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The Global CBD Ingredient Market Size is valued at 2.42 billion in 2023 and is predicted to reach 6.77 billion by the year 2031 at a 12.71 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The global CBD market is poised for significant expansion due to several factors, including the introduction of new products, an uptick in R&D efforts, and different strategic decisions made by prominent manufacturers in the industry.
- The growing relevance of health and fitness among customers is fueling the rapid expansion of the CBD market.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Costs associated with extracting and refining CBD are high because of the time and specialized equipment needed. The sum of these considerations makes CBD products somewhat expensive compared to competing products, which is likely to limit their demand in the market.
Cannabidiol is considered the second most prevalent cannabinoid in cannabis, following THC (tetrahydrocannabinol). CBD, unlike THC, does not induce intoxication; it is primarily used medicinally, not recreationally, with pain, anxiety, depression, and sleep disturbances being the most prevalent illnesses treated. Cannabidiol is a promising functional food ingredient with various health benefits. However, its limited solubility and bioavailability prevent it from being used in functional food.
It also has superior potential in topical skin care formulations. CBD is a natural, potent anti-inflammatory and emollient, and it is especially beneficial for customers with sensitive skin, irritation, redness, or dryness. CBD is not yet approved as a food additive. However, its usage in cosmetics is permitted because its safety has been shown. The CBD Ingredients market went from obscurity to a multibillion-dollar sector in three years, affecting the wellness, beverages, food, and pharmaceutical industries. The emergence of the market has been meteoric, but its ascent to prominence has been challenging at times.
In the future years, the market for cannabinoid extracts and isolates is projected to increase tremendously due to the predicted shift in consumer preferences for derivative cannabis product formats and the therapeutic applications for CBD. Growing awareness of the therapeutic benefits and healing characteristics linked with cannabidiol is also driving the market (CBD). Moreover, cannabidiol (CBD) is widely employed in a variety of medical applications, including anxiety and depression treatment, stress relief, diabetes prevention, pain mitigation, cancer symptom relief, and acne reduction. Due to the increased use of CBD-based products to treat a variety of medical problems, the market is anticipated to provide profitable prospects throughout the forecast period.
Also, there are some collaborations and acquisitions which are supporting the CBD ingredient market to growth. For instance, in Nov 2022, Eurofins and Incannex Healthcare started working together to make topical cannabinoid formulations to treat common skin problems.
Stringent rules and regulations and the complex approval process of the FDA are some of the significant challenges which will affect the CBD ingredient market. In addition, misconceptions and wrong perceptions among consumers and changes In CBD’s legality and the variations across the globe will hamper the overall CBD market. Higher prices and problems in the supply chain caused the company to shrink, which led to fewer sales.
Competitive Landscape:
Some of the CBD Ingredient Market Players are:
- DSM
- Vantage Hemp.
- Eurofins
- EndoPure
- Folium Biosciences
- Colombian Golden
- Averix Bio, LLC
- KND Labs
- Jordan Process
- GVB Biopharma
- Mile High Labs
- Sanobiotec
- Caesar & Loretz GmbH
- Recipharm
- Brains Bioceutical
- Purisys
- Bedrocan
- BIOVECTRA Inc.
- Biosyyd, UAB
- Kinetochem
- Veranova
- Other Players
Market Segmentation
CBD Ingredient Market is segmented into two major segments. The first segmentation is by source, which includes natural and synthetic sources. The natural source has two different bases, which are Marijuana and Hemp. The second segmentation is by application which comprises food and beverages, personal care and cosmetics, nutraceuticals, pharmaceutical (API) and Others (Pet Care, Wellness and Alternative Medicine, etc.).
North America held the most significant market share for cannabidiol in 2021. Countries such as the United States and Canada have liberalised their legislation regarding cannabidiol products in recent years, resulting in a rise in public acceptability. The demographics of consumers continue to shift radially, and the use of CBD by numerous manufacturers, including food, pharmaceutical, and cosmetics, has become mainstream. The rising demand among various age groups and genders is anticipated to increase their expenditures on goods.
Recent Developments:
- In January 2024, Canopy Growth Corporation, a global leader in the cannabis industry, has recently unveiled a slew of new products for both recreational and medicinal use. These include Tweed's new oils and softgels containing trace amounts of cannabinoids; 7ACRES' and Spectrum Therapeutics' medically exclusive pre-rolls; and Tweed's large format flower.
- In June 2023, Isodiol International Inc. is pleased to announce that SalesBird, LLC, a reputable sales distribution company headquartered in the United States with offices worldwide, has been appointed a non-exclusive distributor. Isodiol will be able to fortify its internal sales operations, expand its market penetration to traditional brick-and-mortar and "big box" stores, and thrive in the cutthroat world of online sales with the support of this strategic relationship.
CBD Ingredient Market Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 2.42 billion |
|
Revenue forecast in 2031 |
USD 6.77 billion |
|
Growth rate CAGR |
CAGR of 12.71% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Source, Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
DSM, Vantage Hemp, Eurofins, EndoPure, Folium Biosciences, Colombian Golden, Averix Bio, LLC, KND Labs, Jordan Process, GVB Biopharma, Healthcann, Mile High Labs, KLERSUN, Sanobiotec, Caesar & Loretz GmbH, Recipharm, Brains Bioceutical, Purisys, Bedrocan, BIOVECTRA Inc., Biosyyd, UAB, Kinetochem, Veranova. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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