Cannabidiol Market Witnessing High Growth due to Increasing Legalization of Cannabis
The cannabidiol (CBD) market is mainly driven by growing consumer awareness regarding the health benefits of CBD products. CBD, also known as cannabidiol, is a compound found in the cannabis plant that does not give the characteristic high of the commonly known cannabinoid THC. CBD has less psychoactive properties and is being increasingly used to treat medical conditions like chronic pain, anxiety, epilepsy and more. Apart from medical use, CBD is also being used in cosmetics, food supplements and other products owing to its perceived health benefits. However, the market has been witnessing slow adoption due to legal regulations and social stigma around cannabis.
The global cannabidiol market is estimated to be valued at US$ 17256.17 Mn in 2024 and is expected to exhibit a CAGR of 47% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the cannabidiol market are Canopy Growth Corporation, Aphria, Inc
The cannabidiol (CBD) market is mainly driven by growing consumer awareness regarding the health benefits of CBD products. CBD, also known as cannabidiol, is a compound found in the cannabis plant that does not give the characteristic high of the commonly known cannabinoid THC. CBD has less psychoactive properties and is being increasingly used to treat medical conditions like chronic pain, anxiety, epilepsy and more. Apart from medical use, CBD is also being used in cosmetics, food supplements and other products owing to its perceived health benefits. However, the market has been witnessing slow adoption due to legal regulations and social stigma around cannabis.
The global cannabidiol market is estimated to be valued at US$ 17256.17 Mn in 2024 and is expected to exhibit a CAGR of 47% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the cannabidiol market are Canopy Growth Corporation, Aphria, Inc
2 months ago
