The global cannabidiol market Growth Accelerated by Rising Legalization of Medical Cannabis

 Cannabidiol or CBD is a naturally occurring compound found in the cannabis plant that is known to provide relief for various medical conditions like chronic pain, anxiety, epilepsy and insomnia owing to its several therapeutic properties. The increasing legalization of medical cannabis across various countries has accelerated the growth of the CBD market.

The global cannabidiol market is estimated to be valued at US$ 323.23 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The legalization of medical cannabis across various regions has increased the demand for cannabidiol products. Countries like Canada, Germany, Italy, several U.S. states have legalized medical cannabis which has provided growth opportunities for cannabidiol manufacturers. With growing acceptance of CBD use for various medical ailments as an alternative treatment, the demand for CBD products is expected to grow further over the forecast period. However, regulations around CBD products differ in various regions and needs further clarity which can restrain the market growth.

Segment Analysis
The global cannabidiol market is dominated by the isolate sub segment. This is primarily because cannabidiol isolates provide higher purity and consistency for consumers as compared to broad spectrum and full spectrum extracts. Isolates contain more than 98% cannabidiol and are free of THC, terpenes and other cannabinoids. This purity and absence of psychoactive compounds make isolates suitable for a variety of medical and therapeutic applications.

Key Takeaways
The global cannabidiol market is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to rise at a CAGR of 4.0% during this time, reaching a valuation of US$ 323.23 million by 2030 from US$ 232.3 million in 2023.

Regional analysis
North America currently dominates the global cannabidiol market and is expected to continue its leadership over the forecast years. This is due to the increasing legalization of medical cannabis and growing consumer awareness in the region. The U.S. is anticipated to register the fastest gains. Europe is also emerging as a major market for cannabidiol due to rising health and wellness trend and supportive regulatory environment in major countries.

Key players
Key players operating in the cannabidiol market are ENDOCA, Cannoid, LLC, Medical Marijuana, Inc., Folium Biosciences, Elixinol, NuLeaf Naturals, LLC, Isodiol International, Inc., and Pharmahemp d.o.o. These leading brands are focusing on new product development and partnerships to strengthen their market position.

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