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CBD Market Size Analize of 2024CBD Market Size Analize of 2024 Recent developments in the CBD vape market indicate a surge in global demand for CBD vape juice, driven by its fast absorption and ability to provide quick relief for conditions such as anxiety and acute pain. The market is expected to grow significantly, with Data Bridge Market Research estimating the global CBD vape juice market to be valued at USD 2,865.75 million in 2022 and projected to reach USD 73,984.32 billion by 2030, reflecting a CAGR of 58.7% during the forecast period of 2023 to 2030 .
The market is driven by the increased usage of CBD vape juice in treating various medical conditions such as epilepsy, anxiety, and pain. Its recognition as a natural remedy and the exploration of its natural benefits by medical agencies are enhancing its credibility and market growth . However, the market faces potential restraints due to the health risks associated with e-cigarettes, which can produce harmful chemicals like acetaldehyde and formaldehyde .
In terms of segmentation, the market is categorized by product type, source, flavor, strain, propylene glycol (VG) and vegetable glycerin (PG) ratio, category, dose, tests performed, packaging size, and distribution channel . North America, led by the U.S., is expected to dominate the market due to a large consumer base, significant adoption, and a balanced regulatory environment . In the Asia-Pacific region, Japan is expected to lead the market due to a favorable regulatory environment and growing awareness of CBD's health benefits . The U.K. is poised to dominate the European market due to proactive public health campaigns and a supportive regulatory environment .
Key players in the global CBD vape juice market include CBDfx, HempBombs, Koi CBD, Savage CBD, and ERTH WELLNESS, among others . Recent strategic moves in the market include JustCBD's partnership with OTG Management to sell CBD products in airports, expanding their customer base, and Koi CBD's introduction of new full spectrum and delta 8 hemp product lines, broadening their product portfolio .
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