Cannabidiol (CBD) Market – By Source (Hemp, Marijuana) Product (Oil, Oral, Topicals, Isolates, Suppository), Application (Anxiety, Insomnia, Chronic Pain, Skin Care, Migraine), Route of Administration, Distribution Channel, Global Forecast (2024 – 2032)
Report ID: GMI4541
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Published Date: June 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 17
Tables & Figures: 583
Countries covered: 22
Pages: 340
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CBD Market Size
Cannabidiol Market size was valued at USD 22.8 billion in 2023 and is anticipated to witness growth at a CAGR of 17.9% between 2024 and 2032. Increasing consumer awareness and acceptance of CBD products for their potential health benefits, including pain relief, anxiety reduction, and improved sleep quality, is a significant driver.
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Additionally, legalization of hemp-derived CBD in various regions has expanded market opportunities, allowing for the development and distribution of a wide range of products such as cannabidiol oil, edibles, and topicals. Moreover, advancements in extraction and processing technologies have also enhanced product quality and consistency, further boosting consumer confidence. Furthermore, the increasing number of clinical trials and scientific studies supporting the efficacy and safety of CBD contributes to its credibility and adoption. Lastly, the expansion of e-commerce platforms has made CBD products more accessible, driving sales and market penetration globally.
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Cannabidiol (CBD) is a chemical compound obtained from marijuana and hemp plants and is commonly used for medical purposes. Cannabidiol (CBD) is used for treating pain, anxiety, muscle disorder (dystonia), Crohn disease, Parkinson disease and many other medical conditions. Hence, cannabidiol is gaining widespread popularity across regions.
Cannabidiol Market Trends
Cannabidiol Market Analysis
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Based on source, the market is segmented into marijuana and hemp. The hemp segment dominated the market in 2023 and accounted for USD 16.2 billion.
Based on product, the CBD market is segmented into oil, oral, topicals, isolates, suppository, CBD inhalers, vape oil, and other products. The oil segment is further divided into full-spectrum CBD oil and broad-spectrum CBD oil. The oil segment held a market share of 29.2% in 2023.
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Based on application, the cannabidiol market is segmented into anxiety/ stress, sleep/insomnia, chronic pain, migraine, skin care, seizures, joint pain & inflammation, and other applications. The chronic pain segment dominated the market in 2023 and is anticipated to grow at a CAGR of 16.7% between 2024 - 2032.
Based on route of administration, the CBD market is segmented into oral, topical, inhalation, transdermal patches, rectal and sublingual. The oral segment dominated the market in 2023 and is anticipated to reach USD 58.7 billion by 2032.
Based on distribution channel, the CBD market is segmented into online and offline. The offline segment is further divided into hospital pharmacy and retail stores. The offline distribution channel dominated the market in 2023 and is anticipated to witness considerable growth over the forecast years.
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North America cannabidiol market was valued at USD 13.6 billion in 2023 and is anticipated to reach USD 63.6 billion by 2032.
The U.S. cannabidiol market is anticipated to grow at a CAGR of 17.7% between 2024 - 2032.
Germany is anticipated to witness robust growth in the global CBD market.
India cannabidiol market is anticipated to witness lucrative growth between 2024 – 2032.
Cannabidiol Market Share
Major market players operating in the global cannabidiol industry include Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra and Tilray among few other players. These industry players are noted to adopt organic and inorganic strategies such as merger, acquisition, new product launch, etc. to capture high revenue share in the market. These strategies will enhance their market presence and as well as gain competitive advantage in the market.
CBD Market Companies
Prominent players operating in the cannabidiol industry include:
CBD Industry News
The cannabidiol market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 - 2032 for the following segments:
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Market, By Source
Market, By Product
Market, By Application
Market, By Route of Administration
Market, By Distribution Channel
The above information is provided for the following regions and countries: