Cannabidiol or CBD is a non-intoxicating compound found in cannabis and hemp plants. CBD products are well known for its therapeutic properties and ability to provide relief for various health conditions such as anxiety, insomnia, chronic pain, and inflammation. Owing to its medical benefits and wide application in conditions like Parkinson’s disease, cancer pain, epilepsy, and Alzheimer’s disease, the demand for CBD-based products is increasing substantially.
The global Cannabidiol Market is estimated to be valued at US$ 323.23 million in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising adoption of CBD in the healthcare sector is a major trend fueling the growth of the cannabidiol market. Various studies have shown CBD to be effective in relieving symptoms of numerous health conditions. This has prompted healthcare professionals as well as patients to use CBD for therapeutic purposes. Moreover, the growing legalization of medical marijuana in many countries has further increased the demand for CBD-based drugs and supplements. According to Brightfield Group, the US CBD market is projected to reach $23.7 billion by 2023 as more people consider CBD as a natural alternative for pain relief and treatment of insomnia, anxiety, and cancer pain.
SWOT Analysis
Strength: The Cannabidiol market has a growing awareness about the therapeutic benefits of CBD in treating conditions such as chronic pain, neurological disorders, cancer, among others.
Weakness: Legal restrictions on the use of Cannabis in many countries act as a barrier to the growth of the CBD market. The lack of standardization and regulation leads to inconsistencies in the quality and labeling of CBD products.
Opportunity: Rising research funding for developing innovative CBD formulations and applications is creating opportunities for market expansion. Favorable changes in government policies and legalization of Cannabis in more countries will support market growth.
Threats: Presence of substitute products that naturally contain cannabinoids pose a threat to established CBD product brands. Stringent regulatory compliances increase the operating costs of market players.
Key Takeaways
The global cannabidiol market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be $323.23 Mn growing at a robust CAGR of 4.0% till 2030.
Regional analysis
North America dominates the global CBD market with the largest market share currently. The U.S. and Canada have legalized medical Cannabis across most states/provinces which supports high demand in this region. Asia Pacific market is expected to grow the fastest due to rising consumer awareness, growing medical Cannabis acceptance in major countries like China, India, Australia.
Key players
Key players operating in the cannabidiol market are Endoca, Cannoid, LLC, Medical Marijuana, Inc., Folium Biosciences, Elixinol, NuLeaf Naturals, LLC, Isodiol International, Inc.,Pharmahemp d.o.o. These players are focusing on new product launches, strategic collaborations and expansion of regional presence to gain market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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