CBD Global Market Size & CAGR

CBD Global Market Size & CAGR

The global cannabidiol market size was valued at USD 2.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2021 to 2028 to reach USD 8.9 billion.

Cannabidiol (CBD) is the most abundant non-psychoactive cannabinoid found in the cannabis plant. This naturally occurring chemical compound is an extract from industrial hemp plants. It is believed that CBD has therapeutic effects on people suffering from inflammation, pain, cancer, and various other medical conditions.

The product is gaining popularity due to its wide range of applications in pharmaceuticals, health and wellness products, and agricultural products. In addition, its anti-inflammatory and antispasmodic properties are gaining popularity in the treatment of chronic pain and anxiety.

Some companies are focusing their efforts on the development of more effective drugs that target the endocannabinoid system used by the human body to regulate several body functions such as pain sensation, mood regulation, appetite, memory, and immunity.

The global market for cannabidiol is largely driven by the growth of the nutraceutical market and increasing consumer awareness regarding the use of natural ingredients in food products. The increasing demand for hemp-based cannabidiol products as food supplements and cosmetics is expected to drive market growth in the near future.

The North American region is expected to dominate the global cannabidiol market throughout the forecast period followed by Europe. The vast opportunities in the North American market are attributed to the high product awareness and changing attitudes of consumers regarding cannabis consumption for medicinal purposes.

Globally, Canada is one of the most lucrative markets for cannabis-based products including cannabidiol. This region has been a major focus of companies due to growing acceptance of the use of cannabis for medical purposes.

Moreover, with the introduction of legalization laws in some regions, it has become easier for companies to conduct clinical trials and research on cannabidiol to develop new products.





About author

You might also like

Health

What are the Ingredients Gelatin Contain? 

Gelatin can be made from a selection of pet resources, by warming the collagen discovered in the ligaments, bones, tendons, as well as hides of cows, along with in the

Health

How to Prevent Bunions From Happening in the First Place

Bunions are a common foot problem in New York that can cause pain. They often develop over time due to wearing too tight or narrow shoes. But there are ways

Health

What Conditions Can Psychotherapy Treat?

Every year, about one in every three Americans will suffer from some form of mental illness. There are many different treatment options for people who have mental illnesses. The most