Global CBD Market to Hit $36B Over Next Decade, Report Predicts – High Times

The popularity of CBD and other hemp-derived compounds continues to surge in terms of sales. A new report predicts that the CBD market is poised to surpass $36 billion dollars by 2033.

According to market.us, the global Cannabidiol Market Size was valued at $7.6 billion in 2023 and is predicted to reach approximately $36.6 billion by 2033. During the period ranging from 2024 to 2033, it is projected to undergo the highest Compound Annual Growth Rate (CAGR) of 17.5%.

The cannabidiol (CBD) industry has witnessed remarkable growth driven by several key factors, market.us announced in a press release. Legalization and regulatory changes have removed barriers, allowing for the cultivation and sale of hemp-derived CBD products. Consumer awareness has surged with increasing recognition of CBDs potential health benefits, contributing to a growing demand for CBD products. Medical acceptance, backed by research on CBDs therapeutic properties, has further propelled its adoption. The industrys diverse product offerings, ranging from oils to edibles, cater to varied consumer preferences, fostering market expansion. Accessibility through various distribution channels and retail outlets has played a crucial role in making CBD products widely available.

Beyond legislative changes, CBD is growing in popularity, driven by the changes in the way its perceived.

Additionally, the CBD industry has benefited from investment influx, supporting research, development, and marketing efforts. Changing attitudes toward cannabis, coupled with the globalization of the market, have expanded opportunities on a global scale. The industrys response to quality concerns, with the establishment of standards and certification, has enhanced consumer confidence. Despite the growth, challenges such as regulatory uncertainties and quality control issues persist, influencing the industrys trajectory. Ongoing developments in regulations and market dynamics will continue to shape the future of the CBD industry.

The report provided six main takeaways to sum up their predictions in a nutshell:

North America is the worlds largest CBD market, comprising 72.1% market share during the forecast period. This is mostly due to the loosening of regulations on CBD products in countries like the U.S. and Canada. Consumer preferences continue to evolve, as the food, pharmaceutical, and This could change soon however, the report notes, as North Americas dominance could soon be challenged by Europe.

In the Asia Pacific regioncovering China, Japan, and Indiathere is a notable growth in the CBD market, partly due to recent changes in law. The increasing demand for CBD products and continual changes in the legal status and acceptance leads to significant opportunities, the report reads.

The hemp sector emerges as the most profitable CBD-related market, commanding a robust 63.2% share of the global CBD market as of 2023.

A full copy of the report in PDF is available for download here.

The hemp and CBD markets generally overlap, and other reports predict a similar rise in hemp sales, driven in part by CBD.

A report in December 2022 arrived at similar predictions. In the Global Hemp Market by Type report from Research and Markets, which analyzed the numerous applications of hemp as a textile, food item, construction material, and more, a surge in hemp products is predicted.

The report projects that the next five years will see the industrys compound annual growth rate (CAGR) of 21.6%, suggesting that this percentage will rise because many other countries have legalized industrial hemp, or will do so in the near future.

Given that hemp accounts as the origin of over 60% of CBD products, the rise in sales are interconnected.

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Global CBD Market to Hit $36B Over Next Decade, Report Predicts - High Times