A report published by Global Market Insights, Inc., shows that the cannabidiol market size is expected to surpass $89.0bn in revenue by 2026.
The report from Global Market Insights shows that the global cannabidiol market share is expected to witness remarkable growth prospects in the forthcoming years, primarily driven by the increasing sale of CBD products in leading retail stores available in various forms.
In 2018, after the Farm Bill in the US was passed there has been an exponential demand for the products primarily in developed nations like Canada, France, the US, and the Netherlands.
Hemp and cannabis
With respect to source, cannabidiol market is bifurcated into hemp and cannabis. The presence of a certain amount of psychoactive compound known as THC and major volume of CBD is present in hemp which is supporting the use of the product during the treatment of various ailments. Many countries have legalised hemp farming instead of cultivation of cannabis as it comprises of major quantities of THC. Hemp as a source is subjected to grow at a CAGR of 53.10% over 2020-2026.