The global cannabidiol (CBD) market was worth an estimated $7.6 billion in 2023 according to a market analysis by Market.us, and will climb to a projected $36.6 in value by 2033.
“Between 2023 and 2032, this market is estimated to register the highest CAGR of 27%.” the researchers stated.
“Because of its therapeutic benefits, there is a significant demand for CBD for health and wellness applications, which is the main reason driving the market. The increased acceptability and use of products as a result of government approvals is another important factor anticipated to increase the manufacturing of CBD-infused goods.” the researchers also stated.
Market.us determined the following as part of their global CBD market analysis:
- CBD oil is the most dominant product type, with a market share of over 30%, largely due to its effectiveness in managing chronic pain
- Pharmaceuticals represent the most lucrative segment, accounting for over 25% of the market, driven by CBD’s neuroprotective and pain-relieving properties
- Online pharmacies hold the largest market share (25%) due to the convenience of online sales and global reach
- North America leads the market, holding a 60% market share, with Europe and Asia-Pacific showing emerging demand
- The B2B sector played a dominant role in the global CBD market in 2023, accounting for a substantial revenue share of 55.1%
A separate global CBD market analysis conducted by Grand View Research found that the global CBD market was worth $7.7 billion in 2023, and estimates that the market will grow by 15.8% from 2024 to 2030.
A previous market analysis conducted by Market Research Future estimated that the global CBD industry was worth $18.43 billion in 2023 and that the market would reach a projected 59.43 billion by 2030.