Published on: May 2022
Has the Cannabidiol (CBD) market been affected by the pandemic? What is the predicted growth rate?
The global cannabidiol market was valued at USD 2.8 billion in 2020, and it's expected to develop at a (CAGR) of 21.2 percent from 2021 to 2028. Because of its medicinal properties, the market for cannabidiol (CBD) for medical and lifestyle purposes is high, which is a primary factor influencing market expansion. Furthermore, as an outcome of regulatory approvals, higher product acceptance and use is expected to boost CBD-infused product production.
Opening the door to a world of better healthcare system, all thanks to the widespread usage of Cannabidiol (CBD)
Due to its lack of intoxicating effects, cannabidiol is the most widely used cannabinoid for medical reasons. Cannabidiol oil is utilised in a variety of medical applications, including anxiety and depression treatment, cancer symptom relief, diabetes prevention, stress reduction, pain relief, and inflammation relief. The global cannabidiol market is expected to develop at a lucrative rate over the forecast period, owing to the increased acceptance of CBD-based products to treat diseases. A growing understanding of cannabidiol's therapeutic potential has inspired a buyer to purchase cannabidiol products regardless of price. Commercial merchants are now focusing on marketing cannabis-based items since they offer a higher profit margin. CBD-based products are available in a variety of health and wellness stores, including Rite Aid, CVS Health, and Walgreens Boots Alliance. Furthermore, CVS Health has decided to sell CBD topicals in all of its 800 shops, while Walgreens Boots Alliance has decided to sell CBD-containing topicals in 1500 of its stores across the United States.
Impact of Covid-19 on Cannabidiol (CBD) explained further
The COVID-19 epidemic, on the other hand, has resulted in massive lockdowns around the world, causing daily operations to collapse and affecting consumer behaviour in practically every industry. Retail stores have closed as the backlash to COVID-19 grows. Due to the statewide suspension of transportation and manufacturing in major raw material producing countries such as China and India, the market began to experience a supply deficit. Furthermore, due to supply chain interruptions in the United States, the supply of additional raw materials has been constrained, causing manufacturing and, as a result, the supply chain for CBD consumer health products to be disrupted.
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