The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising acceptance and use of CBD products due to government approvals are expected to drive innovation in cannabidiol manufacturing, thus driving the market during the forecast period.

The global cannabidiol market is expected to grow from $6.82 billion in 2022 to $9.4 billion in 2023 at a compound annual growth rate (CAGR) of 37.8%. The cannabidiol market size is expected to grow to $31.85 billion in 2027 at a CAGR of 35.7%.

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Global Cannabidiol Market Segments Include:

• By Product:Oil, Tinctures, Suppository, Transdermal Patches, Vape Oil, Isolates, Creams and Roll-on, Capsules, Tablet, Other Products
• By Source:Marijuana, Hemp
• By Treatment:CBD Oil, Supplements
• By Application:Medical, Personal Use, Pharmaceuticals, Wellness
• By Distribution Channel:Hospital Pharmacies, Retail Pharmacies, Online Stores, Other Distribution Channels
• By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global cannabidiol market in 2021.

Major Market Players in the cannabidiol market include ENDOCA, Cannoid LLC, Medical Marijuana Inc., Folium Biosciences, Elixinol, NuLeaf Naturals LLC, Isodiol International Inc., Pharmahemp.

Product innovations are a key trend gaining popularity in the cannabidiol market. Product innovation helps in bringing change in a monotonous market. It helps companies create an edge over others and acquire more customers by launching new products. For instance, in December 2021, Cibdol, a Netherlands-based CBD and wellness company, launched its exclusive CBD Oil 2.0 range. It contains greater levels of essential compounds such as CBC, CBG, CBN, CBDa along with high purity CBD. A few drops of the new revolutionary CBD oil formula combat the physical and mental challenges related to modern living through managing the conditions linked to appetite, mood, pain, and sleep.

The Cannabidiol Global Market Report 2023 provides a cannabidiol market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cannabidiol market forecast analyzes cannabidiol market size, cannabidiol market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The cannabidiol is defined as a chemical compound found in hemp or marijuana. Cannabidiol or CBD is derived from the Cannabis Sativa plant that is also known as hemp or cannabis. Cannabidiol is used to treat epilepsy, anxiety, dystonia, pain, Parkinson’s disease, Crohn’s disease, and various other health problems. Its other applications include coffee products, skincare products, and pet treats.

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