NEW YORK, Nov. 15, 2023 /PRNewswire/ -- The cannabidiol market is to grow by USD 23,023.51 million from 2022 to 2027, progressing at a CAGR of 16.28% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The growth in the E-commerce industry is a major trend in the market. The growing popularity of the Internet and smartphones has made online shopping more convenient and popular, especially for millennials. For example, HempStreet, an Indian e-commerce site, introduced about 30 new cannabis products, including cannabidiol oil and hemp protein powder. The online mode also benefits cannabidiol marketplace sellers as they can reduce operating and overhead costs. Hence, the growing e-commerce industry is expected to drive market growth during the forecast period. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!
The report on the cannabidiol market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as company analysis.
North America is estimated to contribute 51% to the growth of the global market during the forecast period. The US and Canada are the largest markets in the region due to the government's legalization of medical marijuana and the presence of many companies. Additionally, companies in Canada are legally allowed to export cannabidiol products to the US. Patients who are prescribed medical marijuana will receive a medical marijuana card, which is the same as their identity card. Hence, these factors are expected to drive market growth in the region during the forecast period.
Cannabidiol Market 2023-2027 - Market Dynamics
The legalization and regulatory changes with respect to cannabidiol are the key factors driving market growth. This growth is due to the government recognizing the therapeutic potential of cannabidiol (CBD) and establishing favorable regulations. For example, the US Farm Bill of 2018 legalized the cultivation of hemp, which is the primary source of CBD, allowing the marketing of various CBD products such as oils, capsules, edible foods, and cosmetics. nationwide. In addition, it also leads to the development of new markets and new job opportunities. Hence, the above-mentioned factors are expected to drive market growth during the forecast period.
The high cost of CBD products is a significant challenge restricting market growth. Fluctuating prices can pose a challenge for those dependent on cannabis treatments. The high cost of CBD is mainly due to its new entrance into the market. In addition, the extraction and purification of CBD involves specialized machinery and is time-consuming, which contributes to the increase in the price of CBD oil. Hence, the high cost is expected to restrict market growth during the forecast period.
Cannabidiol Market 2023-2027: Market Segmentation
The market is segmented by source (marijuana and hemp), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report
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The medical marijuana market is projected to increase by USD 21,248.51 million and the market size is estimated to grow at a CAGR of 21.86% between 2022 and 2027.
The legal cannabis market is projected to increase by USD 54,572.33 million and the market size is estimated to grow at a CAGR of 21.6% between 2022 and 2027.
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Source
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
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