Global Cannabidiol (CBD) Market (2019 Edition): Analysis By Source (Hemp, Marijuana), Application (Pharmaceuticals, Cosmetics Industry, Others): Opportunities and Forecast (2017-2024)

Date: 30 September 2019

According to the research report published by Azoth Analytics in September 2019, the cannabidiol market was valued at USD 708.55 million in the year 2018. Global cannabidiol market is expected to grow rapidly on the back of rapid legalization of cannabidiol across countries, increasing cannabidiol demand, awareness and acceptance among consumers. 

Growing awareness and acceptance of cannabidiol among consumers, enormous health benefits and potency of cannabidiol has led to its growth in the historic period. Further, improving disposable income and introduction of new products and growing number of cannabidiol manufacturers likely to result in high growth rate of cannabidiol (CBD) in the forecast period. New CBD infused products, introduction of CBD infused cosmetic products etc. is anticipated to provide higher momentum to the market growth. In addition, companies are expected to fuel the market growth in forecast period by investing more in R&D for the technology advancements of ignition interlock devices.

By source, hemp-based CBD products are dominating the global market in 2018. Their share is anticipated to rise on the back of many factors such as low THC content, growing investments and legalization of cannabis in many countries etc. Amongst the regions, North America accounts for the largest regional share in the global cannabidiol market. Key factors driving the robust growth rate in North America region include legalization of cannabidiol, growing demand of CBD infused medicines as well as food and beverage products etc.