The global cannabidiol market is booming. This market is estimated at $9 billion – but is expected to reach $20 billion by 2023. So what are the key numbers you need to know about the CBD market in 2021 and beyond? Read on to find out:
CBD market to $20 billion by 2023.
The CBD market worldwide is expected to reach $20 billion by 2023. The biofuels market will be worth $2.5 billion by the end of 2022 and the CBD market is expected to grow by more than 100% by 2023.
One of the main drivers of the CBD market is the growing awareness of CBD and its many health benefits. CBD is a non-psychoactive compound, which means it does not produce the “high” associated with cannabis.
It comes from the cannabis plant and has many health benefits including pain relief, anti-inflammatory properties and sleep aiding properties.
CBD is legal in many countries like Canada, Australia and Japan, France and many European countries.
37 Million Americans would consume CBD products
An estimated 37 million Americans are currently consuming CBD products knowing that CBD is legal in all 50 states.
CBD products are available for purchase online and carry a sticker stating “Legal in all 50 states”, which makes it easy to verify if you are buying a truly legal product.
Europe is the largest CBD market
Europe is the largest CBD market in the world, and Italy is the largest European CBD producer. The country has been working toward legalization since last year, when it approved a bill allowing epilepsy patients to access cannabis-based treatments. The Italian Senate also recently passed legislation to legalize medical marijuana by 2022 and allow recreational use as well. If all goes according to plan, Italy could become one of the most important markets for CBD products worldwide.
London Hemp Week
This CBD Show was the very first hemp festival in the British capital. London Hemp Week was held at London’s Canary Wharf from June 5-7, 2019. The event was organized by the Hemp Industries Association (HIA) and the UK Hemp Industry Association (UKHIA). It included interactive workshops, a farmers’ market and pop-up stores featuring hemp products such as clothing and beauty products.
France also knows its share of Hemp and CBD fairs
In France, several CBD fairs took place during the year 2022. Especially in Marseille, Lyon and Paris. The next CBD Show will take place in Paris in October 2022. We will have the opportunity to give you more details in a future article.
The global cannabis industry is expected to be worth $66 billion by 2025.
The global cannabis industry is expected to be worth $66 billion by 2025. The sector is expected to grow at a compound annual growth rate of 26% over the next decade. It is also estimated that the market will reach $20 billion by 2023, thanks to legalization efforts around the world.
The global legal cannabis industry is growing rapidly and is expected to continue to grow in 2022 and beyond.
- CBD is a non-psychoactive cannabinoid.
- CBD is legal in all 50 states
- CBD is legal in Europe
- CBD is used in a wide range of products, including oils, capsules and tinctures; it also finds its way into foods and beverages like beer, wine and chocolate bars.
- CBD can be used to treat a number of health problems: anxiety and depression (short and long term), chronic pain, insomnia, arthritis, multiple sclerosis, epilepsy (seizures), inflammatory bowel disease (IBD), Alzheimer’s disease/dementia symptoms such as memory loss or confusion due to age or other factors
Conclusion
We hope you enjoyed this overview of the CBD market, including some interesting facts about CBD products and their growing popularity. Keep an eye out for more news on the latest developments as laws and attitudes continue to evolve in the years to come. CBD has a bright future ahead of it!
