Cannabidiol (CBD) Oil Market To Reach USD 3213.4 Million By The End of 2029, Growing at a CAGR of 28.3%| Valuates Reports – World News Report – Medical Marijuana Program Connection

BANGALORE, India, April 18, 2023 /PRNewswire/ — Cannabidiol Oil (CBD Oil) Market is segmented by type (Hemp-derived, Marijuana-derived), by application (Pharmaceuticals, Food, Cosmetics, Other): Global Opportunity Analysis and Industry Forecast, 2023-2029.

Due to the COVID-19 pandemic, the global Cannabidiol Oil (CBD Oil) market size is estimated to be worth USD 551.2 million in 2022 and is forecast to a readjusted size of USD 3213.4 million by 2029 with a CAGR of 28.3% during the forecast period 2023-2029.

Major factors driving the Growth of the Cannabidiol Oil (CBD Oil) Market

The primary factor influencing the Cannabidiol Oil Market is the increased demand for CBD for health and wellness purposes because of its therapeutic characteristics. A significant element that is anticipated to increase the manufacture of CBD-infused goods is the increased acceptance and use of products due to regulatory approvals. Additionally, key businesses in the cannabis sector and the governments of several nations are funding R&D initiatives.

According to multiple scientific investigations, CBD is a beneficial treatment for a number of neurological conditions, including epilepsy.  The medicinal advantages of cannabidiol are becoming more widely known, and this has led consumers to purchase cannabidiol products regardless…