Global Cannabidiol Market Growing at 19.6% CAGR

A new report has estimated that the Global Cannabidiol Market had a market valuation of USD 2.73 Bn in 2021 and estimates that it could reach USD 7.99 Bn by 2027, growing at a CAGR of 19.6%.

The data from Research and Markets suggests that the growing medical applications of CBD, growing R&D in medical cannabis, and increasing product adoption and utilization due to government approvals bolstered the market growth for Cannabidiol.

The changing regulatory landscape and legalization for approval of CBD-based products globally is also expected to propel the market growth.

The report suggests that there continues to be a growth in retailers stocking CBD-based products amidst an increasingly accepting global environment for these products. With continued research into new applications, particularly where those applications are linked to medical conditions such as pain management, appetite enhancement and reducing eye pressure, are helping the sector to gain widespread appeal.

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