CBD Market Grow US$ 4.94 Billion by 2023

The Global CBD Market reached US$ 3.86 billion in 2022, with global demand increasing at a CAGR of 13.7% from 2018 to 2022. By the end of 2033, it is expected that global sales of cannabis would increase at a CAGR of 28.1% and reach US$ 58.83 billion.

Cannabinoids are being used as a result of expanding public knowledge of their possible health advantages. Additionally, major businesses in the sector are investing heavily in R&D operations to gain more in-depth knowledge regarding the creation of innovative and effective goods. The sector is growing quickly as more and more items made from hemp are becoming authorized.

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A non-psychoactive chemical called cannabinoid is present in hemp plants. There are several ways to utilize it, including as foods, tinctures, oils, and creams. The potential health advantages include the potential reduction of anxiety and discomfort. Businesses involved in the CBD market are making investments to develop a wide range of goods to satisfy customer demand. The industry is also growing as a result of the huge expansion of e-Commerce platforms that will enable them to access a bigger customer base and boost CBD sales.

Competitive Landscape:

 The primary goals that industry participants are concentrating on include strengthening the supply chain system, upholding product standards, implementing steps for quality control, etc.

Manufacturers of cannabinoids concentrate on a variety of tactics, including new releases, partnerships, strategic acquisitions, etc.

For illustration:

Irish business Greenheart CBD was founded. The business unveiled a decentralized financial token in March 2021. The business is the first of its type to do this. This strategy is expected to aid in the company’s geographic expansion and give customers items that are affordable.

 Key Players:

• EPIDIOLEX
• INSYS Therapeutics, Inc.
• Nightfood Holdings
• Pivot Pharmaceuticals Inc.
• SolMic GmbH
• HoneyB Healthy
• Marijuana Company of America Inc.

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Regional Analysis:

 Which countries in the Asia Pacific are producing significant profits for manufacturers?

“Supportive Government Policies Increasing CBD Sales in South Korea and Japan”

By the conclusion of the anticipated period, the South Korean market is expected to have grown at a CAGR of 25.3% and be worth US$1.94 billion. By 2033, it is anticipated that CBD sales in Japan would grow at a CAGR of 24.5% and total US$1.94 billion.

One of the major nations in the Asia Pacific, Japan, has lately begun producing CBD in the area to extract items associated to it in order to meet the escalating market need over the next ten years. Over the projection period, favorable government policies in South Korea and Japan are expected to present chances for participants.

Key Segments of Industry:

• By Source :
  • Hemp-based
  • Marijuana-based
• By Form :
  • Processed Oil
  • Distillates
  • Isolates
  • By Grade :
  • Food Grade
  • Therapeutic Grade
• By Application :
  • Food & Beverages
  • Cosmetics & Personal Care
  • Pharmaceuticals
• By Distribution Channel :
  • Offline
  • Online

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