Cannabidiol Market Worth $22.05 Billion by 2030 at CAGR of 16.8%: Grand View Research, Inc.
SAN FRANCISCO, Sept. 21, 2022 /PRNewswire/ -- The global cannabidiol market size is expected to reach USD 22.05 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.8% from 2022 to 2030. Increasing awareness regarding the health benefits of cannabidiol (CBD), changing consumer opinion, and the attitude toward CBD products are some of the key factors driving the demand for these products. Cannabidiol is a chemical compound that is found in the cannabis Sativa plant, and is extracted from hemp or cannabis, generally from hemp due to its naturally high CBD content. The cannabis Sativa plant has over 80 chemicals that are identified as cannabinoids. Out of all the chemicals, cannabidiol is most widely used for medical purposes due to its lack of psychoactive effect.
Key Industry Insights & Findings from the report:
- North America accounted for the largest revenue share in 2021 and is expected to maintain its lead over the forecast period. Favorable regulations, increasing awareness about CBD oil, growing consumer preference, and a rise in the number of manufacturers are the factors expected to fuel market growth in the region.
- In 2021, the hemp source type segment is expected to register the fastest CAGR over the forecast period owing to the rising awareness regarding the health benefits of products infused with cannabidiol derived from marijuana. The increasing legalization of hemp in various countries is also a key growth factor.
- The B2B distribution channel segment accounted for the largest revenue share in 2021 owing to the increasing demand and rising number of businesses using cannabidiol as raw materials. Growing demand for cannabidiol products in various sectors such as health and wellness, pharmaceutical, food and additives, and cosmetics has increased the need for companies to procure cannabidiol raw material or precursor material for their products in bulk. Hence, various growth opportunities are emerging in the cannabidiol wholesale business, which is expected to propel the growth of this segment.
- In 2021, the medical end-use segment accounted for the largest revenue share owing to the rising use of cannabis derivatives for various medical conditions.
Read 132 page market research report, "Cannabidiol Market Size, Share & Trends Analysis Report By Source Type (Hemp, Marijuana), By Distribution Channel (B2B, B2C), By End-use (Medical, Personal Use), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Cannabidiol Market Growth & Trends
Cannabidiol oil is used in various medical applications to treat disorders including anxiety and depression and is also used for stress relief, cancer symptom relief, inflammation, and diabetes prevention. The recent COVID-19 pandemic has affected many industries around the world, including the CBD industry. The impact of COVID-19 has led to disruption in production processes. Due to strict quarantine measures taken across the globe, there is a stagnation in the supply of products, including CBD products. In addition, most of the retail stores are currently closed due to the pandemic. Hence, the marketplace may face a slowdown amidst the pandemic, however, it can gain momentum in 2021 due to the increase in demand for CBD-based products in the coming years.
The global market is expected to develop at a lucrative rate over the forecast period owing to the increased acceptance of CBD-based products to treat diseases. There is a growing need for nutrient-rich foods to help people achieve fitness objectives and avoid problems such as inflammation and pain. Furthermore, the Center for Food Safety (CFS) assesses companies that sell CBD-based products based on their manufacturing process, processing procedures, testing processes, and customer openness. Such government activities piqued consumer interest, resulting in increased uptake of CBD-based products.
The introduction of CBD-infused goods is a priority for major industry players. CBD oil is a non-psychoactive and legal component of hemp that can be used in a variety of industries, including food, health products, pharmaceuticals, and cosmetics. To capture a large revenue share in the CBD market, the industry players are expected to use organic and inorganic methods such as mergers, acquisitions, and new product introduction. In June 2021, Vertical Wellness announced that it has agreed to merge with CanaFarma Hemp Products Corp., a Canada-based company that offers multiple products and services related to hemp. After the merger, Vertical Wellness, a U.S.-based cannabidiol company, would transform into a public entity with a combined worth of USD 50 million.
Cannabidiol Market Segmentation
Grand View Research has segmented the global cannabidiol market based on source type, distribution channel, end-use, and region:
Cannabidiol Market - Source Type Outlook (Revenue, USD Million, 2017 - 2030)
- Hemp
- Marijuana
Cannabidiol Market - Sales Type Outlook (Revenue, USD Million, 2017 - 2030)
- B2B
- By End-use
- Pharmaceuticals
- Wellness
- Food & Beverages
- Personal Care & Cosmetics
- Nutraceuticals
- Others
- B2C
- By Sales Channel
- Hospital Pharmacies
- Online
- Retail Stores
- By End-use
- Medical
- Chronic Pain
- Mental Disorders
- Cancer
- Others
- Personal Use
Cannabidiol Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Medical
- Chronic Pain
- Mental Disorders
- Cancer
- Others
- Personal Use
- Pharmaceuticals
- Wellness
- Food & Beverages
- Personal Care & Cosmetics
- Nutraceuticals
- Others
CBD Industry Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Netherlands
- Switzerland
- Italy
- France
- Poland
- Czech Republic
- Croatia
- Asia Pacific
- China
- India
- South Korea
- Japan
- New Zealand
- Australia
- Latin America
- Argentina
- Brazil
- Mexico
- Colombia
- Uruguay
- Chile
- Middle East & Africa (MEA)
- Israel
- South Africa
List of Key Players in Cannabidiol (CBD) Market
- ENDOCA
- Cannoid, LLC
- Medical Marijuana, Inc.
- Folium Biosciences
- Elixinol
- NuLeaf Naturals, LLC
- Isodiol International, Inc.
- Pharmahemp d.o.o.
Check out more related studies published by Grand View Research:
- CBD Oil & CBD Consumer Health Market - The global CBD oil and CBD consumer health market size is expected to reach USD 123.2 billion by 2027, expanding at a CAGR of 25.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing buyer awareness regarding various health benefits offered by cannabidiol (CBD) and increasing legalization of cannabidiol oil and infused products is contributing towards the adoption of cannabidiol as a consumer health product, thereby positively impacting the market growth. Furthermore, changing buyer perception and attitude towards hemp-derived cannabidiol-based products is further bolstering revenue growth over the forecast period.
- CBD Nutraceuticals Market - The global CBD nutraceuticals market is projected to reach USD 17.4 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a CAGR of 18.8% during the forecast period. Introduction of the 2018 Farm Bill that legalized hemp cultivation and hemp-derived products in U.S., rising consumer preference for plant-based ingredients in dietary supplements, and awareness regarding the health benefits of cannabidiol are some of the factors powering the market growth. However, the easy availability of alternative products is obstructing market growth.
- Medical Marijuana Market - The global medical marijuana market size is expected to reach USD 65.8 billion by 2030 and is expected to expand at a CAGR of 21.6% over the forecast period, according to a new report by Grand View Research, Inc. The major factors attributed to the industry growth are the rapid adoption of cannabis in therapeutic applications and a surge in the number of countries legalizing the usage of medical marijuana.
Browse through Grand View Research's Pharmaceuticals Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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