Market Overview:

The global cannabidiol (CBD) market size was USD 7.59 billion in 2023 and is projected to grow from USD 11.16 billion in 2024 to USD 202.45 billion in 2032 at a CAGR of 43.66% during the forecast period 2024-2032. North America dominated the cannabidiol market with a market share of 47.04% in 2023. Moreover, the cannabidiol market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 78.74 billion by 2032, driven by rising liberalization in laws related to the use of cannabidiol products and increase consumer acceptance.

According to a report titled "Cannabidiol (CBD) Market, 2024-2032" by Fortune Business Insights, the CBD market was valued at USD 7.59 billion in 2023. The report highlights factors driving market growth, such as the increasing number of product approvals by the FDA and other regulatory bodies, as well as the rising demand for CBD among health and fitness enthusiasts. For example, a 2018 report by the Harvard Health Institute indicates that CBD is widely used to alleviate health issues like anxiety and insomnia.

List of the Companies Profiled in the Global Market:

• Medical Marijuana Inc. (California, U.S.)
• Cannoid, LLC (Colorado, U.S)
• Isodiol International Inc. (Vancouver, Canada)
• ENDOCA (Chicago, U.S.)
• Folium Biosciences (Texas, U.S.)
• Nuleaf Naturals Llc. (Colorado, U.S)
• Pharmahemp d.o.o (Slovenia, Europe)
• Elixinol Global (Sydney, Australia)
• CV Sciences (California, U.S.)
• Medterra CBD (California, U.S.)

Market Segmentation:

The market is segmented based on source into marijuana and hemp. In terms of application, it is divided into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Among these, the pharmaceuticals segment is anticipated to dominate the global cannabidiol (CBD) market during the forecast period, driven by ongoing efforts to develop innovative medical products across the global pharmaceutical sector. Regionally, the market is classified into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

What does the Report Provide?

The global market report delivers a comprehensive analysis of the key factors influencing market growth, including major drivers and challenges. It offers detailed regional insights, showcasing how different areas contribute to overall market expansion. The report also explores the competitive landscape, highlighting strategies adopted by leading players—such as product launches, partnerships, and collaborations—that are driving further growth. Utilizing research tools like PORTER’s Five Forces and PESTEL analysis, the report identifies current trends and industry developments expected to shape the market from 2024 to 2032. With thoroughly updated insights, the report provides businesses with the critical information needed to craft effective, data-driven strategies.

DRIVING FACTORS:

Increasing FDA Approvals for CBD Products to Promote Market Growth