The CBD Oil Market size is projected to reach USD 3782.32 million at a 38.45% CAGR between 2015-2023, as per the latest Market Research Future (MRFR) report. CBD or cannabidiol oil is derived from cannabis. It is a form of CBD, the chemicals that are found naturally in marijuana plants. The best part, despite coming from marijuana plants, it does not create any intoxication or a high effect, which results from other cannabinoids, called THC. Marijuana-derived types and hemp-derived are the two types of CBD oil. It has wide applications, including cosmetics, food, pharmaceuticals, among others.
Numerous factors are adding to theglobal CBD oil market growth. These factors, according to the recent MRFR report, include increasing incidence of chronic diseases and associated complications, legalization of CBD, and increasing expenditure for cannabinoid research.
On the contrary, strict government policies and adverse effects of CBD are factors that may limit theglobal CBD oil market growth over the forecast period.