Global Cannabidiol (CBD) Market Size Expected to Reach $55 Billion In 2028
PALM BEACH– Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation.
A Report from Fortune Business Insights said that the global cannabidiol (CBD) market size was USD 2,770.8 million in 2020. They also stated that the market is projected to grow from USD 3,675.1 million in 2021 to USD 55,791.3 million in 2028 at a CAGR of 47.49% between 2021 and 2028. The substantial rise in CAGR is attributed to the market’s demand and growth, coupled with the market functioning returning to pre-pandemic levels once the pandemic is over.
Due to the increasing adoption of CBD-based products to treat ailments, the global cannabidiol market is anticipated to grow at a lucrative rate over the forecast period. Increasing awareness of cannabidiol’s therapeutic benefits has influenced a buyer to buy cannabidiol products, regardless of their cost. As these have a greater profit margin, commercial retailers are now focusing on selling cannabis-based products. Numerous health and wellness retailers are offering CBD-based products, such as Rite Aid, CVS Health, and Walgreens Boots Alliance.
In addition, CVS Health decides to offer CBD topicals all over its 800 stores and Walgreens Boots Alliance is selling CBD-containing topicals across 1500 of its stores in the U.S. Report from Fortune Business Insights said that the global cannabidiol (CBD) market size was USD 2,770.8 million in 2020. They also stated that the market is projected to grow from USD 3,675.1 million in 2021 to USD 55,791.3 million in 2028 at a CAGR of 47.49% between 2021 and 2028. The substantial rise in CAGR is attributed to the market’s demand and growth, coupled with the market functioning returning to pre-pandemic levels once the pandemic is over.
Fortune Business Insights added: “Cannabidiol is extracted from cannabis or hemp, but more specifically from hemp due to its naturally high CBD content. The product is often mistaken for its psychoactive counterpart tetrahydrocannabinol (THC) extracted from the same plant. It has several benefits in treating anxiety, helping prevent seizures, inflammation, and reducing pain.”
”The market is evolving faster due to its increasing utilization in the cosmetics, food, and pharmaceuticals industry. The market exhibits immense growth potential as consumers are becoming aware about the benefits possessed by the product. The manufacturers are focusing on formulating new product offerings infused with CBD oil to provide the consumers with easy access.”
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