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Dublin, Jan. 07, 2025 (GLOBE NEWSWIRE) — The “Hemp-derived Cannabidiol Market by Product, by Application, by End-User, and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global hemp-derived cannabidiol market size was estimated to be USD 8.28 billion in 2023 and is expected to reach USD 46.25 billion by 2034 with a CAGR of 16.93% during the forecast period 2024-2034.
Growing demand for CBD in personal care and cosmetics, shifting consumer acceptance of CBD, hemp legalization, regulatory changes, increased R&D, and a shift toward natural and plant-based wellness products will all contribute to the market’s growth.
The global shift towards natural, plant-based products is driving an increasing demand for CBD, which is recognized as a natural alternative to traditional pharmaceuticals for alleviating pain, stress, and inflammation.
In January 2023, Medical Marijuana, Inc. announced that its subsidiary, HempMeds Brasil, had introduced two new full-spectrum products in Brazil. These products are available in concentrations ranging from 3,000 to 6,000 mg and come in 30 mL and 60 mL jars.
By product, the hemp-derived CBD distillate segment accounted for the highest revenue-grossing segment in the global hemp-derived cannabidiol market in 2023 owing to the broad spectrum of cannabinoids and terpenes it contains, making it versatile for use in various applications such as tinctures, topicals, and edibles For instance, in June 2024, Curaleaf Holdings, Inc. a top global supplier of cannabis products for consumer use, announced the introduction of a brand-new range of THC products produced from hemp sold under the Company’s Zero Proof and Select brands. Beginning on June 26, products will be sold directly to customers through TheHempCompany.com, Curaleaf’s new online store for all completely Farm Bill compliance hemp-derived products. July 1st is when shipments will start, just in time for July 4th. Additionally, the hemp-derived CBD isolate segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for pure and highly concentrated CBD in pharmaceuticals and nutraceuticals, where precise dosing and THC-free formulations are critical.
By application, the anxiety segment accounted for the highest revenue-grossing segment in the global hemp-derived cannabidiol market in 2023 owing to the growing consumer preference for natural remedies to manage anxiety and stress, as well as increasing awareness of CBD’s potential therapeutic effects. For instance, in October 2024, Senator Ron Wyden (OR) introduced the Cannabinoid Safety and Regulation Act (CSRA), marking the beginning of long-overdue Congressional action toward regulating CBD as a dietary supplement. ONE HEMP, a coalition of industry leaders committed to advancing regulatory standards for hemp-derived cannabinoid (CBD) products, hailed this development as timely. Additionally, the atopic dermatitis segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing use of CBD in skincare products due to its anti-inflammatory properties and growing consumer demand for natural treatments for skin conditions like eczema and dermatitis.
By end-user, the personal care and cosmetics segment accounted for the highest revenue-grossing segment in the global hemp-derived cannabidiol market in 2023 owing to the widespread use of CBD in beauty products for its anti-inflammatory, antioxidant, and anti-aging properties, driving consumer demand for CBD-infused skincare and haircare products. For instance, in September 2024, Charlotte’s Web Holdings, Inc. vehemently opposed the new California regulations that limit the sale of numerous ingestible full-spectrum hemp CBD products that comply with federal requirements. Leading the hemp sector, the Company will keep collaborating closely with the Governor and state lawmakers to support legislation that would protect Californian consumers’ access to non-intoxicating hemp-derived products. Additionally, the food and beverages segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing incorporation of CBD into functional foods and beverages, as consumers seek natural, health-boosting ingredients in their diets.
The North American region is anticipated for the highest revenue share during the forecast period owing to a well-established legal framework for hemp-derived CBD products, high consumer awareness, and the presence of major market players driving innovation and product availability. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the increasing regulatory relaxations, growing consumer interest in natural wellness products, and rising investments in the hemp-derived CBD industry across countries like China, Japan, and Australia.
For instance, in April 2023, IndiMed Tempo 26, a new line of dried cannabis products with a greater THC level, was introduced for qualifying patients under the MedReleaf Concession Scheme (MCS) by Aurora Cannabis, Inc. and MedReleaf Australia. Despite the addition of Tempo 26 to the pharmaceutical line, doctors now have more prescription options for their cannabis patients.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
Forecast Period: 2024-2034Market Forecast by Product, Application, and End-UserMarket Forecast for 5 Regions and 17+ Countries North America (U.S. and Canada)Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)Latin America (Brazil, Mexico, Argentina, Rest of LATAM)MEA (South Africa, GCC, Rest of MEA)Company Profiles of the Top 10+ Major Market Players
CV Sciences Inc.Elixinol Global LimitedGreen RoadsAurora Cannabis Inc.Canopy Growth CorporationMedterra CBDCharlotte’s WebHempFusion Wellness Inc.CBDistilleryHarvest Health & Recreation Inc.Glenna’s Good EarthJust CBDKiva ConfectionsReliva CBD Wellness
Key Attributes:
Report AttributeDetailsNo. of Pages200Forecast Period2023 – 2034Estimated Market Value (USD) in 2023$8.28 BillionForecasted Market Value (USD) by 2034$46.25 BillionCompound Annual Growth Rate16.9%Regions CoveredGlobal
Report Segmentation:
Hemp-derived Cannabidiol Market Analysis & Forecast by Product 2023 – 2034 (Revenue USD Bn)
Hemp-derived CBD DistillateHemp-derived CBD IsolateHemp-derived CBD Terpenes
Hemp-derived Cannabidiol Market Analysis & Forecast by Application 2023 – 2034 (Revenue USD Bn)
NutraceuticalsAtopic DermatitisSeizureAnxietyHigh CholesterolOthers
Hemp-derived Cannabidiol Market Analysis & Forecast by End-User 2023 – 2034 (Revenue USD Bn)
Personal care and cosmeticsFood and beveragesNutraceuticalsOthers
For more information about this report visit https://www.researchandmarkets.com/r/eb8k8n
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Global Hemp-derived Cannabidiol Market
“}]] The report features profiles of key players in the Hemp-derived Cannabidiol market including CV Sciences, Elixinol, Green Roads, Aurora Cannabis, Medterra… Read More
