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Canna*bidiol Market Growth And Industry Outlook 2024-2033
Canna*bidiol Market Growth
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According to The Business Research Company's, The canna*bidiol market size has grown exponentially in recent years. It will grow from $9.41 billion in 2023 to $13.01 billion in 2024 at a compound annual growth rate (CAGR) of 38.2%. The growth in the historic period can be attributed to changing regulatory environment, leading to increased legalization of cb*d, growth in public awareness and acceptance of the potential health benefits of cb*d, medical research supporting the use of cb*d for various health conditions, emergence of diverse product categories, including cb*d-infused foods, beverages, and skincare, and increased availability of cb*d products through retail and e-commerce channels.
The canna*bidiol market size is expected to see exponential growth in the next few years. It will grow to $43.81 billion in 2028 at a compound annual growth rate (CAGR) of 35.5%. The growth in the forecast period can be attributed to global legalization and regulatory harmonization of cb*d products, pharmaceutical research and development for fda-approved cb*d medications, increased consumer interest in cb*d for mental health and relaxation, expansion of the pet cb*d market and veterinary applications, and expansion of the hemp industry for cb*d production. Major trends in the forecast period include development of novel cb*d delivery methods and formulations, integration of blockchain and traceability solutions in the cb*d supply chain, investment in r&d for new cb*d-based pharmaceuticals, customized cb*d formulations, and novel cb*d delivery methods.
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Market Drivers and Trends:
The rising acceptance and use of CB*D products due to government approvals are expected to propel the growth of the canna*bidiol market. CB*D products are derived from the Canna*bis Sativa and are used in developing various consumer products and therapies. The governments of various countries understood the potential utility of canna*bidiol for various medical conditions. Hence, with a focus on protecting public health, the governments are also taking certain steps for improving the efficiency of regulatory pathways for the lawful marketing of the products made using canna*bidiol, thereby promoting the growth of the canna*bidiol market. For instance, in January 2022, the Therapeutic Goods Administration, an Australia-based medicine and therapeutic regulatory agency approved around 210,000 SAS Category B applications for unapproved medicinal canna*bis products. Therefore, the rising acceptance and use of CB*D products due to government approvals are driving the growth of the canna*bidiol market.
Product innovations are a key trend gaining popularity in the canna*bidiol market. Product innovation helps in bringing change in a monotonous market. It helps companies create an edge over others and acquire more customers by launching new products. For instance, in December 2021, Cibdol, a Netherlands-based CB*D and wellness company, launched its exclusive CB*D Oil 2.0 range. It contains greater levels of essential compounds such as CBC, CBG, CBN, CB*Da along with high purity CB*D. A few drops of the new revolutionary CB*D oil formula combat the physical and mental challenges related to modern living through managing the conditions linked to appetite, mood, pain, and sleep.
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Major Key Players of the Market:
Endoca BV, Cannoid LLC, Medical Marijuana Inc., Folium Biosciences, Elixinol Global Limited, NuLeaf Naturals LLC, Isodiol International Inc., Pharmahemp d.o.o., Canopy Growth Corp., CV Sciences Inc., Medterra LLC, Cronos Group, CB*D American Shaman LLC, Walgreens Boots Alliance, Aphria Inc., Maricann Inc., Tilray Inc., Organigram Holding Inc., CannTrust Holdings Company, Charlotte's Web Holdings Inc., Aurora Canna*bis Inc., GW Pharmaceuticals PLC, Green Roads, HempMeds PX LLC, Eco Sciences, Bluebird Botanicals, HempFusion Inc., Kannaway LLC, Lazarus Naturals, Kazmira LLC, HempLife Today LLC
Canna*bidiol Market 2024 Key Insights:
• The canna*bidiol market size is expected to see exponential growth in the next few years. It will grow to $43.81 billion in 2028 at a compound annual growth rate (CAGR) of 35.5%.
• Acceptance Of Government Approvals
• Innovation In Canna*bidiol Market
• North America was the largest region in the canna*bidiol market in 2023
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