Healthcare Medical Devices Biotechnology

Cannabidiol Market is Projected to Reach USD 20,691.5 Million by 2031

May 2024

Healthcare Medical Devices Biotechnology

As per the report published by Kings Research, the global Cannabidiol Market was valued at USD 6,997.9 million in 2023 and is projected to reach USD 20,691.5 million by 2031, growing at a CAGR of 14.53% from 2024 to 2031.

The emergence of CBD-infused beverages reflects a growing trend toward functional and wellness-focused beverages among consumers. CBD beverages, including teas, coffees, and functional drinks, are gaining immense popularity as consumers seek alternative ways to incorporate CBD into their daily routines. These beverages offer a convenient way to consume CBD, providing relaxation and wellness benefits without the psychoactive effects associated with THC. Moreover, CBD-infused beverages cater to the rising demand for natural and plant-based products, appealing to health-conscious consumers looking for holistic solutions to support their overall well-being. As a result, beverage companies are increasingly incorporating CBD into their product lines, thereby driving innovation and market growth.

Key Insights

  • Based on type, the marijuana segment is anticipated to witness the highest growth at a 15.03% CAGR over the forecast period
  • Based on end-use, the pharmaceutical segment generated the highest revenue of USD 3,268.6 million in 2023
  • On the basis of region, Asia Pacific is projected to depict a CAGR of 15.59% over the estimated period

Medical Marijuana's Kannaway Strengthens its Presence in Japan Through Acquisition of KZ1

August 2023: Medical Marijuana disclosed that its network marketing division, Kannaway, finalized an Asset Purchase Agreement with eXfuse, LLC, known as KZ1, a Japanese network marketing firm. This acquisition aims to bolster Kannaway's sales force in Japan by around 1,450 members, thus facilitating its expansion in the Japanese market.

Rising Awareness Regarding the Potential Health Benefits of CBD to Drive Cannabidiol Market Progress

The rising awareness regarding the potential health benefits associated with CBD consumption and a notable shift toward natural remedies are driving consumer acceptance and demand for CBD products. As people become increasingly aware of the therapeutic properties of CBD, they are turning to it as an alternative or complementary treatment for various health conditions, including pain, anxiety, insomnia, and inflammation. Moreover, the growing disillusionment with pharmaceuticals and synthetic medications has led consumers to seek natural alternatives, thereby fueling the demand for CBD products. This notable shift toward natural remedies aligns with broader trends in wellness and self-care, where consumers prioritize holistic approaches to health and well-being. As a result, the CBD market continues to expand, driven by consumer interest in leveraging the potential benefits of this natural compound.

Proliferation of E-commerce Platforms to Provide Lucrative Opportunities for Cannabidiol Market Development

The proliferation of e-commerce platforms is presenting a significant opportunity for CBD companies to expand their customer base. E-commerce platforms provide CBD companies with a global reach, allowing them to tap into new markets and demographics beyond their local regions. Moreover, online retail channels enhance product accessibility, enabling consumers to conveniently purchase CBD products from the comfort of their homes. Additionally, e-commerce platforms facilitate targeted digital marketing strategies, allowing CBD companies to personalize their messaging and engage with consumers more effectively. Through social media, email marketing, and influencer partnerships, CBD brands aim to build strong online communities and drive sales growth while raising brand awareness. As the e-commerce landscape continues to evolve, CBD companies are poised to leverage digital channels to drive innovation, customer engagement, and market expansion.

Asia-Pacific to Record a Staggering CAGR of 15.59% Between 2024 and 2031

Based on region, the global cannabidiol market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. The Asia-Pacific cannabidiol industry is likely to experience significant growth through the review period. Increasing awareness regarding the potential health benefits of CBD and shifting regulatory policies toward cannabis-derived products present a lucrative growth opportunity for prominent companies in the region. The region's large and diverse population, coupled with rising disposable incomes and changing consumer preferences, is driving demand for wellness and natural health products. Moreover, the region continues to revise its regulatory frameworks and adopt CBD legalization, which is contributing to strengthening Asia-Pacific's position as a key market for CBD in the foreseeable future.

Market Players Invest in Product Innovation to Drive Market Development

The global cannabidiol market is fragmented with key players such as ENDOCA, Cannoid, LLC, Medical Marijuana, Inc., Folium Europe B.V., Canopy Growth Corporation, Elixinol, NuLeaf Naturals, LLC, Isodiol International, Inc., PharmaHemp, and The Cronos Group. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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