CANNABIDIOL MARKET ANALYSIS

Cannabidiol Market Size and Trends

Global cannabidiol market is estimated to be valued at USD 8.12 Bn in 2024 and is expected to reach USD 23.41 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 16.3% from 2024 to 2031.

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Global cannabidiol market is expected to witness stable growth over the forecast period, owing to increased investments in research & development and legalization of medical cannabis across various countries. With growing health awareness and acceptance of medical benefits of cannabidiol in various health conditions, the market is expected to attract higher investments globally. Furthermore, adoption of cannabidiol as a potential alternative to opioid drugs can offer new growth avenues for market players in the near future. However, variable legislation around use of cannabidiol products and lack of clinical evidence can hamper the market growth. Focus on development of innovative delivery formats and establishing standards through clinical research can provide new growth opportunities in the near future.

Market Driver: Rising prevalence of mental disorders and neurological diseases

Increasing prevalence of mental disorders and neurological diseases has become a major public health concern globally, and this drives the global cannabidiol market growth. According to the World Health Organization, mental illnesses and neurological disorders now contribute nearly 15-20% to the global burden of disease. Conditions like depression, anxiety, Alzheimer's disease, epilepsy, Parkinson's disease, and multiple sclerosis are affecting more individuals each year. As per the National Institute of Mental Health, over 50 million American adults experience mental illness in a given year. It is further estimated that around 1 in 6 people in the U.S. lives with a neurodevelopmental disorder such as attention-deficit/hyperactivity disorder or autism spectrum disorder. The rise in cases has led to an enormous strain on healthcare systems and resources. With limited treatment options available and high rates of chronic morbidity and mortality associated with these conditions, patients and doctors are exploring alternative therapies like Cannabidiol. Cannabidiol is one of the main compounds found in cannabis plants. Extensive scientific research in recent years has demonstrated the therapeutic potential of Cannabidiol in reducing symptoms related to several mental disorders without unwanted psychoactive effects. For instance, studies show Cannabidiol may help lower anxiety in patients with social anxiety disorder and post-traumatic stress disorder when administered prior to public speaking tests or PTSD-related studies. Clinical trials indicate Cannabidiol can reduce seizure frequency in individuals with treatment-resistant epilepsy such as Lennox-Gastaut syndrome and Dravet syndrome. Due to its promising role in symptom management, health experts expect the use of Cannabidiol-based treatments and products to significantly increase for a wide range of mental and neurological conditions.

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Growing adoption of cannabidiol in cosmetic and personal care products

 Increasing usage of cannabidiol in cosmetic and personal care can drive the market growth. Rising awareness about various therapeutic properties of cannabidiol among consumers  can boost its demand and usage in personal care segments like skin and hair care.  Cannabidiol is known to have natural anti-inflammatory and antioxidant properties that can help in soothing skin conditions like eczema, reducing acne & pimples and treating hair fall. Owing to these benefits, cannabidiol infused body lotions, moisturizers, face creams, hair oils, and others are being extensively developed and marketed by major cosmetic brands and companies. More and more people are choosing cannabidiol based cosmetic products for their daily self-care regime believing it can naturally improve their skin, hair and overall appearance. The youth are displaying strong affinity towards cannabidiol cosmetics partly due to changing consumer lifestyles and preferences for natural and herbal personal care items. Rapid expansion of e-commerce and online wellness stores has made a wide variety of premium cannabidiol beauty brands easily accessible even in remote markets, driving volumes. Retail chains have started dedicating premium shelf space to these innovative items in their stores across nations.