Global Cannabidiol market to reach $21 billion by 2030

One of the most rapidly developing emerging risks, the global market for cannabidiol – estimated at over $8billion in the year 2022 – is projected to reach some US$21 billion by 2030, according to a new report.

The report, Global Cannabidiol Industry, available on reportlinker, assumes an impressive CAGR of 12.6% over the period 2022-2030. 

Hemp, one of the segments analysed in the report, is projected to record a14.3% CAGR and reach $14.3 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Marijuana segment is readjusted to a revised 9.8% CAGR for the next 8-year period.

The report also suggests that the growing cannabidiol market in the US was estimated at $2.2 billion, while China, the world`s second largest economy, is forecast to reach a projected market size of $5.4 billion by the year 2030, trailing a CAGR of 18.6% over the analysis period 2022 to 2030. 

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 10.5% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at an approximate 9.2% CAGR.

According to US News, recreational marijuana use is now legal in 22 US states, though roll-out remains patchy: retail marijuana hit the shelves in Vermont in October 2022, for example and in New York State in December of that year. The District of Columbia, on the other hand, still does not have a regulated recreational market despite marijuana use being legal there.