The popularity of CBD and other hemp-derived compounds continues to surge in terms of sales. A new report predicts that the CBD market is poised to surpass $36 billion dollars by 2033.
According to market.us, the global Cannabidiol Market Size was valued at $7.6 billion in 2023 and is predicted to reach approximately $36.6 billion by 2033. During the period ranging from 2024 to 2033, it is projected to undergo the highest Compound Annual Growth Rate (CAGR) of 17.5%.
“The cannabidiol (CBD) industry has witnessed remarkable growth driven by several key factors,” market.us announced in a press release. “Legalization and regulatory changes have removed barriers, allowing for the cultivation and sale of hemp-derived CBD products. Consumer awareness has surged with increasing recognition of CBD’s potential health benefits, contributing to a growing demand for CBD products. Medical acceptance, backed by research on CBD’s therapeutic properties, has further propelled its adoption. The industry’s diverse product offerings, ranging from oils to edibles, cater to varied consumer preferences, fostering market expansion. Accessibility through various distribution channels and retail outlets has played a crucial role in making CBD products widely available.”
Beyond legislative changes, CBD is growing in popularity, driven by the changes in the way it’s perceived.
“Additionally, the CBD industry has benefited from investment influx, supporting…