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Uses for Cannabidiol are growing.
highway 33 cbd-hemp Cannabidiol (CBD) market size exceeded USD $2.8 billion in 2019 and is set to grow at the unprecedented rate of 52.7% CAGR between 2020 and 2026. Cannabidiol is a compound found in hemp plant which is being utilized for its therapeutic properties in humans.
CBD is the most commonly used cannabinoid for medical purposes due to the absence of psychoactive effects. The oil is gaining popularity for common medical applications including the treatment of anxiety and depression, stress relief, diabetes prevention, mitigation of pain, alleviation of cancer symptoms, even acne reduction.
CBD in demand for conditions from epilepsy to chronic pain.
Since implementing the Agriculture Improvement Act of 2018, there has been an amplified demand for CBD-based products especially in the U.S., Canada, France, UK and Japan. In addition, the high efficacy of marijuana-derived cannabidiol dominated the market in 2018, with a revenue share of 44.5%, and is expected to grow at a lucrative rate over the forecast period.
The large share has been attributed to factors such as rising use of CBD for medical conditions such as epilepsy, schizophrenia, sleep disorders, multiple sclerosis, and chronic pain – the treatment that is expected to fuel CBD market growth.