USD 6.48 Billion
Cannabidiol Market Size, Share, Growth Analysis, By Source(Hemp, Marijuana), By Sales Type(Online Channel, Offline Channel), By End Use(Medical, Personal Use), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2339 |
Region:
Global |
Published Date: September, 2024
Pages:
173
|Tables:
90
|Figures:
66
Cannabidiol Market Insights
Global Cannabidiol Market size was valued at USD 6.48 billion in 2022 and is poised to grow from USD 7.7 billion in 2023 to USD 24.9 billion by 2031, growing at a CAGR of 15.8% during the forecast period (2024-2031).
Growing awareness regarding health benefits of cannabidiol and increasing legalization of cannabis around the world are forecasted to create new opportunities for cannabidiol companies going forward. Increasing consumer demand for natural and organic products for consumption and healing owing to rising health consciousness is also expected to create new opportunities for cannabidiol providers in the future. Growing consumption of CBD-infused beverages and food products is also expected to bolster the demand for cannabidiol over the coming years. Rising investments in research and development of novel cannabidiol products to harness their benefits will also open up new avenues of opportunities for cannabidiol providers in the future. Providing organic and sustainable cannabidiol products will also uplift the demand for cannabidiol in the long run. However, regulatory uncertainty, lack of scientific consensus, and social stigma around cannabis use are projected to slow down cannabidiol market growth potential in the future.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hemp
Fastest Growth
Marijuana
Growth Rate
15.8% CAGR
Global Cannabidiol Market ($ Bn)
Country Share for North America Region (%)
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Cannabidiol Market Segmental Analysis
Global Cannabidiol Market is segmented by Source, Sales Type, End Use, and region. Based on Source, the market is segmented into Hemp and Marijuana. Based on Sales Type, the market is segmented into Online Channel, and Offline Channel. Based on End Use, the market is segmented into Medical, Personal Use, Pharmaceuticals, and Wellness. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Sales Type
B2B (business to business) sales of cannabidiol are projected to account for a dominant share of the global market. Growing use of cannabidiol as a raw material in multiple products is projected to help the dominance of this segment. Rising use of cannabidiol in pharmaceutical products and increasing use in other consumer products are also projected to contribute to the high market share of B2B sales. Increasing incorporation of CBD by multiple manufacturers in their products to satisfy consumer demand will also create new opportunities in this segment.
On the other hand, the demand for cannabidiol via B2C sales is projected to increase at a rapid pace over the coming years. Rising awareness regarding benefits of cannabidiol consumption and increasing legalization of cannabidiol around the world are projected to help this segment boost market development in the future. Moreover, increasing availability of cannabidiol products and rising disposable income of people are also expected to help market growth via this segment.
Analysis by End Use
Pharmaceuticals are projected to account for a dominant share of the global cannabidiol demand outlook. Growing number of clinical trials involving cannabidiol use in pharmaceutical products and rising awareness regarding health benefits of cannabidiol are boosting their use in pharmaceutical production. Rapidly increasing pharmaceutical demand and high investments in drug discovery are also expected to create new opportunities for cannabidiol companies going forward.
Meanwhile, the use of cannabidiols for wellness applications is projected to increase at a notable pace over the coming years. Growing emphasis on health and wellness around the world coupled with increased demand for natural wellness products using cannabidiol are projected to help boost market growth via this segment. From cannabidiol infused oils to cannabidiol-based therapy products, the use of cannabidiol in the wellness industry is projected to rise at a notable pace in the long run.
Global Cannabidiol Market By Sales Type
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Cannabidiol Market Regional Insights
Growing awareness regarding the health benefits of cannabidiol and increasing legalization of cannabidiol are projected to help North America dominate the global market growth. Rising health consciousness, growing availability of cannabidiol products, and rising acceptance of the same are slated to bolster the sales of cannabidiol in the future. Canada and the United States will remain the most opportune markets for cannabidiol companies in this region. The presence of key cannabidiol providers will also aid the dominance of this region going forward.
