The 2022 global Cannabidiol (CBD) market reached a size of USD 5.9 Billion and is anticipated to experience a 17% compound annual growth rate (CAGR) in revenue throughout the forecast period. The main drivers of this revenue surge include the increasing adoption of Cannabis for both medical and recreational purposes, as well as the growing utilization of CBD products for therapeutic and medicinal purposes.
The expanding legalization of cannabis for medical and recreational use in numerous countries is another significant factor propelling the revenue growth of the cannabidiol market. This trend is contributing to a heightened demand for CBD products known for their therapeutic and medicinal advantages. Notably, CBD, being a non-psychoactive element of cannabis, ensures that its consumption does not induce a 'high.' Consequently, individuals seeking natural alternatives to prescription medications are displaying a growing interest in CBD products.
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