Global Cannabidiol Market Projected To Reach $23.41 Billion By 2031
According to a new report by Coherent Market Insights, the global cannabidiol (CBD) market is projected to reach $23.41 billion by 2031. The analysis predicts the worldwide CBD market will experience a compound annual growth rate (CAGR) of 16.3% from 2024 to 2031.
Interest in CBD has increased exponentially in recent years around the world, which is evidenced by how often CBD is searched on Google compared to tetrahydrocannabinol (THC). THC has historically served as the most popular cannabinoid among consumers and patients. Below is a chart demonstrating search trends for both cannabinoids in recent decades:
A rise in CBD research and product availability parallels increased interest in CBD among patients and consumers. Additionally, the variety of CBD products patients and consumers can choose from has increased in recent years. CBD is now being infused into everything from edibles to topicals.
Legal CBD products are not just limited to humans. CBD products for pets are also big business these days. The global CBD pet market was worth an estimated $693.4 million in 2023 according to a recent market analysis by Global Market Insights. The CBD pet product market is projected to grow at an estimated 18.2% CAGR from 2024 to 2032.
The global market for hemp-based products is projected to reach $16.2 billion by 2033, growing at a CAGR of 24.5% between 2023 and 2033, according to a separate market analysis by Fact.MR. The researchers estimated that the market was worth $1.8 billion in 2023.
“Europe and North America collectively account for around 70% of the global market share at present and are expected to maintain a similar outlook over the coming years as well.” Fact.MR stated about its market report.
“Rapid legalization of marijuana and CBD products in these regions is expected to be a prominent factor that will help these regions sustain a dominant market share across the forecast period.” the researchers also stated.
Technavio recently published an estimate for the overall global industrial hemp industry. Technavio is a global technology research and advisory company that “focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.”
“The global industrial hemp market size is estimated to grow by USD 6.87 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 17.1% during the forecast period.” Technavio stated in a press release.
