Cannabidiol Market Anticipated To Grow At A Lucrative Rate Through 2027 As Consumer Demand Rapidly Increases
economy and finances
PALM BEACH, Fla., March 2, 2021 /PRNewswire/ -- Due to its healing properties, the demand for cannabidiol (CBD) for health and wellness purposes is high, which is the major factor driving the market growth. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost production for CBD-infused products. Cannabidiol derived from hemp is anticipated to witness rapid growth owing to increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health. Increasing consumer disposable income along with the legalization of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in the pharmaceutical sector. Oils, tinctures, concentrate, capsules, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, coffee, chocolates, gums, and candies are some of the CBD products which are in high demand. According to reports from Grand View Research the global cannabidiol; market size is expected to reach USD 13.4 billion by 2028, and is expected to expand at a CAGR of 21.2% from 2021 to 2028. The report said: "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…" Active Companies active today in the cannabis related markets include: Discover Wellness Solutions Inc. (CSE: WLNS), HempFusion Wellness Inc. (TSX: CBD.U) (OTCQX: CBDHF), Canopy Growth Corporation, (TSX: WEED) (NASDAQ: CGC), Aphria Inc. (TSX: APHA) (NASDAQ: APHA), Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF).
prnewswire.co.uk
Mar 02, 2021