The Latest CBD Market Statistics for 2024 – Trends and Projections

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The global cannabidiol (CBD) market has seen unprecedented growth in 2024. According to these CBD market statistics, this trend applies to multiple industries.

The reported health benefits of CBD and increased awareness, thanks to ongoing research, are significant drivers of growth in the pharma and wellness sectors.

Moreover, the recent establishment of e-commerce markets for CBD products can help further drive innovation in the industry.

Overall, the figures in this guide illustrate our reasonable optimism about the cannabidiol market. Keep reading to discover the latest stats on CBD’s popularity worldwide, the most popular products, associated controversies, and the future of the market.

Key Cannabidiol Market Statistics for 2024

Cannabidiol Market Size & Forecast

The global CBD market has been growing consistently since 2016, when it amounted to $4.11 billion. It reached $6.28 billion by 2020, and Statista forecasts further growth to $6.9 billion by 2024.

By 2029, the market is forecast to reach $6.93 billion at a CAGR of 0.9%.

These figures paint a compelling global picture of a successful market. However, to really understand this growth, we should take a closer look at the regional CBD market statistics.

Cannabidiol Market Statistics by Region

In this section, we’ll analyze the size of CBD markets worldwide. Spoiler alert – the US is the biggest one, but other regions aren’t far behind.

The Americas

North America is the largest CBD market today, with the US being the most significant regional contributor. According to estimates, the local market will be valued at $2.58 billion in 2024, although it’s forecast to drop to $2.5 billion by 2029 at a CAGR of -0.23%.

There are approximately 140.8 million CBD users in the US in 2024—21.8 million more than in 2023.

The US has the most CBD users in the Americas based on these numbers.

However, other countries in the region, like Canada and Mexico, are also forecasted to see increased use of CBD products and market valuations.

In Mexico, the CBD revenue is predicted to reach $190.7 million in 2024 and $223.2 million by 2029, following a CAGR of 3.2%.

The Canadian CBD market will also be reaching its peak in 2024, amounting to $472.6 million, although it’s forecast to drop to $452.4 million by 2026.

In South America, Brazil has the largest forecasted CBD market revenue—$209.6 million in 2024. It’s expected to reach $220.1 million by 2029 at a CAGR of 0.9%.

EMEA

Although CBD is illegal in some EMEA countries like Albania and the UAE, the broader regional market is thriving.

CBD sales in Europe will reach their peak in 2024, amounting to €3.47 billion ($3.85 billion). By 2026, however, they’re expected to drop to €3.44 billion ($3.8 billion).

The UK and Germany are the largest CBD markets regionally. Germany’s CBD market is forecast to reach $440 million by 2029—up from $430 million today.

In the UK, the market will grow from $323 million today to $329.3 million by 2029.

Europe isn’t the only EMEA region with a thriving CBD market.

Although the UK, Germany, and Spain have the highest promised growth, Turkey’s and Morocco’s CBD presence is also on the rise. Morocco also legalized cannabis in 2021 for medical and cosmetic use.

In terms of predicted consumer bases, Germany’s CBD user count is expected to soar from 19.33 million in 2024 to 25.52 million in 2029.

The UK will see similar growth, going from 17.57 to 24.28 million in 2029. In Turkey, the forecast user count throughout 2024–2029 will climb from 4.58 to 6.47 million.

APAC

Japan and India are regional leaders in terms of forecasted CBD market growth. In both countries, the market is worth $370 million in 2024.

The Indian market is expected to reach $380 million in 2029 at a CAGR of 0.53%.

The Japanese CBD market, on the other hand, will drop to $330 million. However, Japan will still have a higher consumer base than India. Today, Japan has approximately 17.24 million CBD users—a figure forecast to reach 21.66 million by 2029.

Despite its larger population, India has only 13.62 million CBD users today. By 2029, the number will reach 18.09 million.

Australia and South Korea also stand out in the region. Australia currently has 6.68 million CBD users and a market worth $153.5 million—figures expected to reach 8.37 million and $136.9 million, respectively.

South Korea’s CBD market was even larger, at over $159 million in 2024, though it’s forecasted to drop to $143.9 million in 2029. During the same time, the user count will go from 6.45 million to 8.24 million.

CBD Market Statistics by Product

In this section, we’ll study the CBD market statistics for specific products, including nutraceuticals, food, and cosmetics.

Nutraceuticals

According to a recent report by Prophecy Market Insights, the global CBD nutraceuticals market will be worth $4.5 billion in 2024. After sustained growth at a CAGR of 16.4%, it’s predicted to reach a staggering $17.9 billion by 2034.

North America takes up almost half of the CBD nutraceuticals market, with Europe and APAC coming second and third, respectively.

The Middle East and Africa (MENA) region is the smallest market, primarily due to the restrictive laws in those countries.

Food & Beverages

CBD foods and beverages—like “gummy bears,” TRIP drinks, and hemp tea—are increasingly popular. The global CBD food and drinks market reached $7 billion in 2023

This market is forecasted to reach $57.6 billion by 2032 at a CAGR of 26.33%. As with nutraceuticals, North America is the largest market, largely due to increased legalization.

The CBD beverages market in the US will be the largest, reaching a market value of $1.7 billion by 2025. The edibles sector will be worth $950 million, in comparison.

Different countries in Europe have different focus zones on CBD products. For instance, France focuses primarily on CBD food and drinks. Whereas, in Portugal, about 3% of the population consumes CBD foods.

Cosmetics & Skincare

The CBD skincare and cosmetics market is smaller than the consumables one but still growing steadily.