Europe is predicted to emerge as the fastest-expanding market for cannabidiol companies in the future. Rising popularity of cannabidiol products and easily availability of the same are forecasted to contribute to the rapid expansion of this region. Growing popularity of health benefits of cannabidiol and rising incorporation of the same in personal care products are also projected to create new opportunities for cannabidiol companies in this region. The United Kingdom and Germany are slated to emerge as the most opportune markets in this region.
Global Cannabidiol Market By Region
- Largest
- Fastest
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Cannabidiol Market Dynamics
Drivers
- Growing Legalization of Cannabis
Governments and regulatory bodies around the world are playing a crucial role in promoting the decriminalization of cannabis as the legalization of cannabis becomes a hot trend. This is projected to improve access of cannabidiol to consumers and bolster market growth in the future.
- Increasing Awareness Regarding Health Benefits
Consumers are growing more and more aware of the health benefits associated with cannabidiol consumption and use. This rising awareness and health consciousness are predicted to create new opportunities for cannabidiol market development in the long run.
Restraints
- Regulatory Uncertainty
Cannabidiol use is mostly prohibited and criminalized in multiple parts of the world and even though legalization is gaining traction, there is still a lot of ambiguity in regulations that is estimated to impede cannabidiol market growth over the coming years.
- Lack of Scientific Consensus
While cannabidiol is gaining massive popularity for its health benefits, most of it is not backed by science yet due to absence of enough data for the same. This lack of scientific proof and consensus is projected to hamper cannabidiol demand outlook in the future.
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Cannabidiol Market Competitive Landscape
Cannabidiol providers should focus on targeting countries and regions where legalization of cannabis is increasing to maximize their business scope. Growing incorporation of cannabidiol in multiple consumer products will also create new opportunities for cannabidiol companies going forward. Raising awareness regarding benefits of cannabidiol use will also be highly crucial for cannabidiol companies to unlock the full market growth potential.
Top Player’s Company Profiles
- ENDOCA
- Cannoid, LLC
- Folium Europe B.V.
- Canopy Growth Corporation
- Elixinol
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- PharmaHemp
- The Cronos Group
- APHRIA, INC.
- AURORA CANNABIS
- MARICANN, INC. (WAYLAND GROUP CORPORATION)
- TILRAY
- GW PHARMACEUTICALS, PLC
- ABCANN MEDICINALS, INC.
- ORGANIGRAM HOLDING, INC.
- Hemptown USA
- Charlotte's Web Holdings
- CV Sciences
- Medterra CBD
Recent Developments
- Akumentis Healthcare, a pharmaceutical organization based in India, announced the launch of a new synthetic cannabidiol called Calepsi in January 2024. The new product was aimed at treating epilepsy in India.
- A new cannabidiol lozenge was launched in September 2024 by the Canadian medical cannabis company called Aurora Cannabis Inc. and Vectura Fertin Pharma Inc. The product was made available through Vectura Fertin Pharma’s e-commerce platform.
- Gynica, a new company based in Israel announced its plans to launch the trial of its new cannabinoid-based therapies by the end of 2024. The new therapies were intended to be used for the treatment of endometriosis.
Cannabidiol Key Market Trends
- Sustainability and Organic Trends: Cannabidiol companies can focus on making their products 100% sustainable to ride the sustainability wave and boost sales. Market players can also focus on sourcing organic raw materials to make their cannabidiol products organic as the popularity of organic products rise around the world.
- Customization of Cannabidiol Applications: Cannabidiol companies can focus on developing custom cannabidiol products to maximize their business scope over the coming years. Market players can also prepare microdoses to improve the application scope of cannabidiol for multiple purposes ranging from anxiety to insomnia.
Cannabidiol Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing awareness regarding health benefits of cannabidiol consumption and increasing legalization of cannabidiol around the world are forecasted to drive market growth in the future. On the contrary, lack of scientific consensus and regulatory uncertainty are predicted to impede cannabidiol market development potential in the long run. Growing legalization of cannabis in the United States has helped North America become a leading market in the global landscape. Cannabidiol companies can focus on incorporating sustainability and organic trends to maximize their business scope in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.48 billion |
| Market size value in 2031 | USD 24.9 billion |
| Growth Rate | 15.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cannabidiol Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cannabidiol Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cannabidiol Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cannabidiol Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cannabidiol Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cannabidiol Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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