CBD Oil Market Scope
The Global CBD Oil Market is projected to exhibit a CAGR of 38.45% over the forecast period. It can touch a value of USD 3,782.32 million by 2024. CBD oil is been used in treatment of various conditions such as anxiety, depression, pain alleviation, acne reduction, and palliative care. The large potential for CBD oil due to the legalization of marijuana is bound to be lucrative for the market. According to a survey by National Center for Biotechnology Information (NCBI) between 2017 and 2018, nearly 62% of the population used CBD-based products for treating medical conditions.
Rise in research funding due to its health benefits by private research institutes and government organizations can bode well for the market. According to the National Institute of Drug Abuse, close to 140 million was expended on research of cannabis. Lax of policies with regards to marijuana is likely to favor the market in the coming years. Advocation of CBD by social media influencers, marketing campaigns by industry participants, and government acceptance can drive up the sales of CBD oil.
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Cannabidiol (CBD) oil is a product derived from cannabis, a chemical found naturally in marijuana plants. Health benefits of CBD oil have found many takers in light of the recent legalization of marijuana in certain nations. The global CBD oil market report by Market Research Future (MRFR) provides analysis on favorable regulations, production techniques, and future trends for the period of 2019 to 2024 (forecast period). However adverse effects of cannabis can threaten the growth of the global CBD oil market.
CBD Oil Market Segmentation
By type, the global CBD oil market has been segmented into hemp-derived and marijuana-derived types. Hemp-derived CBD oil will lead in the market at a stellar CAGR to reach USD 2,092.97 million valuation by the end of 2024. The large market share can be credited to the varying concentration of tetrahydrocannabinol (THC) levels in hemp and marijuana. Hemp contains a very low concentration of THC, i.e., 0.3% or less.
Major market applications include cosmetics, pharmaceuticals, food, and others. The cosmetic industry accounted for a major market share and touted to exhibit 38.80% CAGR during the forecast period. Applications of CBD oil in unclogging pores, skin moisturization, and anti-inflammation solutions can fuel the segment growth.
CBD Oil Market Regional Analysis
The Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are regions acting as the epicenter for the expansion of the global CBD oil market.
The Americas is bound to dominate the global market owing to the high consumption of cannabis-based products. According to the WHO, marijuana is being consumed by nearly 147 million individuals. Moreover, 22.2 million Americans in the age group of 12 and above has been consuming CBD for other reasons creating opportunities for the market. New product launches is evidence of the upward growth trajectory of the market. For instance, Isodiol International launched wellness products for pets.
Europe held the second largest share owing to large awareness levels of the clinical applications of cannabis. Meanwhile, APAC accounted for the third position in the global CBD oil market and can exhibit a robust CAGR during the forecast period. Legalization of marijuana in Australia offers a large potential of growth to the market.
CBD Oil Market Competition Outlook
Absolute Terps, Emblem Cannabis, Aurora Cannabis, Medical Marijuana, Inc., ENDOCA, Kazmira LLC, Curaleaf Holdings, Inc., HempLife Today, Freedom Leaf, Inc., Green Roads of Florida, LLC, MedMen Enterprises Inc., CBD American Shaman, Aphria Inc., Canopy Growth Corporation, Pharmahemp, Folium Biosciences, CV Sciences, Inc., Charlotte’s Web Holdings, Inc., NuLeaf Naturals, and Whistler Medical Marijuana Corporation are notable players of the global CBD oil market. Launch of new lineups seems to be the primary strategy of these players.
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