PUBLISHER: Grand View Research | PRODUCT CODE: 1433605
PUBLISHER: Grand View Research | PRODUCT CODE: 1433605
The global cannabidiol market size is expected to reach USD 22.05 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.8% from 2024 to 2030. Changing consumer attitudes towards CBD products, shifting public opinion, and growing recognition of the health benefits of cannabidiol are some of the main factors contributing to the market's growth. The cannabis Sativa plant contains more than 80 cannabinoids, but cannabidiol is the most widely used for medical purposes because of its lack of psychoactive effects. It is primarily obtained from hemp due to its high CBD content.
There is a high demand for various CBD-infused products, such as beauty products, cannabis oil, beverages, gummies, capsules, etc. CBD can enter the human body through different means, including vaping, smoking, and through the skin. In the U.S., where cannabis is legal, CBD is utilized to produce personal care products and medical drugs. Legalizing cannabis-based products has opened up significant opportunities for various end-use industries to expand their product offerings.
Major players in the industry are focused on introducing CBD-infused products. Companies are exploring opportunities in international markets as the demand for CBD grows globally. Furthermore, they are investing in research and development to enhance the effectiveness and efficiency of their products, as well as to expand their offerings. The players are introducing new and innovative products, such as edibles, topicals, and beverages, to cater to the growing demand. For instance, in May 2022, Medical Marijuana, Inc. announced the launch of a pharma subsidiary in Brazil named "HM Pharma" to expand its access to CBD products in pharmacies.