Jersey City, NJ, Jan. 29, 2024 (GLOBE NEWSWIRE) -- “CBD Ingredient Market” in terms of revenue was estimated to be worth $2.42 billion in 2023 and is poised to reach $6.77 billion by 2031, growing at a CAGR of 12.71% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global CBD Ingredient Market are:
- Growing the Pharmaceutical Sector
- Raising the bar for CBD product regulation and approval
- Increasing Population
The following are the primary obstacles to the CBD Ingredient Market 's expansion:
- Potential CBD oil side effects
- Problems with Costs
- Lack of awareness
Future expansion opportunities for the global CBD Ingredient Market include:
- Increasing awareness
- Beneficial Government Programs
- Growth in research and development
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Market Analysis:
Reducing pain, anxiety, and seizures are just a few of its many advantages. As a result of its therapeutic effects, CBD is in great demand for use in health and wellness products, propelling the market forward. Due to its absence of intoxicating effects, cannabidiol has found the greatest therapeutic usage among cannabinoids. Furthermore, the worldwide market is expected to expand at a lucrative rate throughout the projected period as more and more people turn to CBD-based products for relief from various conditions.
List of Prominent Players in the CBD Ingredient Market:
- ENDOCA
- Cannoid, LLC
- Medical Marijuana, Inc.
- Folium Europe B.V.
- Canopy Growth Corporation
- Elixinol
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- PharmaHemp
CBD Ingredient Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2023 | USD 2.42 Bn |
| Revenue forecast in 2031 | USD 6.77 Bn |
| Growth rate CAGR | CAGR of 12.71% from 2024 to 2031 |
| Quantitative units | Representation of revenue in US$ Bn, and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments covered | By Source, Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Recent Developments:
- In January 2024, Canopy Growth Corporation, a global leader in the cannabis industry, has recently unveiled a slew of new products for both recreational and medicinal use. These include Tweed's new oils and softgels containing trace amounts of cannabinoids; 7ACRES' and Spectrum Therapeutics' medically exclusive pre-rolls; and Tweed's large format flower.
- In June 2023, Isodiol International Inc. is pleased to announce that SalesBird, LLC, a reputable sales distribution company headquartered in the United States with offices worldwide, has been appointed a non-exclusive distributor. Isodiol will be able to fortify its internal sales operations, expand its market penetration to traditional brick-and-mortar and "big box" stores, and thrive in the cutthroat world of online sales with the support of this strategic relationship.
- In January 2024, Medical Marijuana, Inc., HempMeds Brasil, introduced two new full-spectrum products to the Brazilian market, according to the company's announcement. 30 and 60-mL jars contain concentrations ranging from 3,000 to 6,000 mg.
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CBD Ingredient Market Dynamics:
Market Drivers: Raising Bars for CBD Product Regulation and Approval
The rapid expansion of the CBD market can be attributed to the increasing consumer consciousness surrounding health and fitness. Cannabidiol demand is expected to be positively affected by rising consumer disposable income and the legalization of medicinal cannabis. Regulations have been loosened, and the market for refined CBD products has been growing. Bhjb Additionally, the legalization of marijuana and products derived from it for various purposes is propelling the market forward.
Challenges: Potential Side Effects and Lack of Awareness
CBD continues to face numerous challenges and unknowns on a global scale, and it is still prohibited in numerous nations. Although cannabidiol (CBD) is not necessarily approved for adult use consumption or even as an ingredient in other products, it is typically the initial stop when developing a therapeutic cannabis program. Because of the potential for new markets to emerge and the fact that legal frameworks dictate the extent to which CBD is utilized in related industries, legal frameworks will remain a driving force in the future of CBD. Despite CBD-based medicines' usefulness for a range of medical conditions, studies and research from several organizations have demonstrated that they can also have side effects.
North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North America CBD Ingredient Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of the growing acceptance of its use, strong consumer demand, and well-established business systems. Several enterprises, including those in the food, pharmaceutical, and cosmetics industries, have begun to mainstream the use of CBD due to its widespread applicability and the rapidly changing demographics of customers. Their spending on the product is anticipated to be driven by the increasing demand among various age groups and genders. More and more goods are getting the green light to use cannabidiol, providing more business opportunities for producers.
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Segmentation of CBD Ingredient Market-
By Source-
- Natural
- Marijuana Based
- Hemp Based
- Synthetic
By Application-
- Food and Beverages
- Personal Care and Cosmetics
- Nutraceuticals
- Pharmaceutical (API)
- Single Servings
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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InsighAce Analytic is a specializing in market research and consulting services that helps in building business strategies. Our mission is to provide high quality insights with using data analytics techniques and visualization tools that drives the disruption and innovation in market research industry. Our expertise is in providing syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.
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