CBD Oil Market Analysis
The CBD Oil Market size is projected to reach USD 3782.32 million at a 38.45% CAGR by 2024, as per the latest Market Research Future (MRFR) report. CBD or cannabidiol oil is derived from cannabis. It is a form of CBD, the chemicals that are found naturally in marijuana plants. The best part, despite coming from marijuana plants, it does not create any intoxication or a high effect, which results from other cannabinoids, called THC. Marijuana-derived types and hemp-derived are the two types of CBD oil. It has wide applications, including cosmetics, food, pharmaceuticals, among others.
Numerous factors are adding to the global CBD oil market growth. These factors, according to the recent MRFR report, include increasing incidence of chronic diseases and associated complications, legalization of CBD, and increasing expenditure for cannabinoid research.
On the contrary, strict government policies and adverse effects of CBD are factors that may limit the global CBD oil market growth over the forecast period.
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CBD Oil Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global CBD oil market based on application and type.
By type, the global CBD oil market is segmented into marijuana-derived types and hemp-derived types. Of these, hemp-derived CBD oil will lead the market over the forecast period. It is predicted to touch USD 2,092.97 million by 2024. The majority of the CBD-based legal products in this market are hemp-based.
By application, the global CBD oil market is segmented into cosmetics, food, pharmaceuticals, and others. Of these, cosmetics will have major growth in the market for the non-psychoactive and anti-inflammatory properties of CBD. Besides, beauty products that are CBD infused are a key trend today.
CBD Oil Market Regional Analysis
By region, the global CBD oil market report covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will dominate the market over the forecast period for the rising consumption of CBD products. Besides, the presence of key players in the US, increasing awareness about CBD oil usage, efficient distribution channels resulting in easy availability, and availability of different CBD based products are also adding to the global CBD oil market growth in the region.
The global CBD oil market in Europe is predicted to hold the second-largest share in the CBD oil market over the forecast period for the increasing awareness of clinical applications of cannabis.
The global CBD oil market in the APAC region is predicted to grow at the highest CAGR over the forecast period for the setting up of hemp manufacturing plants in China, which is the largest cultivator of hemp. Industry players in the personal care & cosmetics industry are targeting emerging economies to enhance their sales and profitability. Besides, the legalization of cannabis is also adding to the market growth.
The global CBD oil market in the MEA will have a small share over the forecast period for illegal usage of marijuana, adverse effects of cannabis, and strict government policies.
CBD Oil Market Key Players
Key players profiled in the global CBD oil market report include Kazmira LLC (US), Curaleaf Holdings, Inc. (US), MedMen Enterprises Inc. (US), Aurora Cannabis (US), Canopy Growth Corporation (US), Medical Marijuana, Inc. (US), CV Sciences, Inc. (US), CBD American Shaman (US), ENDOCA (Netherlands), Charlotte’s Web Holdings, Inc. (US), Green Roads of Florida, LLC (US), Freedom Leaf, Inc. (US), Folium Biosciences (US), and Aphria Inc. (Canada).
CBD Oil Industry News
Kadenwood, LLC, has launched Level Select CBD oil drops in three levels of intensity. It has CBD oil in the purest form sans any tetrahydrocannabinol and made through the company’s unique production technology.
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