the penetration of counterfeit products increases, offline channels are largely preferred by consumers.
  • Moreover, as the market is noted to be in its infancy, the offline distribution channel is expected to account for a larger proportion throughout the forecast period.

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North America cannabidiol market was valued at USD 13.6 billion in 2023 and is anticipated to reach USD 63.6 billion by 2032.

  • North America holds a dominant position in the market, primarily due to the widespread legalization of cannabis across several states in the U.S. and Canada. This regulatory shift has led to increased consumer acceptance and a surge in demand for CBD products, including oils, edibles, and topicals.
  • Further, the region's advanced infrastructure for hemp cultivation and processing, coupled with significant investments in research and development, has further propelled market growth.

The U.S. cannabidiol market is anticipated to grow at a CAGR of 17.7% between 2024 - 2032.

  • With a growing acceptance of CBD products for various health and wellness purposes, coupled with the legalization of hemp-derived CBD at the federal level, the U.S. has become a pivotal hub for CBD production, distribution, and innovation.
  • Additionally, the increasing consumer awareness about the potential health benefits of CBD, coupled with a growing trend toward natural and holistic wellness products, has further fueled the demand for CBD in the U.S.

Germany is anticipated to witness robust growth in the global CBD market.

  • The country's progressive regulations have legalized the sale and use of CBD products with low THC content, making it accessible to a wide consumer base.
  • Additionally, Germany's robust healthcare system and growing acceptance of alternative health remedies have also contributed to the high demand for CBD products.
  • Further, the country's strong economy and high disposable income levels among its population further fuel the market growth.

India cannabidiol market is anticipated to witness lucrative growth between 2024 – 2032.

  • Increasing awareness about the potential health benefits of CBD, coupled with a growing acceptance of alternative healthcare solutions, has led to a surge in demand for CBD products across the country.
  • Additionally, the government's efforts to legalize and regulate the sale of CBD products have further fueled market growth.
  • Moreover, the rise of e-commerce platforms has made it easier for consumers to access a wide range of CBD products, contributing to the market's expansion.

Cannabidiol Market Share

Major market players operating in the global cannabidiol industry include Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra and Tilray among few other players. These industry players are noted to adopt organic and inorganic strategies such as merger, acquisition, new product launch, etc. to capture high revenue share in the market. These strategies will enhance their market presence and as well as gain competitive advantage in the market.

CBD Market Companies

Prominent players operating in the cannabidiol industry include

  • Aurora Cannabis
  • Charlotte's Web
  • Canopy Growth Corporation
  • CV Sciences, Inc.
  • Endoca
  • Elixinol
  • Folium Biosciencesilray
  • Gaia Herbs, LLC,
  • GW Pharmaceuticals
  • Isodiol International Inc
  • KOI CBD
  • Medical Marijuana, Inc.
  • Medterra
  • NuLeaf Naturals, LLC,
  • Tterrapharma
  • Tilray
  • Vapen CBD

CBD Industry News

  • In January 2022, CV Sciences, Inc. announced the launch of +PlusCBD pain relief topicals with four unique over the counter (OTC) products formulated to pinpoint sources of minor pain and aches. This product launch is expected enable company to expand its +PlusCBD product offerings.
  • In June 2021, The Valens Company completed the acquisition of Green Roads for nearly USD 60 million. The acquisition grants The Valens Company access into the U.S. market through a well-developed network of Green Roads.

The cannabidiol market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 - 2032 for the following segments

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Market, By Source

 

  • Marijuana
  • Hemp

Market, By Product

  • Oil
    • Full-spectrum CBD oil
    • Broad-spectrum CBD oil
  • Topicals
    • Transdermal patches
    • Creams and roll-on
  • Oral
    • Tablet
    • Capsules
    • Tinctures
  • CBD inhalers
  • Suppository
  • Isolates
  • Vape oil
  • Other products

Market, By Application

  • Anxiety/ stress
  • Sleep/insomnia
  • Chronic pain
  • Migraines
  • Skin care
  • Seizures
  • Joint pain & inflammation
  • Other applications

Market, By Route of Administration

  • Oral
  • Topical
  • Inhalation
  • Transdermal patches
  • Rectal
  • Sublingual

Market, By Distribution Channel

  • Online
  • Offline
    • Hospital pharmacy
    • Retail stores

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East and Africa
       

Table of Content

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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )