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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.
This information is published by Fortune Business Insights, in a report,
titled “Cannabidiol (CBD) Market, 2024-2032.” The report further
mentions that the market stood at USD 2,770.8 million in 2020. Factors such as
the increasing product approvals by the FDA and concerned government agencies
and the growing demand for CBD amongst the health and fitness enthusiasts will
bode well for the growth of the market. For instance, according to a report by
the Harvard Health Institute in 2018, CBD can be extensively adopted to provide
relief from health issues such as anxiety, insomnia, etc.
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.
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 a comprehensive analysis of key drivers
and restraints influencing market growth. It delves into regional insights
across various regions, impacting market expansion. The report also covers the
competitive landscape, highlighting leading companies and their strategies,
including product launches, partnerships, and collaborations to foster market
growth. Furthermore, the research analyst employs methodologies like PORTER’s
Five Point Analysis and PESTEL to capture current trends and industry
advancements driving market growth from 2021 to 2028. Our updated reports
provide detailed market scenarios, enabling companies to tailor strategies
effectively based on current market conditions.
Source: https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
DRIVING FACTORS:
Increasing FDA Approvals for CBD Products to Promote Market Growth
The market's leading competitors are focusing on creating unique and
improved goods to meet customers' rising demand for CBD. The rising use of the
substance in the production of medications and consumer goods will provide
profitable opportunities for the industry. The increasing number of official
approvals for various CBD products is projected to boost market growth.
Furthermore, manufacturers' aggressive approach to incorporating CBD into a
variety of food products is likely to contribute to global cannabidiol market
growth over the forecast period.
Key Drivers and Restraints Impacting Global Market Growth
The key drivers and restraints that will
impact growth in the global market encompass various factors. Economic
conditions, technological advancements, inflation rates, interest rates,
currency exchange rates, legal restrictions, trade barriers, cultural
differences, nationalism, prejudices, and international conflicts are among the
significant elements influencing market expansion or hindrance. These factors
play a crucial role in shaping the landscape for businesses seeking
international growth opportunities.
REGIONAL INSIGHTS
North America – The region stood at USD 1276.7 million in 2020 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 2021 and 2028.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The worldwide cannabidiol industry is competitive, with prominent
players focused on cooperating with other companies to grow their product range
and increase sales revenues. Furthermore, the other big firms are attempting to
preserve their position by tactics such as merger and acquisition, facility
development, and collaboration, which will augur well for the market's growth
in the future years.
Industry Development:
List of the Companies Profiled in the Global Market:
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.
This information is published by Fortune Business Insights, in a report,
titled “Cannabidiol (CBD) Market, 2024-2032.” The report further
mentions that the market stood at USD 2,770.8 million in 2020. Factors such as
the increasing product approvals by the FDA and concerned government agencies
and the growing demand for CBD amongst the health and fitness enthusiasts will
bode well for the growth of the market. For instance, according to a report by
the Harvard Health Institute in 2018, CBD can be extensively adopted to provide
relief from health issues such as anxiety, insomnia, etc.
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.
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 a comprehensive analysis of key drivers
and restraints influencing market growth. It delves into regional insights
across various regions, impacting market expansion. The report also covers the
competitive landscape, highlighting leading companies and their strategies,
including product launches, partnerships, and collaborations to foster market
growth. Furthermore, the research analyst employs methodologies like PORTER’s
Five Point Analysis and PESTEL to capture current trends and industry
advancements driving market growth from 2021 to 2028. Our updated reports
provide detailed market scenarios, enabling companies to tailor strategies
effectively based on current market conditions.
Source: https://www.fortunebusinessinsights.com/cannabidiol-cbd-market-103215
DRIVING FACTORS:
Increasing FDA Approvals for CBD Products to Promote Market Growth
The market's leading competitors are focusing on creating unique and
improved goods to meet customers' rising demand for CBD. The rising use of the
substance in the production of medications and consumer goods will provide
profitable opportunities for the industry. The increasing number of official
approvals for various CBD products is projected to boost market growth.
Furthermore, manufacturers' aggressive approach to incorporating CBD into a
variety of food products is likely to contribute to global cannabidiol market
growth over the forecast period.
Key Drivers and Restraints Impacting Global Market Growth
The key drivers and restraints that will
impact growth in the global market encompass various factors. Economic
conditions, technological advancements, inflation rates, interest rates,
currency exchange rates, legal restrictions, trade barriers, cultural
differences, nationalism, prejudices, and international conflicts are among the
significant elements influencing market expansion or hindrance. These factors
play a crucial role in shaping the landscape for businesses seeking
international growth opportunities.
REGIONAL INSIGHTS
North America – The region stood at USD 1276.7 million in 2020 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 2021 and 2028.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The worldwide cannabidiol industry is competitive, with prominent
players focused on cooperating with other companies to grow their product range
and increase sales revenues. Furthermore, the other big firms are attempting to
preserve their position by tactics such as merger and acquisition, facility
development, and collaboration, which will augur well for the market's growth
in the future years.
Industry Development:
List of the Companies Profiled in the Global Market:
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