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.

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:

On the basis of source, the market is bifurcated into marijuana and hemp. Furthermore, based on application, the market is segregated into food & beverages, pharmaceuticals, pet care, cosmetics, and others. On the basis of application, the pharmaceuticals segment is expected to hold the largest global cannabidiol market share during the forecast period. This is owing to the constant focus on developing innovative medical products across the pharmaceutical industry worldwide. Lastly, based on region, the market is categorized into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

What does the Report Provide?

The global market report offers an in-depth analysis of various factors impacting growth, including key drivers and restraints. It provides regional insights, highlighting the contributions of different regions to market expansion. Additionally, the report examines the competitive landscape, detailing strategies of leading companies such as new product launches, partnerships, and collaborations that further stimulate market growth. The research methodology incorporates PORTER’s Five Forces Analysis and PESTEL analysis to identify current trends and industry developments anticipated to drive market growth from 2024 to 2032. Our thoroughly revised reports equip companies with comprehensive information about the current market scenario, enabling them to adopt effective strategies accordingly.

DRIVING FACTORS:

Increasing FDA Approvals for CBD Products to Promote Market Growth