Cannabidiol, also known as CBD, is one of over 100 cannabinoids found in the Cannabis sativa plant. It is known for its therapeutic benefits like reducing pain, inflammation, and anxiety without the psychoactive effects of tetrahydrocannabinol (THC).
The global Cannabidiol Market is estimated to be valued at US$ 323.23 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Growing consumer acceptance of CBD products for wellness purposes has been a major trend propelling the growth of the Cannabidiol Market. CBD promotes feelings of relaxation and calm, relieves discomfort and anxiety, and shows promise as a natural treatment for a variety of conditions. With increased research validating CBD’s therapeutic benefits and more states legalizing its use, consumer demand for CBD products like oils, tinctures, topicals, edibles and more has surged tremendously. This widespread popularity of CBD products for recreational as well as medical use is expected to drive the Cannabidiol Market forward over the forecast period.
SWOT Analysis
Strength: Cannabidiol or CBD oil extracted from hemp plants provide relief from pain, anxiety, and other symptoms without potential side-effects of marijuana.
Weakness: Legal restrictions and lack of awareness may limit the growth potential of some cannabidiol products in certain regions.
Opportunity: Growing acceptance of medical marijuana and increasing research supporting the wellness benefits of CBD open new avenues for product innovation and market expansion.
Threats: Changing regulatory landscape and uncertainties around the long-term health effects pose threats to the cannabidiol industry. Competition from alternative treatment options may also affect market growth.
Key Takeaways
The global cannabidiol market is expected to witness high growth. The global Cannabidiol Market is estimated to be valued at US$ 323.23 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
The North America region currently dominates the cannabidiol market owing to early legalization of medical marijuana in some states and growing consumer preference for herbal supplements. The U.S. accounts for the largest share supported by rising investments to develop innovative cannabis-based medicines and health products.
Key players related content comprises
Key players operating in the cannabidiol market are GW Pharmaceuticals, Canopy Growth Corporation, Aphria Inc., Aurora Cannabis, Cronos Group, Insys Therapeutics, and Isodiol.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it