January 23, 2024 3 min read

Curious about the dynamic landscape of the CBD market and CBD market size in 2024? From the growing interest in CBD-infused products to market challenges like inflation impacting sales, this overview provides valuable insights into the evolving world of cannabidiol. 

Here, we uncover the reasons behind CBD consumption, demographic usage patterns, and the latest data shaping this influential market. Take a look:

Market Size and Growth

  • The Cannabidiol (CBD) market was valued at USD 12.8 billion in 2021, with an estimated CAGR of 21.7% between 2022 and 2028, reaching USD 56.3 billion. (Global Market Insights)
  • The U.S. CBD market witnessed significant growth, reaching $1.9 billion in product sales by 2022. (Forbes)
  • Sales of hemp CBD products declined by 10% across the US, with higher prices affecting consumer purchases. (Nielsen)
  • Global cannabidiol market size valued at USD 7.71 billion in 2023.  (Grand View Research)
  • Dips in revenue between 2020-2021 were caused by the pandemic. 
  • According to current reports, the CBD market is climbing. Expected CAGR of 15.8% from 2024 to 2030. (Grand View Research)

Hemp Market Consumer Awareness

  • Segments include marijuana and hemp.
  • Hemp segment dominated the market in 2023, generating 55.7%of revenue. (Grand View Research)
  • Hemp segment expected to grow at a 22% CAGR between 2022 and 2028. (Global Market Insights) 

CBD Statistics by Segment

  • The CBD Oil segment generated over USD 3.1 billion revenue in 2021.  (Global Market Insights)
  • Oral route held a 52.2% market share in 2021.  (Global Market Insights)
  • Chronic pain segmentexpected to surpass USD 18.7 billion by 2028. (Global Market Insights)
  • The pharmaceuticals segmentaccounted for the largest revenue share in B2B end-use in 2023 and is expected to see substantial growth between 2024 and 2030. (Grand View Research)
  • The B2B segmentdominated the market in 2023, accounting for the largest revenue share and has the anticipated fastest CAGR over the forecast period of 2024 to 2030 due to expanding consumer base. (Grand View Research)
  • Hemp-infused products experienced growth in dog food and beverage categories, particularly soft drinks, seltzers, and sparkling water. (Nielsen)

Market Analysis by Distribution Channel:

  • Segments include online and offline.
  • Offline segmentheld a 52.4% business share in 2021. (Global Market Insights)
  • Rise of e-commerce opportunities is positively impacting CBD industry growth projections.

Regional Analysis:

  • North America led the market with USD 7.7 billion in 2021. (Global Market Insights)
  • North Americadominated the market in 2023 with a revenue share of 87.4%. (Grand View Research)
  • Europeexpected to witness the fastest growth, driven by increasing awareness and availability. (Grand View Research)
  • Asia Pacificanticipated to record significant growth due to government policies supporting the industry, especially in China. (Grand View Research)

Market Drivers:

Global Market Insights lists the primary factors driving the CBD market as:

  • Growing awareness of CBD health benefits.
  • Increased adoption and utilization due to government approvals.
  • Changing regulatory landscape.
  • Rising sales in retail stores.

Consumer Perception

According to a market report from Forbes:

  • 60% of U.S. adults have tried a CBD product, believing it offers medicinal benefits, yet skepticism lingers.
  • Around 60% believe CBD is safe, but only 45%consider it socially acceptable. 
  • A 2018 survey indicates that almost 62%of CBD users employ it to treat medical conditions, with pain, anxiety, and depression being the top three.
  • Nearly 65% of U.S. adults view CBD as safer than alcohol, but only 44% believe it should be legal. 
  • Views on CBD legality vary, with 44% supporting legalization, 21% favoring illegality, and 19%undecided.
  • One-thirdof adults lack confidence in distinguishing between full-spectrum CBD, broad-spectrum CBD, and CBD isolate. 

CBD Usage And Spending Demographics:

According to Forbes:

  • Survey data suggests 60% of U.S. adults have either used or tried CBD, with variations in usage across age groups and sexes.
  • CBD is less popular among 18- to 25-year-olds but widely used by those at least 77 years old.
  • Consumers primarily use CBD to reduce stress, relax, alleviate pain, and improve sleep quality.
  • Despite economic challenges, consumers spend on CBD products, with 29% spending at least $50 per month.
  • The highest spenders are in the 34- to 44-year-old age group.

CBD Market Challenges

  • CBD oil's side effects.
  • Presence of counterfeit and synthetic products.
  • High cost of CBD products.
  • Complex prescription processes.

Resources

  1. https://nielseniq.com/global/en/insights/analysis/2023/cpg-and-cbd-the-state-of-the-cannabidiol-market-in-2023/
  2. https://www.forbes.com/sites/irisdorbian/2021/07/28/cbd-market-to-reach-195-billion-but-only-with-fda-approval-says-top-researcher/?sh=6263a1ea4eee
  3. https://www.grandviewresearch.com/industry-analysis/cannabidiol-cbd-market
  4. https://www.gminsights.com/industry-analysis/cannabidiol-cbd-market 

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