Report ID: SQSG35I2047
Report ID:
SQSG35I2047 |
Region:
Global |
Published Date: February, 2024
Pages:
225
|
Tables:
102 |
Figures:
76
CBD-infused Products Market size was valued at USD 24.23 billion in 2019 and is poised to grow from USD 29.68 billion in 2023 to USD 184.38 billion by 2031, growing at a CAGR of 22.5% in the forecast period (2024-2031).
Cannabidiol can be extracted from either cannabis or hemp, with hemp being preferred due to its naturally high CBD content. The substance is frequently mixed up with its psychoactive counterpart, tetrahydrocannabinol (THC), which is extracted from the same plant. It has numerous benefits for treating anxiety, preventing seizures, reducing inflammation, and alleviating pain. The market is evolving at a faster rate due to its increasing use in the cosmetics, food, and pharmaceutical industries. The market has enormous growth potential as consumers become more aware of the product's benefits. Rising demand and increased legalisation of cannabis, increased application of cannabis in cancer, and the health benefits offered by cannabis-infused products are the key factors driving market growth. Cannabis use in pet food, as well as rising demand for cannabis-infused beverages, will present significant growth opportunities for market participants in the coming years.
Furthermore, as the pandemic progressed, CBD-infused products became an appealing option for people who were spending more time at home, both as a source of entertainment and to relieve stress and anxiety. As a result, sales of these products are surging, propelling the Global CBD-infused Products Market forward. Furthermore, the legalisation of recreational cannabis in various countries, rising demand for CBD-infused wellness drinks, rising consumer disposable income, and improving living standards are some of the factors driving the market growth during the forecast period.
US CBD-infused Products Market is poised to grow at a sustainable CAGR for the next forecast year.
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Report ID: SQSG35I2047