The market was worth $964.1 million in 2022 and is forecast to reach $8.62 billion in 2030 at a CAGR of 31.5%.

CBD oils and moisturizers are the largest segments, according to Grand View Research.

North America is the largest region, making up 40% of the global CBD skincare market in 2022. The main reason US consumers used CBD skincare was to reduce inflammation.

Pet Market

Finally, products for our furry friends also have a small but noteworthy presence in the CBD market, which was worth $248.39 million globally as of 2023, according to a recent GVR report.

However, the CBD pet market is forecast to reach $1.72 billion by 2030, at a CAGR of 32.47%. North America is once again the largest market, making up 40.22% of the global share in 2023.

People commonly buy CBD pet products to alleviate joint pain and anxiety for their pets. In 2023, the joint pain segment made up 28.73% of the market.

Key Reasons for Interest in CBD

Let’s take a look at why people are using CBD products today.

A 2021 study published by the Journal of Cannabis Research found that health and well-being were the biggest reasons why people used cannabis.

Among health complaints, anxiety was the primary driver of CBD use for 42.6% of users, followed by sleep problems at 42.5%. An additional 37% of people said they use CBD for relieving stress and general health and well-being.

The same study also found that a small percentage of people also used CBD products for more serious conditions, including multiple sclerosis (MS) and post-traumatic stress disorder (PTSD).

However, those segments are smaller, and there’s little data on how CBD impacts these conditions.

Nonetheless, CBD’s analgesic and anti-inflammatory properties make it a popular remedy for a wide range of conditions.

CBD Market Controversies

Despite the significant growth of the CBD market, the industry is no stranger to controversies. These controversies relate to regulatory concerns, consumer safety and side effects, and marketing ethics. Let’s dive into each one.

⭕ Regulatory Uncertainty

The legal status of CBD products is inconsistent. Although it’s been legalized in many countries, including the US (regulated at the state level), the regulatory framework surrounding CBD is far from straightforward.

For instance, the US Food and Drug Administration (FDA) states that CBD products with under 0.3% THC aren’t prohibited. However, such products are still subject to FDA approval, and to date, only one CBD substance has been approved by the FDA (Epidiolex).

Moreover, the regulatory body hasn’t issued any detailed guidelines on the subject.

This lack of clarity sparked confusion among manufacturers and consumers, as many of them even confused the terms “CBD,” “marijuana,” “hemp,” and “cannabis.”

The situation is similar in the UK and the EU, where CBD products are classified as “novel foods.” Such regulations present a lot of red tape for manufacturers, and some argue that it stifles innovation in the sector.

⭕ Product Safety and Labeling

The lack of regulation and clarity in the CBD space has led to inconsistent product quality. Moreover, a lot of the product information currently out there has been found to be misleading about the content of THC and other properties.

An FDA study found that a significant share of products claiming to have a certain THC concentration were actually stating a wrong amount.

Because these products are sold as food or medical supplements without FDA approval—despite being subject to it—they qualify as “black market.”

Moreover, they haven’t undergone the required testing and trials, so many label claims are misleading at best and fraudulent at worst.

Mislabeling marketing and operating without regulations can pose serious safety risks and lead to more confusion among consumers. This brings us to another major issue: the ethics of such marketing.

⭕ Ethical Marketing Concerns

A lot of CBD advertisers claim such products are perfectly safe and legal. Many also use aggressive marketing to promote unsubstantiated claims about CBD’s benefits.

Although there have been medical studies supporting some of these benefits, many CBD marketers have significantly amplified them, even presenting CBD as a “wonder drug.”

Moreover, the research we do have on CBD isn’t conclusive. More recent studies have found CBD to be ineffective despite its touted benefits for various ailments.

For example, a 2024 study from the University of Bath found CBD products to be ‘ineffective for pain, expensive, and with potential harms.’

Given this contradictory research and lack of clarity and regulation on CBD products, the overhyped nature of CBD and the marketing supporting it can do more harm than good.

Future of The CBD Market

The CBD market has increased rapidly over the past few years and future forecasts are largely optimistic, showing significant potential. However, we believe two key factors will play a big role in the future trajectory of the CBD market:

✔️ Legalization and Regulation

Regulations around CBD products and marijuana are often contradictory and inconsistent. For the market to truly flourish in the future, there ought to be some serious regulatory re-assessment on both global and local scales.

For instance, the FDA should provide some comprehensive guidelines about CBD products, which could support standardizing quality control measures.

This would also help address the aggressive marketing claims of the “wonder drug” that are misleading many consumers.

✔️ Increased Research

The existing research on CBD is often contradictory, and it’s tricky to get the full picture of its benefits. Therefore, its future heavily depends on ongoing medical research.

The FDA’s approval of the CBD-based drug Epidiolex for epilepsy treatment is a positive signal in CBD drug development. However, to really gauge the full effectiveness of such future drugs, larger-scale studies must be conducted.

Final Thoughts

The cannabidiol market is still developing, and it’s expected to reach $6.93 billion by 2029. Most of this growth is happening in North America, with the US market already being worth $2.54 billion in 2024.

Despite this growth, the CBD market is not free of controversies and challenges, with the regulatory challenge being top of the list. The lack of legislative clarity has been a significant deterrent to market development.

The murky regulatory environment is also sparking safety concerns for consumers and medical professionals. To truly reach its full potential, we believe that CBD needs to exist in a regulated space with well-established quality standards, testing procedures, and labeling practices.

Should that framework become a reality, not only will consumers understand more about the products they’re taking, but more life-saving research could emerge. As always, we’ll keep a close eye on these developments and keep you posted.

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