Top Emerging Trends Of Cannabidiol Market Progress Forecast 2028Posted by Mrudula Anil Karmarkar on March 7th, 2022 The global cannabidiol market size is expected to reach USD 13.4 billion by 2028, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 21.2% from 2021 to 2028. Increasing awareness about the health benefits of cannabidiol (CBD), changing consumer opinion, and attitude toward CBD products are some of the key factors driving the demand for these products. Furthermore, increasing demand for cannabidiol from various end-user industries such as food and beverage, personal care and cosmetics, and pharmaceuticals is expected to trigger market growth. The recent COVID-19 pandemic has affected many industries around the world, including the CBD industry. The impact of COVID-19 has led to disruption in production processes, due to strict quarantine measures taken across the globe, there is a stagnation in the supply of products, including CBD products. In addition, most of the retail stores are currently closed due to the pandemic. Hence, the marketplace may face a slowdown amidst the pandemic, however, it can gain momentum in 2021, due to the increase in demand for CBD-based products in the coming years. In 2020, the hemp segment accounted for the largest revenue share valued at USD 1.7 billion, owing to the rising awareness regarding the health benefits of products infused with cannabidiol derived from marijuana. On the other hand, hemp-derived CBD is expected to witness the fastest CAGR over the forecast period, owing to the increasing legalization of hemp in various countries. The Business to Business (B2B) segment accounted for the largest revenue share in 2020 and is expected to witness a lucrative growth rate over the forecast period. Growing demand for cannabidiol products in various sectors such as health and wellness, pharmaceutical, food and additives, and cosmetics sectors has increased the need for companies to procure cannabidiol raw material or precursor material for their product in bulk. Hence, various growth opportunities are emerging in the cannabidiol wholesale business, which is expected to propel the growth of this segment. North America dominated the market in 2020 and is expected to continue its dominance over the forecast period. Favorable regulations, increasing awareness about CBD oil, growing consumer preference, and a rise in the number of manufacturers are factors expected to fuel market growth in the region. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/cannabidiol-cbd-market/request/rs1 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. 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. Cannabidiol Market Report Highlights
The market is very fragmented due to the presence of a large number of players. Various companies are launching innovative products and expanding their presence in different geographies to sustain their position in the market. Moreover, companies are entering into multiple partnerships for increasing their distribution networks and expanding their consumer base. This competition is expected to intensify over the forecast period, as the adoption of CBD-infused products is increasing worldwide. Some of the prominent players in the cannabidiol market include:
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