Cannabidiol (CBD) Market: By Source Type (Hemp and Marijuana), By Distribution Channel (B2B, B2C, Hospital Pharmacies, Online, Retail Stores), By End User (Medical, Chronic Pain, Mental Disorders, Cancer, Personal Use, Pharmaceuticals, Wellness, Food & Beverages, Personal Care & Cosmetics, Nutraceuticals, Others) and Geography  

Cannabidiol (CBD) Market size was valued at USD 8,231.8 million in 2022 and is anticipated to grow at a CAGR of 18.7% over 2023-2029. Cannabidiol (CBD) is a naturally occurring compound found in the Cannabis sativa plant. It is one of over 100 different cannabinoids present in cannabis. CBD is non-psychoactive, which means it does not produce the "high" or euphoric effects typically associated with another well-known cannabinoid, tetrahydrocannabinol (THC). CBD has gained significant attention for its potential therapeutic benefits and is being studied for its potential use in various medical and wellness applications. The rising awareness of the potential health benefits of cannabidiol (CBD) is a significant driver behind the increase in revenue within the CBD market. As more individuals become informed about the therapeutic properties attributed to CBD, there is a growing interest in exploring its potential as a natural remedy for various health concerns. This awareness has sparked a consumer-driven demand for CBD products that can address issues like pain, anxiety, insomnia, inflammation, and more. Consumers are actively seeking alternatives to conventional pharmaceutical options and are drawn to CBD's holistic and plant-based approach to wellness.

Moreover, expanding product variety is a significant driver of the growth of the Cannabidiol (CBD) market. The availability of a diverse range of CBD products contributes to attracting a broader audience and meeting the varying preferences and needs of consumers. The introduction of different formulations, delivery methods, and applications enhances consumer accessibility and convenience. For example, individuals who prefer topical applications for localized pain relief can choose CBD creams, while those seeking a discreet option may opt for CBD capsules. However, Regulatory changes, discrepancies between state and federal regulations (in certain countries), and evolving guidelines can create potential challenges to the growth of the cannabidiol (CBD) market. Meanwhile, ongoing innovation in product formulation, extraction techniques, and delivery methods further creates prospects for the development of the cannabidiol (CBD) market. Several key manufacturers are developing innovative solutions that further contribute to the market growth. For instance, in November 2020, Canopy launched a CBD-infused beverage line, Quatreau, in Canada.

Cannabidiol (CBD) Market Key Developments:

• In January 2022, Martha Stewart CBD launched CBD Wellness Topicals including CBD Cream, Sleep Science CBD Cream and Daily De-Stress CBD Cream.
• In April 2023, British American Tobacco (BAT) invested $10 million for a 20% stake in a new joint venture between two Colorado hemp companies, AJNA BioSciences PBC and Charlotte’s Web (CW) for the development of hemp-derived novel botanical drug to treat an unidentified neurological condition.