Report ID: SQMIG10G2034
Report ID:
SQMIG10G2034 |
Region:
Global |
Published Date: July, 2024
Pages:
178
|
Tables:
89 |
Figures:
68
Global CBD Hemp Oil Market was valued at USD 6.6 billion in 2022 and is expected to rise from USD 7.71 billion in 2023 to reach a value of USD 24.93 billion by 2031, at a CAGR of 15.8% during the forecast period (2024–2031).
The CBD hemp oil market is poised for significant expansion, driven by the escalating legalization of hemp-derived products. In response to growing consumer demand, companies are innovatively developing an array of cannabidiol offerings such as edibles, topicals, and beverages. The rise of e-commerce platforms has emerged as a pivotal factor, facilitating companies in reaching broader audiences and boosting sales through online channels. This digital shift has, in turn, exerted a positive influence on the overall growth projections of the CBD industry. As the legal landscape surrounding hemp products evolves and consumer preferences continue to drive market dynamics, the CBD sector is expected to witness a substantial increase in its market size, reflecting the burgeoning opportunities within the industry.
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Report ID: SQMIG10G2034