CBD Market Size

Global Cannabidiol Market Overview

Cannabidiol market size was valued at USD 21.31 billion in 2023 and is projected to grow from USD 24.78 Billion in 2024 to USD 71.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.90% during the forecast period (2024 - 2032). The rising occurrence of chronic diseases and related complications and the legalization of CBD in various regions are the key market drivers enhancing the market growth. 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cannabidiol Market Trends

• Increasing the use of cannabidiol (CBD) for medicinal purposes will boost the market growth

Products containing cannabidiol, such as those for pets and health and beauty, are being widely embraced in society. The primary reason for the rising popularity is the shift in consumer attitudes toward goods made from cannabis and the variety of uses for cannabidiol products. Since the legalization of cannabis in many nations, demand for tinctures, oils, body lotions, capsules, vaping devices, transdermal patches, and other personal care items has rapidly increased. Due to their many applications, which include potential therapeutic benefits and their capacity to calm animals, these items have gained popularity. The Center for Food Safety (CFS) also assesses businesses that market CBD-based goods based on their manufacturing processes, processing techniques, testing methodologies, and consumer-facing openness. Such government measures stoked consumer interest, which prompted a rise in the use of CBD-based products.

Figure 1: Cannabidiol Market, 2021-2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Increased approvals for CBD products result from the quick development of treatments, medications, and other consumer goods derived from cannabis and its advantageous health effects. The Food and Drug Administration (FDA) of the United States has acknowledged many possible uses for CBD and the possibility of incorporating it into various Food and non-food applications. However, the FDA is trying to safeguard public health and enhance the effectiveness of regulatory processes for bringing acceptable goods to market (including cannabidiol acids). The producers are putting more effort into finding CBD to add to Food and other items. Thus, throughout the projection period, the expansion of the global CBD business would benefit from the increasing dependence on goods.

Globally, the constantly expanding pharmaceutical business is aware of the value and advantages of cannabis and its byproducts. One of the main components of cannabis that the pharmaceutical business has used to provide health safety assurance for various illnesses is CBD. It has qualities like being naturally plant-based and a natural substitute for several conventional medications that are aggressively sold to producers and customers globally. As a result, its use in medications and other medical therapies is being approved by the governments of various regions and nations. It is anticipated to expand and boost these items' sales and distribution throughout the projection year. Last but not the least, legalization of Marijuana in several countries will actually make things more easier and pave the way for the cannabidiol market size to develop in the years to come.

Cannabidiol Market Segment Insights

CBD Form Insights

Based on the form type, the cannabidiol market segmentation includes solid and liquid. Solid form shares the highest growth during the forecast period 2021. More and more skincare products that cure acne and wrinkles contain cannabidiol oil. For instance, Sephora recently added a line of CBD-infused beauty products to its retail locations. Similarly, Ulta Beauty plans to introduce a range of products based on cannabidiol.

Additionally, several new businesses are entering the market for cosmetics containing cannabidiol. For instance, the German market for the Aphria cannabidiol-based cosmetics line was opened in 2019. Aphria is a Canadian producer and distributor of medical and recreational cannabis.

CBD Route of Administration Insights

Based on the route of administration, the global CBD industry includes tinctures, capsules, inhalation (smoke or vapor), and aerosol spray. Over the projection period, the Inhaled sub-segment is anticipated to have profitable growth. As a result, the fast-expanding industry further assures that there will be a significant CBD industry and its products in the years to come.

CBD Product Insights

Based on Product, the global CBD industry includes Food Grade and Therapeutic Grade. In 2021, the food-grade sector led the market, which accounted for more than 50.0% of total revenue. Over the forecast period, the cannabidiol market is anticipated to grow profitably. This can be attributed to an increase in the number of bulk or wholesale CBD oil providers and the demand for CBD oil as a raw material. Similarly, when more people were interested in purchasing CBD products once they were made legal in some nations, there were more opportunities to do so.

Figure 2: Global Cannabidiol (CBD) market, by Surgery, 2023 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

CBD Application Insights

Based on application type, the cannabidiol market segmentation includes Neurogenerative Disorder, Fibromyalgia, Diabetes, Protein Bars, and Energy Drinks. Neurogenerative disorders share the highest growth during the forecast period. CBD is prescribed to treat seizure disorders (epilepsy). In addition, CBD is utilized to treat various illnesses, including anxiety, pain, Parkinson's disease, Crohn's disease, dystonia, and many more.

