NEWARK, Del, Dec. 02, 2022 (GLOBE NEWSWIRE) — The global cannabidiol CBD oil market is anticipated to grow at an impressive compound annual growth rate (CAGR) of 31.50% annually over the projection period from 2021 to 2031. The global market was predicted to reach a valuation of US$ 284.2 million by the end of 2021 and is expected to bolster over the assessment period. The hemp and marijuana oil segment are predicted to exhibit prolific year-on-year growth of 35.90% in 2021, attributed to the surging sales of CBD-infused food and beverages paired with high demand for sleep and pain medication. The rising use of CBD oil in the sports industry is forecast to drive market sales through 2031.
Surging demand for CBD oil particularly in the production of medicines backed by its pain reduction properties is expected to facilitate growth within the CBD oil market over the past few years. From 2016 to 2020, the market exhibited exponential growth at 69.2% CAGR. CBD oil is anticipated to regulate the endocannabinoid system (ECS) activity and interacts with neurotransmitters.
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This property makes it an ideal ingredient for anxiety and anti-depression drugs. According to FMI, the global CBD oil market is backed by favorable…
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