Cannabidiol can enter the body in several ways, such as vaping, swallowing, smoking, and through the skin. The growing use of cannabidiol for the production of medicines and personal care products in states where cannabis is legal is positively affecting the market growth. The legalization of cannabis-based products has provided a remarkable opportunity to expand the end-consumer industry. The growing number of research activities increased awareness of synthetic cannabidiol, and increased strategic investment by companies is expected to drive overall growth through 2027.
The Grand View research reports addressed both the CBD oil and CBD markets in upbeat reports. One of these reports states that the worldwide CBD market was assessed at $4.6 billion in 2018 and is expected to widen at an average growth rate (CAGR) of 22.2% from 2019 to 2025. The CBD demand for medicine and health purposes is high due to its medicinal properties, which is a key driver of market growth.
Moreover, the growth in product adoption and use, thanks to government approval, is a major factor that is expected to drive demand for cannabidiol-containing products. Cannabidiol has emerged as the latest customer trend because of a rapidly spreading number of social media bloggers talking about the benefits of cannabis, marketing initiatives by industry players, and growing uses. The subsequent increase in the range of products such as skin care products, cosmetics, hair care products, intimate products, medicine drugs and pills, infusions and other products are also driving the cannabidiol market.