CBD End-user Insights

Based on fusion type, the global cannabidiol market data includes healthcare and Food & beverages. The healthcare sector shares the highest growth during the forecast period. One area that consistently concentrates on innovations, development, and research on new and potent pharmaceutical items is the pharmaceutical business. Due to its many benefits, such as its neuroprotective and pain-relieving characteristics, manufacturers have discovered a significant role for CBD in producing their products. IQVIA Institute for Human Data Science estimates that the value of the global pharmaceutical CBD market was USD 1.2 trillion in 2018. At a CAGR of 4-5%, it was projected to reach USD 1.5 trillion by 2023. As a result, the fast-expanding industry further assures that there will be a significant market for cannabidiol and its products in the years to come.

CBD Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Cann market accounted for USD 7.84 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. In 2021, North America dominated the market with a revenue share of over 85.0% and will continue to retain its leading position in the market. The presence of a large number of health-conscious people in the Region, growing acceptance of CBD-based products, the presence of major manufacturers, and approval of the U.S. Farm Bill in 2020 are some of the major factors driving the regional market of CBD. North America is known to be the most progressive Region for cannabis and its products, including cannabidiol. It has the highest number of CBD companies and lenient laws regarding using CBD products.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Global Cannabidiol market, by Surgery, 2023 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

In addition, the establishment of hemp-producing facilities, particularly in China, is expected to lead to considerable development in countries like Europe and Asia Pacific throughout the projection period. Nearly half of the world's hemp is grown in China, the largest producer of hemp in Asia. The U.S., Germany, the U.K., the Netherlands, and Japan account for around 90% of the nation's exports. Three provinces have begun growing hemp for cannabidiol extraction. In the United States, Canada, and the European Union, hemp enterprises with low-cost CBD supply are projected to face tough competition from the newer government laws supporting the industry, the lowest cannabidiol production costs, and special large-scale manufacturing infrastructure and experience.

Cannabidiol Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for the CBD. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and remain in a market that is becoming As the CBD industry becomes increasingly cutthroat, companies must provide reasonably priced goods.

Manufacturing locally to cut operational costs is one of the main business tactics used by the CBD  industry to serve customers and increase the market sector. The CBD  industry has recently given medicine some of the most important advantages. The CBD markets major players such as Folium Biosciences, Aphria Inc., Green Roads of Florida, Freedom Leaf Inc, Elixinol Global Limited, LLC CBD Health Solutions, CV Sciences, Isodiol International Inc, Canopy Growth Corporation Medical Marijuana Inc. and others are working on expanding the market demand by investing in research and development activities.

In the health & wellness, skincare, personal care, drinks, and pet care industries, Nano Hydrate is a leading wholesale manufacturer and distributor of white-label, private-label, bespoke, and ready-made formulations of premium hemp-derived goods. Pharmaceutical-grade cannabidiol branding services have been made available by Nano Hydrate since January 2021 as part of their product marketing services. It aimed to create a cooperative program that would expand the opportunities for cannabis-infused beverages while also enabling them to introduce established brands to the specialized CBD product market.

Pharmaceutical firm CV Sciences Inc. The company has two business divisions: specialty pharmaceuticals and consumer goods. The consumer goods business creates, produces, promotes, and distributes hemp-based cannabidiol and nutritional supplements made from plants (CBD). The debut of +PlusCBD pain treatment topicals with four distinct over-the-counter (OTC) medications designed to target the origins of minor aches and pains was announced by CV Sciences, Inc. in January 2022. With this Product's debut, the firm hopes to increase the number of +PlusCBD products it offers.

Key Companies in the Cannabidiol market include

• Folium Biosciences


• Aphria Inc.


• Green Roads of Florida


• Freedom Leaf Inc


• Elixinol Global Limited


• LLC CBD Health Solutions


• CV Sciences


• Isodiol International Inc


• Canopy Growth Corporation


• Medical Marijuana Inc.

CBD Industry Developments

• June 2021: For about USD 60 million, The Valens Company finalized the purchase of Green Roads. The acquisition provides The Valens Company with a well-established Green Road network that allows it access to the U.S. CBD industry.


• October 2020: Researchers and faculty at the Medical College of Georgia and the Dental College of Georgia have shown how cannabidiol (CBD) can cause significantly less lung damage and inflammation. They have also demonstrated how CBD can raise oxygen levels for disorders connected to adult respiratory problems.

Cannabidiol Market Segmentation

Cannabidiol (CBD) Form Outlook

• Solid


• Liquid

Cannabidiol (CBD) Routes of Administration Outlook

• Tincture


• Capsules


• Aerosol spray


• Inhalation (smoke or vapor)

Cannabidiol (CBD) Product Outlook

• Food grade


• Therapeutic grade

Cannabidiol (CBD) Application Outlook

• Neurogenerative Disorder


• Fibromyalgia


• Diabetes


• Protein bars


• Energy drinks

Cannabidiol (CBD) End User Outlook

• Healthcare


• Food & beverage

Cannabidiol (CBD) Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America