Unlocking the Potential of Cannabidiol: Market Insights
Cannabidiol Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Cannabidiol Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The market size of the cannabidiol is expected to grow to $31.85 billion in 2027 at a CAGR of 35.7%.”
— The Business Research Company
LONDON, GREATER LONDON, UK, November 21, 2023 /EINPresswire.com/ -- The global cannabidiol market has experienced remarkable growth, surging from $6.82 billion in 2022 to $9.4 billion in 2023, reflecting a substantial compound annual growth rate (CAGR) of 37.8%. Forecasts suggest continued expansion, with the market size anticipated to reach $31.85 billion by 2027, projecting a CAGR of 35.7%.
Comprehensive Market Segmentation
1) By Product: Oil, Tinctures, Suppository, Transdermal Patches, Vape Oil, Isolates, Creams and Roll-on, Capsules, Tablet, Other Products
2) By Source: Marijuana, Hemp
3) By Treatment: CBD Oil, Supplements
4) By Application: Medical, Personal Use, Pharmaceuticals, Wellness
5) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Stores, Other Distribution Channels
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Driving Forces: Government Approvals and Rising Acceptance
The exponential growth of the cannabidiol market is fueled by the increasing acceptance and use of CBD products, facilitated by government approvals. Derived from Cannabis Sativa, CBD products are integral to various consumer products and therapeutic applications. Governments globally recognize the potential health benefits of cannabidiol, prompting initiatives to enhance regulatory pathways for the lawful marketing of CBD-based products. For instance, the Therapeutic Goods Administration in Australia approved over 210,000 SAS Category B applications for unapproved medicinal cannabis products in January 2022. This regulatory support contributes significantly to the market's growth.
Key Industry Players and Innovations
Major players in the cannabidiol market include ENDOCA, Cannoid LLC, Medical Marijuana Inc., Folium Biosciences, Elixinol, NuLeaf Naturals LLC, Isodiol International Inc., Pharmahemp, Canopy Growth Corporation, and CV Sciences Inc., among others. The market is characterized by innovation and product advancements, positioning companies to gain a competitive edge.
Technological Advancements: Driving Product Innovations
Product innovation emerges as a crucial trend, enabling companies to differentiate themselves in a dynamic market. Innovations like Cibdol's CBD Oil 2.0 range, launched in December 2021, showcase the industry's commitment to developing high-purity CBD products. This range includes essential compounds such as CBC, CBG, CBN, and CBDa, addressing challenges related to appetite, mood, pain, and sleep.
Regional Dynamics: North America Leads, Asia-Pacific Accelerates
As of 2022, North America has been the primary region dominating the cannabidiol market, with Asia-Pacific emerging as the fastest-growing region in the forecast period. Comprehensive coverage includes regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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Cannabidiol Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Cannabidiol Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on cannabidiol market size, cannabidiol market drivers and trends, cannabidiol market major players, cannabidiol market competitors' revenues, cannabidiol market positioning, and cannabidiol market growth across geographies. The cannabidiol market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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