Growing research and development funding for cannabinoid research, the prevalence of chronic medical issues and their repercussions, and the legalization of CBD in various countries are projected to have a beneficial impact on global demand for CBD, which stands for cannabidiol.

In recent years, hemp-based medicine and the involvement of CBD products have exploded in popularity both in the United States and other parts of the world. The need for minimally formulated, chemical-free medications has also created a lucrative potential to expand the CBD industry.

According to Fortune Business Insights, the global cannabidiol (CBD) market is projected to grow from $3,675.1 million in 2021 to $55,791.3 million in 2028 at a CAGR of 47.49% between 2021 and 2028. North America including the US and Canada, amounted for the largest cannabidiol market share and stood at USD 1,276.7 million in 2020.

What Is Driving the CBD Market?

CBD oils are mostly employed in the pharmaceutical, food, and cosmetic industries, among others, and more than half of the market is accounted for by the cosmetics and food industries. The CBD oil market is an extremely spirited market with the presence of numerous small and medium businesses around it while startups are also laying their eyes on this mega lucrative market.

The increasing legalization of CBD products in the western market is one of the major factors that are driving the growth of CBD products in the market. Other driving factor includes the rising awareness among the satisfied users and others. Experts say that increasing public awareness of the health benefits of CBD products as well as shifting consumer perceptions and attitudes toward CBD products is driving demand for these products.

Potential Benefits Of CBD Products

Despite the minor addiction to cannabis and the potential for addiction to other substances of abuse to be exacerbated when mixed with cannabis, the medicinal value of CBD products is far too high to be overlooked.

Uneasiness, depression, and PTSD are all said to be relieved by CBD while it is an excellent sleep inducer as said by some users and experts. The best CBD products are considered low in THC and high on CBD that doesn’t create a state of euphoria or high rather it works to provide pain relief instantly i.e. users can reap health benefits from the CBD products like CBD gummies, CBD oil, and CBD gel capsules without getting high.

Other benefits of CBD products are as follows:

1. It is used extensively in the skincare industry to cure acne, redness, itchiness, and pimples of the skin. It is also used for its miraculous effects on aging.
2. While it is used widely for pain relief but another important benefit that people often ignore is its power to alleviate cancer-related issues. 
3. Studies have also found CBD useful in reducing muscle spasms and improving motor functions in patients suffering from spinal cord injury.
4. CBD products are also useful to treat intestine inflammation and they do so by controlling and regulating the neuro-immune system.
5. CBD has also potential immunosuppressive and anti-inflammatory properties that control asthma and swelling inside the body.