Global Cannabidiol Market

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 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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FAQs

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).

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. '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'

Growing Legalization of Cannabis

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.

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.

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Global Cannabidiol Market

Report ID: SQMIG35I2339

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