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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:
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
Prominent market players are focusing on launching innovative and
advanced products to meet the high consumer demand for CBD. The increasing use
of CBD in the production of medicines and consumer products is creating
lucrative market opportunities. Moreover, growing government approvals for
various CBD products are expected to support market growth. Additionally,
manufacturers' proactive efforts to incorporate CBD into a wide range of food
products are anticipated to drive the growth of the global cannabidiol market
during the forecast period.
Source: https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
REGIONAL INSIGHTS
North America – The region stood at USD 7.59
billion in 2023 and is anticipated to hold the highest position in the
market in the forthcoming years. This is attributable to the favourable
government policies that enable the commercialization of cannabidiol products
in countries such as the U.S. and Canada.
Europe – The market in the region is anticipated to showcase exponential growth
backed by the rising sales of CBD products such as vaping, smoking, and edibles
in the region between 2024 and 2032.
Dynamic Growth in Global CBD Oil Market Driven by Medicinal Acceptance,
Regulatory Changes, and Innovation Amidst Quality and Competition Challenges
The global cannabidiol (CBD) oil market is
experiencing dynamic growth driven by several key factors. One of the primary
drivers is the growing acceptance of the medicinal uses of CBD, as more people
recognize its potential health benefits, such as managing anxiety and pain,
leading consumers to increasingly seek natural remedies. Additionally, changes
in laws and regulations around CBD are significantly boosting market growth. As
more regions legalize and regulate CBD products, businesses find new
opportunities to invest and operate, demonstrating how policy changes are
driving the market's expansion. Opportunities for further growth include the
potential for CBD products to enter mainstream retail, making them more
accessible to a wider audience. This move could enhance the market's reach and
popularity. Furthermore, ongoing innovation and product diversification, such
as developing new formulations and methods of use, present exciting
opportunities for market expansion by meeting changing consumer preferences.
However, the market faces several challenges. Ensuring high-quality control and
accurate labeling is crucial, as poorly labeled or low-quality products can
erode consumer trust and harm the market. Additionally, increasing competition
among CBD manufacturers and retailers is making it difficult for new companies
to establish themselves and gain market share. To succeed in this crowded
market, companies need to differentiate themselves and adopt strategic
positioning.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The global CBD market is highly competitive, with leading companies
partnering with others to expand taheir product offerings and increase sales.
Major companies are also working to stay relevant by merging with or acquiring
other businesses, expanding their facilities, and collaborating. These
strategies are expected to help the market grow in the coming years.
Industry Development:
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:
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
Prominent market players are focusing on launching innovative and
advanced products to meet the high consumer demand for CBD. The increasing use
of CBD in the production of medicines and consumer products is creating
lucrative market opportunities. Moreover, growing government approvals for
various CBD products are expected to support market growth. Additionally,
manufacturers' proactive efforts to incorporate CBD into a wide range of food
products are anticipated to drive the growth of the global cannabidiol market
during the forecast period.
Source: https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
REGIONAL INSIGHTS
North America – The region stood at USD 7.59
billion in 2023 and is anticipated to hold the highest position in the
market in the forthcoming years. This is attributable to the favourable
government policies that enable the commercialization of cannabidiol products
in countries such as the U.S. and Canada.
Europe – The market in the region is anticipated to showcase exponential growth
backed by the rising sales of CBD products such as vaping, smoking, and edibles
in the region between 2024 and 2032.
Dynamic Growth in Global CBD Oil Market Driven by Medicinal Acceptance,
Regulatory Changes, and Innovation Amidst Quality and Competition Challenges
The global cannabidiol (CBD) oil market is
experiencing dynamic growth driven by several key factors. One of the primary
drivers is the growing acceptance of the medicinal uses of CBD, as more people
recognize its potential health benefits, such as managing anxiety and pain,
leading consumers to increasingly seek natural remedies. Additionally, changes
in laws and regulations around CBD are significantly boosting market growth. As
more regions legalize and regulate CBD products, businesses find new
opportunities to invest and operate, demonstrating how policy changes are
driving the market's expansion. Opportunities for further growth include the
potential for CBD products to enter mainstream retail, making them more
accessible to a wider audience. This move could enhance the market's reach and
popularity. Furthermore, ongoing innovation and product diversification, such
as developing new formulations and methods of use, present exciting
opportunities for market expansion by meeting changing consumer preferences.
However, the market faces several challenges. Ensuring high-quality control and
accurate labeling is crucial, as poorly labeled or low-quality products can
erode consumer trust and harm the market. Additionally, increasing competition
among CBD manufacturers and retailers is making it difficult for new companies
to establish themselves and gain market share. To succeed in this crowded
market, companies need to differentiate themselves and adopt strategic
positioning.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The global CBD market is highly competitive, with leading companies
partnering with others to expand taheir product offerings and increase sales.
Major companies are also working to stay relevant by merging with or acquiring
other businesses, expanding their facilities, and collaborating. These
strategies are expected to help the market grow in the coming years.
Industry Development:
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