by The global Cannabidiol Market is estimated to be valued at US$ 7953.14 Mn in 2023 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cannabidiol or CBD is a chemical compound derived from the cannabis plant. CBD has gained popularity due to its purported therapeutic and medical benefits such as reducing anxiety, pain relief and anti-inflammatory properties without the psychoactive effects of marijuana.
Market key trends:
Growing legalization of Cannabis for medical and recreational purposes is expected to be a major trend contributing to the market growth over the forecast period. Many countries and states across the globe are legalizing both medical and recreational marijuana due to increased awareness of therapeutic benefits of CBD in treating various health conditions. Furthermore, increasing product launches and partnerships among key players for CBD-infused products including food & beverages, cosmetics and healthcare products is another trend projected to positively influence the market growth during the assessment period.
SWOT Analysis
Strength: The cannabidiol market has high growth potential due to increasing legalization of cannabis products across various regions. Medical applications of cannabidiol for conditions like chronic pain, epilepsy, insomnia etc. are driving its demand.
Weakness: Strict regulations and policies related to the use, distribution, and marketing of cannabidiol-based products is a challenge. Long approval timelines for new products limit business opportunities.
Opportunity: Increasing research on medicinal properties of cannabidiol and development of new delivery forms like edibles, beverages offer lucrative opportunities. Emerging applications in pet care and anxiety treatment present new avenues for growth.
Threats: Availability of substitute products and easy availability of illicit cannabis may limit revenue potential. Stiff competition from local players impacts profit margins of major companies.
Key Takeaways
The Global Cannabidiol Market Size is expected to witness high growth, exhibiting CAGR of 47% over the forecast period, due to increasing legalization of cannabis-based products and establishment of regulatory framework governing production and sales of cannabidiol items.
Regional analysis: North America currently dominates the global cannabidiol market and is expected to maintain its lead over the forecast period. Favorable regulatory environment and growing user acceptance are driving the North America market. Europe is also witnessing significant growth due to increasing prescription of cannabidiol-based medications for various therapeutic conditions.
Key players operating in the Cannabidiol market are Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann, Inc., Tilray, GW Pharmaceuticals, plc, 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, and Pharmahemp d.o.o. Major players are investing in clinical trials to demonstrate effectiveness of cannabidiol for new applications and expanding their production capacities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
