Cannabidiol Market Growth & Trends
The global cannabidiol market size is expected to reach USD 22.05 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.2% from 2023 to 2030. The growing recognition of the health benefits of cannabidiol, changing consumer attitudes towards CBD products, and shifting public opinion are some of the main factors contributing to the market’s growth. Cannabidiol, a chemical found in the cannabis Sativa plant, is mainly derived from hemp due to its high CBD content. The cannabis Sativa plant contains over 80 cannabinoids, but cannabidiol is the most commonly used for medical purposes as it has no psychoactive effects. The COVID-19 pandemic impacted numerous industries, including the cannabis industry, causing disruptions in production and leading to a halt in the supply of cannabis products.
Quarantine measures have caused many retail stores to close, leading to a slowdown in the market. However, the demand for CBD is expected to rise in the coming years, potentially leading to a rebound in the industry in 2021. With the growing concern regarding the quality and safety of CBD, companies are investing in advanced testing and certification procedures to ensure they meet the highest standards. Consumers are becoming more aware of the impact of their purchasing decisions on the environment and are increasingly choosing organic and sustainably-sourced CBD. Major players in the industry are focused on introducing CBD-infused products.
Companies are exploring opportunities in international markets as the demand for CBD grows globally. Furthermore, they are investing in research and development to enhance the effectiveness and efficiency of their products, as well as to expand their offerings. The players are introducing new and innovative products, such as edibles, topicals, and beverages, to cater to the rising demand. For instance, in June 2021, Vertical Wellness announced its merger with CanaFarma Hemp Products Corp., a Canadian company offering multiple hemp-related products and services. The merger would result in Vertical Wellness, a U.S.-based CBD company, becoming a public entity with a combined value of USD 50 million.
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Cannabidiol Market Report
Cannabidiol Market Report Scope
Report Attribute Details
Market size value in 2023 — USD 7.7 billion
Revenue forecast in 2030 — USD 22.05 billion
Growth rate — CAGR of 16.2% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030
Cannabidiol Market Report Highlights
- North America accounted for the largest revenue share of 87.7% in 2022 owing to the presence of major manufacturers, and approval of the U.S. Farm Bill
- Hemp-derived CBD dominated the market in 2022 with a revenue share of 54.5% owing to its higher purity and potential health benefits
- The B2B segment accounted for the largest share of 54.7% in 2022 owing to the increasing demand and rising number of businesses using cannabidiol as raw materials
- In 2022, the pharmaceuticals end-use segment accounted for the largest share of 73.5% owing to the rising use of cannabis derivate for various medical conditions
