As a Complete Analysis report, it covers all details inside analysis and outlook according to The Insight Partners.
NEW YORK, UNITED STATES, January 25, 2023 /EINPresswire.com/ — According to our latest market study, titled “CBD Oil Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, Distribution Channel, and Geography,” the market is expected to grow from US$ 2.42 billion in 2021 to US$ 15.66 billion by 2028. It is expected to grow at a CAGR of 31.2% from 2022 to 2028.
Based on product type, the CBD oil market is segmented into marijuana-derived CBD oil and hemp-derived CBD oil. The marijuana-derived CBD oil segment registered a majority of business share in 2021 and is estimated to grow at a lucrative market pace during the forthcoming years. This is mainly due to the presence of high content of CBD and tetrahydrocannabinol (THC) in marijuana compared to Hemp.
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Based on application, the CBD oil market is segmented into pain relive, anxiety & depression, acne treatment, and others. The pain-relieving segment dominated the CBD oil market in 2021 mainly due to its modest benefits for chronic pain. Researchers suggested that CBD has benefits for relieving chronic pain, improving sleep, and reducing inflammation, but these…