CBD Oil Market Projected to Reach $3,213.4 Million by the Conclusion of 2029
CBD Oil Market Projected to Reach $3,213.4 Million by the Conclusion of 2029
The global CBD oil market size was estimated at $551.2 million by 2022 and is expected to reach an adjusted size of $3213.4 million by 2029 at a CAGR of 28.3% during the forecast period 2023-2029.
The rising demand for CBD oil for health and wellness purposes, driven by its therapeutic properties, is a major factor influencing the cannabidiol oil market. The increased adoption and usage of CBD-infused products due to regulatory approvals are expected to contribute to the growth of CBD oil production. Furthermore, research and development initiatives funded by major cannabis companies and governments in various countries are also playing a role in the market’s expansion.
CBD for neurological disorders
Multiple scientific studies have shown that CBD is an effective treatment for various neurological disorders, including epilepsy. The increasing awareness of the medicinal benefits of cannabidiol has led consumers to purchase CBD products regardless of price.
The wide range of medical applications and the positive effects of CBD on overall health and well-being are major drivers of the growing demand for CBD products. These products have been used to treat insomnia, anxiety, nausea, stress-related illnesses, chronic pain, and neurological complaints. They have also shown potential in reducing the side effects of chemotherapy and replacing conventional medications with significant adverse effects. With the growing number of cancer patients worldwide, CBD products are becoming increasingly important, which is expected to drive the growth of the cannabidiol oil market.
Hemp and CBD sector
The hemp and CBD sector is one of the fastest-growing global product categories due to recent changes in food policy, which recognize hemp as a legitimate agricultural product. Additionally, the promotion of hemp for its environmental benefits has contributed to its explosive growth. The growing demand for healthy beverages, particularly CBD protein bars, among athletes and fitness enthusiasts, is favorably influencing the market. Moreover, the cosmetics sector has also witnessed steady growth, as the benefits of CBD in skincare and cosmetics are becoming more widely known. This is expected to drive the growth of the cannabidiol oil market.
The dominance of the marijuana industry has positioned it as a key player in the cannabidiol oil market. The increasing adoption of advanced CBD products and the growing legalization of marijuana and its derivatives for medical applications are driving the segment’s growth. Additionally, the high efficacy of marijuana-derived cannabidiol is another significant factor contributing to the market’s expansion.
The demand for CBD oil is expected to continue growing in the coming years due to the increasing number of studies exploring the influence of CBD on various health conditions. Many companies are also manufacturing CBD-infused products after procuring CBD oils in bulk.
Source: finance.yahoo.com (EN)
