According to MarkNtel Advisors study the Global Cannabidiol (CBD) Market size was valued at around USD 22.7 billion in 2023 and is projected to grow at a CAGR of around 19.21% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Cannabidiol market

Global Cannabidiol (CBD) Market Driver:

Increasing Consumer Preference for Natural & Plant-Based Products – The need for natural and plant-based goods is growing, which is one of the main factors propelling the Global CBD Market. Growing health and wellness consciousness has led to a noticeable shift in customer preferences toward products that are thought to be natural, organic, and minimally processed. Since CBD is regarded as a natural botanical extract, it fits in nicely with this trend.

Consumer interest in CBD has also increased as a result of the legalization and de-stigmatization of cannabis and products derived from hemp. Customers are more open to investigating CBD products for a range of health and wellness requirements as regulatory obstacles have loosened in many areas. Therefore, this tendency is anticipated to continue to be a major driver of market growth in the coming years as regulatory environments change and knowledge of CBD's potential advantages increases.

Global Cannabidiol (CBD) Market Challenge:

Lack of Standardized Testing & Quality Control Measures to Impede Market Growth – It is crucial to ensure the safety, strength, and purity of CBD products as the market for them continues to grow. Significant obstacles, meanwhile, are presented by the lack of industry-wide testing procedures and quality control standards. Variability in lab procedures, testing strategies, and accreditation procedures might result in inconsistent product quality. Consumer confidence is weakened by this lack of standards, which also makes regulatory inspection and enforcement more difficult.

The absence of comprehensive testing and quality control protocols may increase the likelihood of tainted or incorrectly labeled items reaching the market, endangering the well-being and security of consumers. To tackle this issue, industry participants, authorities, and legislators must work together to create thorough testing guidelines, certification schemes, and quality control procedures that support openness, reliability, and customer confidence in the CBD industry.

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Scope of the Report and Cannabidiol Market Segmentation:

By Application

• Medicinal Use
• Beauty & Personal Care
• Pets
• Recreational

The application of CBD for medical uses has gained a considerable share of the Global Cannabidiol (CBD) Market in the past few years, owing to the legalized use of cannabidiol for medical purposes across several countries like India, Argentina, & Nordic countries, among others. Endocannabinoids present in the human body are necessary for regulating emotions, stress, sleep, etc.

By Product Type

• Edibles
• Flower
• Oil & Tinctures
• Pills & Capsules
• Topicals
• Others (Vape, Spray, etc.)

By Distribution Channel

• Regulated Dispensary
• Stand-Alone Retailers
• Department/Super Stores
• Online Portals

Cannabidiol Market Competitive Landscape

• Aurora Cannabis Inc
• CV Sciences
• Endoca
• Cannabidiol (CBD) American Shaman
• Bluebird Botanicals
• Isodiol International
• Medical Marijuana Inc
• Elixinol
• Hemp Inc
• Canopy Growth Corporation
• Others

Cannabidiol Market Development:

• In January 2023: Medical Marijuana, Inc. declared that its subsidiary, HempMeds Brasil, had introduced two new full-spectrum products in Brazil. The doses come in 30 mL and 60 mL jars and range from 3,000 to 6,000 mg.
• In January 2022: Elixinol announced the release of two cutting-edge CBD products with a focus on providing support for sleep: the Sleep Rapid Rest Liposome and Sleep Gummies.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• Asia Pacific
• Rest of the World

In terms of market size, revenue generation, product diversity, consumer adoption, etc., North America holds the largest share of the Global CBD Market. 

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