The cannabidiol (CBD) market is mainly driven by growing consumer awareness regarding the health benefits of CBD products. CBD, also known as cannabidiol, is a compound found in the cannabis plant that does not give the characteristic high of the commonly known cannabinoid THC. CBD has less psychoactive properties and is being increasingly used to treat medical conditions like chronic pain, anxiety, epilepsy and more. Apart from medical use, CBD is also being used in cosmetics, food supplements and other products owing to its perceived health benefits. However, the market has been witnessing slow adoption due to legal regulations and social stigma around cannabis.

The global cannabidiol market is estimated to be valued at US$ 17256.17 Mn in 2024 and is expected to exhibit a CAGR of 47% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in the cannabidiol market are Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann, Inc. (Wayland Group Corporation), Tilray, GW Pharmaceuticals, plc, ABcann Medicinals, Inc., Organigram Holding, Inc., Tikun Olam, The Cronos Group, ENDOCA, Isodiol International, Inc., MEDICAL MARIJUANA, INC., Cannoid, LLC, Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, and Pharmahemp d.o.o.

Leading players in the Cannabidiol Market Demand include Canopy Growth Corporation, Aphria, and Aurora Cannabis. These companies are focusing on innovations and expanding their product portfolio as well as global presence.

Key opportunities: Increasing legalization of cannabis across countries and rising consumer awareness about CBD health benefits are expected to generate lucrative opportunities for market players over the forecast period. Continuous research on medical uses of CBD and developing new application areas will also drive market revenues.

Technological advancements: Developments in CBD extraction methods using technologies like carbon dioxide and ethanol extraction are resulting in higher yields and purity levels. Companies are also investing in R&D to develop new CBD formulations and delivery mechanisms.

Market drivers:

- Increasing legalization of cannabis: Counties like Canada and some parts of the US have legalized recreational and medical use of cannabis which is fueling the growth of the overall CBD market. More countries legalizing medical or recreational use will accelerate market revenues.

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