In terms of revenue, the Global Cannabidiol (CBD) market is expected to reach USD 47.22 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 21.20% from 2022 to 2028. The healing properties in Cannabidiol (CBD) for health and wellness purposes is high, which is a primary factor that boosts the market growth. Additionally, the increasing acceptance and usage of cannabis products because of government approvals in several countries is another factor expected to raise the production of CBD-infused products globally.
- Under the source type segment hemp sub-segment is anticipated to grow at a substantial CAGR. The growth in this segment is driven by increasing demand from the pharmaceutical sector with rising awareness in consumers regarding health. The rise in consumer disposable income and legalization of medicinal cannabis employed high growth in the pharmaceutical industry.
- Business to Business in the distribution segment held a market significant share in 2021. The growth is attributed to the rising number of wholesale CBD oil providers in the market, coupled with increasing demand for CBD oil as a raw material. After the legalization of CBD products, the revenues for supply are significantly increased, because of expanding consumer base.
- North America is the largest regional segment. The growth in the region is driven by the huge setup of hemp-producing plants, mainly in China. In fact, China is one of the largest hemp cultivators in the region and produces around half of the world’s hemp.
Some of key players in Cannabidiol (CBD) Market include - Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra, and Tilray.
Out of all cannabinoids, cannabidiol has a wider use for therapeutic reasons because of the lack of psychoactive effects. Cannabidiol (CBD) oil is used in several applications such as depression & anxiety treatment, diabetes prevention, cancer symptom relief, and inflammation. Due to the increasing acceptance & usage of CBD-based products, the global cannabidiol market is projected to have substantial growth during the forecast period. The awareness regarding the cannabidiol therapeutic advantages has positively influenced the buyer for buying cannabidiol products. Plus, the products have high-profit margins because of which commercial retailers are focusing on selling cannabis-based products. These are the factors driving the market growth.
North America is anticipated to have significant growth during the forecast period. The presence of a large number of health-conscious people, growing adoption of CBD-based products coupled with the presence of major manufacturers, are the factors that boost the growth of cannabidiol in the region. North America has been observed as the most progressive region for cannabis and its products. This region has the highest number of CBD companies as well as lenient laws for the utilization of CBD products.