News

CBD market exploding, set to overshoot ammo

Published on April 15, 2022 by oz. staff

Photo: Adobe Stock/the oz.

Just how big is the CBD market getting?

The global market for CBD is on target to outpace ammunition in the near future.

Two separate reports made public this week make for an interesting comparison.

An analysis from market research company Fact.MR found the global ammunition market was valued at US$19.2 billion in 2021, and is projected to hit $35 billion by the end 2032.

CBD is forecast to grow at a much faster rate.

A Global Market Insights report has found that CBD was worth US$12.8 billion in 2021, and is on track to hit $56 billion by 2028.

“The increasing awareness of CBD-based products and an alternative to traditional pharmaceutical medicines is propelling the cannabidiol (CBD) market demand,” says the report.

The study notes prominent players include Aurora Cannabis, Canopy Growth Corporation, Cronos Group, and Tilray.

Other findings of the cannabidiol market report include:

• Numerous cosmetic applications of cannabidiol products is attributed to growing demand for creams and roll-on segment.
• Rising occurrence of anxiety is noted to significantly increase the demand for CBD products.
• Hemp-derived CBD products is set to drive the market expansion in the forecast timeframe.