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Cannabidiol (CBD) Market is Expected to Grow with a CAGR of 21.3% from 2022 To 2028

The Global Cannabidiol (CBD) Market accounted for USD 4.9 Billion in 2021.

The demand for Cannabidiol (CBD) is high due to its healing properties and this is one of the key factors driving the Cannabidiol (CBD) market growth. In addition, increasing government initiatives, and increasing use of cannabidiol products are some other factors that are expected to augment the manufacturing of CBD-infused products, thus, further propelling the market growth.

Cannabidiol (CBD) is a widely used product out of all cannabinoids because of its therapeutic reasons and less psychotropic effect. Cannabidiol (CBD) oil is majorly used in many medical applications, such as cancer symptom relief, depression treatment, pain relief, diabetes prevention, anxiety & stress relief, and inflammation. This high usage of cannabidiol for various medical applications are propelling the growth of the market in coming years.

Because of the therapeutic benefits of Cannabidiol (CBD) and rising awareness of Cannabidiol (CBD) products, there is huge market demand and buyers are ready to buy these products without worrying about their cost. Numerous wellnesses & health retailers are providing CBD-based products, such as Walgreens Boots Alliance, CVS Health, and Rite Aid. All these reasons are expected to induce high market growth in upcoming years. In addition, commercial retailers are also focusing on selling cannabis-based products because of its greater profit margin, which in turn, helps to propel the growth of the cannabidiol market in years to come.

The COVID-19 pandemic has caused unprecedented lockdowns all around the world, making its daily operations and changing consumer behaviors in nearly every industry. Due to the rise in pandemics, retail stores have shut down. The market started experiencing a shortage of supply due to the nationwide shutdown of manufacturing & transportation in major raw material manufacturing countries, such as India and China. In addition, the supply chain disruptions in the U.S., the supply of other raw materials has been limited, which is disrupting the manufacturing, and in turn, the supply chain of CBD consumer health products.

North America is expected to witness the maximum growth of the cannabidiol market over the forecast period. This growth is accelerated to the setup of hemp-producing plants. In addition, major production of hemp happens in China and around 90% of its products, China exported to other countries such as U.S., U.K., Netherlands, Japan, and Germany. Thus, it is expected to augment the market growth in this region. Furthermore, newly launched government policies for large-scale manufacturing infrastructure and lowering production costs of cannabidiol products are expected to create various growth opportunities for the market in this region.

Some of the prominent players operating in the Global Cannabidiol (CBD) Market are Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra, and Tilray.