Vancouver, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The global Cannabidiol (CBD) market size was USD 3.86 Billion in 2022 and is expected to register a rapid revenue CAGR of 28.3% during the forecast period. Key factors propelling this growth include the rising preference for cannabis extracts, changing regulatory landscapes, and a surge in retailers offering CBD-based products. CBD, a natural compound in the cannabis plant, has gained significant traction for its potential health benefits, including treating chronic pain, anxiety, inflammation, and insomnia. FDA approval for epilepsy treatment underscores its therapeutic potential.
The market's expansion is further fuelled by the increasing legalization of cannabis-based products, balancing economic benefits with public health concerns. However, concerns about adverse effects associated with cannabis, including psychiatric issues, cognitive deficits, and respiratory problems, pose challenges. Special caution is urged for pregnant and nursing individuals, and interactions with medications necessitate consultation with healthcare professionals.
A notable trend is the surging popularity of CBD in skincare products, with claims of anti-inflammatory, analgesic, and moisturizing properties. Despite limited data on safety and efficacy, CBD's inclusion in skincare formulations is on the rise. The source segment, comprising marijuana and hemp, witnesses’ hemp as the frontrunner in revenue growth. Hemp-derived CBD, known for its non-intoxicating properties, gains favour for its potential medicinal benefits such as pain relief and anti-inflammatory properties. The marijuana segment, which accounted for the largest revenue share in 2022, continues to thrive due to increased acceptance and usage of CBD for medical and wellness purposes.
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Pharmaceuticals are expected to exhibit a steady fast revenue growth rate. The pharmaceutical industry actively explores CBD's therapeutic potential, prioritizing cannabinoid research for conditions like epilepsy and pain disorders. The healthcare sector, with significant neuroprotective effects, also contributes substantially to CBD's revenue share. The online segment dominated the CBD market in 2022, attributed to its convenience and accessibility. Legal complexities in certain regions are offset by success stories like Canada, where online CBD marketplaces flourish due to countrywide legalization. E-commerce platforms provide a user-friendly experience, efficient payment processing, and robust marketing features.
North America held the largest revenue share in 2022, fuelled by evolving regulations, increased acceptance, medical applications, and diverse product offerings. The official recognition of cannabis nursing as a nursing specialty further exemplifies the region's commitment to cannabis-related innovations. Europe is anticipated to witness the fastest revenue growth, driven by increasing cannabis legalization and recognition of CBD's therapeutic benefits. The Asia Pacific region is poised to account for a considerable revenue share, driven by rising health consciousness and demand for natural remedies.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 3.86 Billion |
| CAGR (2023–2032) | 28.3% |
| Revenue Forecast To 2032 | USD 46.47 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Form, routes of administration, product, application, end use, source, and distribution |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Canopy Growth, Aphria, Inc., Aurora Cannabis, Maricann, Inc., Tilray, GW Pharmaceuticals, ABcann Medicinals, Inc., Organigram Holding, Inc., Tikun Olam, The Cronos Group, ENDOCA, Isodiol International, Inc., MEDICAL MARIJUANA, INC., Cannoid, LLC, Elixinol, Folium Biosciences, NuLeaf Naturals, LLC., Pharmahemp d.o.o., Kazmira LLC, and Green Roads |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global Cannabidiol (CBD) market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient CBD solutions. Some major players included in the global Cannabidiol (CBD) market report are:
- Canopy Growth
- Aphria, Inc.
- Aurora Cannabis
- Maricann, Inc.
- Tilray
- GW Pharmaceuticals
- ABcann Medicinals, Inc.
- Organigram Holding, Inc.
- Tikun Olam
- The Cronos Group
- ENDOCA
- Isodiol International, Inc.
- MEDICAL MARIJUANA, INC.
- Cannoid, LLC
- Elixinol
- Folium Biosciences
- NuLeaf Naturals, LLC
- Pharmahemp d.o.o.
- Kazmira LLC
- Green Roads
Strategic Development
- On 14 September, 2023, 4Front Ventures Corp. enhanced its product offerings in Illinois under its premium flower brand, Island Cannabis Co. This expansion includes the introduction of a new 7g size of Island's premium flower and Island Classic Single Strain 1g Pre-Rolls in four distinct strains. The products are available at 4Front's Mission dispensaries in Calumet City and South Chicago, with plans for further expansion across the state. To celebrate National Public Lands Day on September 23, 4Front is offering the Island Adventure Pack promotion.
- On 2 March, 2023, Entourage Health Corp., a Canadian cannabis producer, expanded its product portfolio under Color Cannabis and Saturday Cannabis brands. The new offerings feature unique cannabis cultivars, large-format flower, and infused pre-rolls, and are initially available in Ontario and Alberta, with plans for a nationwide rollout. These additions include distinct strains like 'Mint Cookie Kush' and 'Baked Grape Pie.'
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For the purpose of this report, Emergen Research has segmented global the Cannabidiol (CBD) market on the basis of type, application, deployment, enterprise size, component, vertical, and region:
- Form Outlook (Revenue, USD Billion; 2019-2032)
- Solid
- Liquid
- Routes of Administration Outlook (Revenue, USD Billion; 2019-2032)
- Tincture
- Capsules
- Inhalation (Smoke or Vapor)
- Aerosol Spray
- Others
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Food Grade
- Therapeutic Grade
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Neurogenerative Disorder
- Fibromyalgia
- Diabetes
- Protein Bars
- Energy Drinks
- Chronic pain
- Anxiety/Stress
- Sleep/Insomnia
- End-use Outlook (Revenue, USD Billion; 2019-2032)
-
- Food & Beverages (F&B)
- Healthcare
- Pharmaceuticals
- Source Outlook (Revenue, USD Billion; 2019-2032)
-
- Marijuana
- Hemp
- Distribution Outlook (Revenue, USD Billion; 2019-2032)
-
- Online
- Offline
- Hospital pharmacy
- Retail Stores
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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