CBD Market Projected to See 38.45% Compound Annual Growth Rate through 2023

There’s no doubt the CBD market has exploded over the last couple years. And, as Medgadget reports, the incredible growth the CBD oil industry has seen is projected to stay strong through 2023. According to the article, the overall CBD oil market size is projected to reach $3.8 billion between 2015 and 2023. The reporting is based on the latest Market Research Future Report (MRFR).

Factors responsible for this exceptional CBD market growth projection of $3.8 billion include the wider legalization of CBD products, in conjunction with an increase in incidence of chronic diseases and expanded cannabinoid research. According to the report, the growth between 2015 and 2023 will be led by hemp-derived CBD oil, which is predicted to reach over $2 billion by 2024.