The global hemp-derived cannabidiol market size was estimated to be $8.28 billion at the end of 2023, growing to nearly $10 billion to end 2024, according to a new report.
The report by Research and Markets found that the global CBD market is expected to reach $46.25 billion by 2034 with a compound annual growth rate (CAGR) of 16.93% during the forecast period 2024-2034.
“Growing demand for CBD in personal care and cosmetics, shifting consumer acceptance of CBD, hemp legalization, regulatory changes, increased R&D, and a shift toward natural and plant-based wellness products will all contribute to the market’s growth”, notes the report. “The global shift towards natural, plant-based products is driving an increasing demand for CBD, which is recognized as a natural alternative to traditional pharmaceuticals for alleviating pain, stress, and inflammation.”
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