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Cannabidiol (CBD) Market Size

Report ID: GMI4541
Published Date: Jun 2024
Report Format: PDF

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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.

Cannabidiol Market Report Attributes
Report Attribute	Details
Base Year:	2023
Cannabidiol Market Size in 2023:	USD 22.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	17.9%
2032 Value Projection:	USD 108 Billion
Historical Data for:	2021 - 2023
No. of Pages:	340
Tables, Charts & Figures:	583
Segments covered:	Source, Product, Application, Route of Administration, Distribution Channel, and Region
Growth Drivers:	Growing medical applications of CBD Increasing product adoption and utilization owing to government approvals Changing regulatory landscape for approval of CBD products across region Increasing sales of CBD products in retail stores
Pitfalls & Challenges:	Side effects associated with CBD oil Counterfeit and synthetic products available in the market High cost of CBD products Complex prescription process

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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.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global cannabidiol market was valued at USD 22.8 billion in 2023 and is anticipated to witness growth at 17.9% CAGR during 2024-2032, driven by increasing consumer awareness and acceptance of CBD products for their potential health benefits.

The hemp-derived cannabidiol industry accounted for USD 16.2 billion in 2023 and will expand rapidly through 2032, owing to its legal status in many regions.

North America CBD market size was valued at USD 13.6 billion in 2023 and is anticipated to reach USD 63.6 billion by 2032, due to the widespread legalization of cannabis across several states in the U.S. and Canada.

Aurora Cannabis, Charlottes Web, Canopy Growth Corporation, CV Sciences, Inc, Endoca, Elixinol, Folium Biosciencesilray, Gaia Herbs, LLC, GW Pharmaceuticals, and Isodiol International Inc among others.