Cannabidiol Market Size & Share, By Source Type (Hemp, Marijuana), Sales Type (B2B, B2C), End-use (Medical, Personal Use), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Cannabidiol Market crossed USD 7.79 Billion in 2023 and is expected to exceed USD 29.4 Billion by end of the year 2032, observing around 15.9% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 7.79 Billion
• CAGR (2024-2032): 15.9%
• Forecast Year Value (2032): USD 29.4 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing legalization of cannabis for medical and recreational use across various regions is expected to drive the growth of the cannabidiol market. Growing awareness about the potential health benefits of cannabidiol, such as pain management, anxiety relief, and anti-inflammatory properties, is also contributing to market growth. Additionally, the expanding product portfolio of cannabidiol-based products, including oils, tinctures, capsules, and topicals, is attracting a wider consumer base.

Report Scope

Report Coverage	Details
Segments Covered	Source Type, Sales Type, End-Use
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	ENDOCA, Cannoid, LLC, Medical Marijuana,, Folium Europe B.V., Canopy Growth, Elixinol, NuLeaf Naturals, LLC, Isodiol International,, PharmaHemp, The Cronos Group

Industry Restraints:

Stringent regulations and policies surrounding the production, distribution, and marketing of cannabidiol products pose a significant challenge to market growth. Limited access to banking services and insurance for cannabidiol businesses further hinders their growth potential. Additionally, the lack of comprehensive research and clinical trials on the long-term effects and efficacy of cannabidiol products restricts consumer confidence and adoption.

Regional Forecast:

North America:

The North America Cannabidiol (CBD) market is expected to witness significant growth due to the increasing acceptance of CBD products among consumers in the U.S. and Canada. The legalization of CBD in various states in the U.S. has led to a surge in demand for CBD products, particularly for medical and wellness purposes. In Canada, the legalization of recreational cannabis has also contributed to the growth of the CBD market. The presence of key players in the region, along with the growing investment in research and development, is expected to further drive the market growth in North America.

Asia Pacific:

The Asia Pacific CBD market is anticipated to experience rapid growth, particularly in countries such as China, Japan, and South Korea. The increasing awareness about the potential health benefits of CBD products is driving the market growth in the region. In China, the government's support for industrial hemp cultivation is expected to boost the production of CBD products. In Japan, the legalization of CBD for medical use has opened up new opportunities for market players. South Korea is also witnessing a growing demand for CBD products, especially in the skincare and cosmetics industries.

Europe:

The European CBD market is poised for substantial growth, with countries like the United Kingdom, Germany, and France leading the way. The increasing consumer preference for natural and organic products is driving the demand for CBD products in the region. The regulatory framework for CBD products is becoming more favorable in countries like Germany and France, which is expected to further fuel market growth. The United Kingdom, on the other hand, is witnessing a proliferation of CBD products in various categories, including food and beverages, cosmetics, and pharmaceuticals.

Segmentation Analysis:

In terms of segmentation, the global Cannabidiol market is analyzed on the basis of Source Type, Sales Type, End-Use.

Hemp Source Type:

The hemp segment of the cannabidiol market is witnessing significant growth due to the increasing legalization of hemp cultivation and the rising demand for hemp-derived CBD products. Hemp-derived CBD is preferred by many consumers due to its low THC content and legal status in many countries. The market for hemp-derived CBD is primarily driven by the expanding wellness and personal care industries, as well as the increasing use of CBD in food and beverages.

Marijuana Source Type:

The marijuana segment of the cannabidiol market is also experiencing substantial growth, fueled by the increasing legalization of medical and recreational marijuana in various regions. Marijuana-derived CBD products are known for their higher potency and efficacy, making them popular among consumers seeking relief from various health conditions. The market for marijuana-derived CBD is primarily driven by the growing acceptance of marijuana for medical and wellness purposes.

B2B Sales Type:

The B2B segment of the cannabidiol market involves the bulk sale of CBD products to businesses, such as retailers, distributors, and manufacturers. This segment is witnessing steady growth as CBD continues to gain popularity and acceptance among consumers. B2B sales are driven by the increasing number of retailers and manufacturers incorporating CBD into their products, as well as the rising demand for CBD products in various industries.

B2C Sales Type:

The B2C segment of the cannabidiol market involves the direct sale of CBD products to consumers through online platforms, retail stores, and other distribution channels. This segment is experiencing rapid growth due to the growing consumer awareness about the health benefits of CBD and the increasing availability of CBD products in various forms. B2C sales are driven by the rising demand for CBD products for medical, wellness, and personal use purposes.

Medical End-use:

The medical segment of the cannabidiol market involves the use of CBD products for medical purposes, such as treating chronic pain, epilepsy, anxiety, and other health conditions. The medical use of CBD is gaining traction due to its potential therapeutic benefits and increasing acceptance by healthcare professionals. The market for medical CBD products is driven by the growing demand for alternative and natural treatment options, as well as the expanding research on the efficacy of CBD in managing various health conditions.

Personal Use End-use:

The personal use segment of the cannabidiol market involves the use of CBD products for general wellness, relaxation, and self-care purposes. CBD products for personal use include CBD-infused skincare products, dietary supplements, and other wellness products. This segment is experiencing significant growth as consumers increasingly seek natural and holistic approaches to maintaining their health and well-being. The market for personal use CBD products is driven by the growing consumer interest in self-care and wellness products, as well as the expanding availability of CBD products in the mainstream market.

Competitive Landscape:

The competitive landscape in the Cannabidiol Market is highly saturated with numerous companies vying for market share. Companies are constantly striving to differentiate themselves by offering unique product formulations, innovative delivery methods, and appealing branding strategies. This intense competition has led to a wide array of products available to consumers, ranging from oils and tinctures to edibles and topicals.

Top Market Players:

1. Canopy Growth Corporation

2. Aurora Cannabis Inc.

3. GW Pharmaceuticals

4. Charlotte's Web

5. Medterra CBD

6. CBD American Shaman

7. CV Sciences

8. Elixinol Global

9. CannTrust Holdings

10. Medical Marijuana Inc.