New analysis shows that the CBD market will see massive growth in the coming years as the compound’s use gains popularity for issues such as anxiety and sleep.
A report recently released by Grand View Research said that the global CBD market size was valued at $2.8bn in 2020 and is expected to expand at a CAGR of 21.2% from 2021 to 2028.
CBD oil is used for issues such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation, and due to this increasing adoption, the global CBD market is anticipated to grow at a lucrative rate over the forecast period. The report highlights that the hemp segment dominated the market and accounted for the largest revenue share of 59.6% in 2020.
Massive demand for CBD
The popularity of hemp-derived products has exploded in recent years, and this interest is expected to continue to rise in the years to come. Competition in the global market is high because companies are focused on increasing their product offerings, entering new markets, and gaining new consumers.
Due to its many applications, the demand for CBD for health and wellness purposes is increasing, which Grand View Research says is the major factor driving the market growth, and that the rising acceptance and use of products due to government approvals is a major factor expected to boost production for CBD-infused products.
The increasing acceptance of refined CBD products combined with the increasing legalisation of cannabis and cannabis-derived products for various medical applications is driving the growth of the segment.
Grand View Research remarked: “Cannabidiol derived from hemp is anticipated to witness rapid growth owing to increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health.
“Increasing consumer disposable income along with the legalisation of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in the pharmaceutical sector.
“Oils, tinctures, concentrate, capsules, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, coffee, chocolates, gums, and candies are some of the CBD products which are in high demand.
“Furthermore, the use of hemp-derived CBD is increasing rapidly owing to its anti-inflammatory, anti-aging, and antioxidant properties. Various industries such as pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and beverages are developing CBD-derived products for health and wellness purposes. Therefore, the above-mentioned factors would be responsible for this segment’s fastest growth rate over the forecast period.”
For the full report please visit www.grandviewresearch.com/industry-analysis/cannabidiol-cbd-market.