Impact of COVID-19 Outbreak on CBD Oil Market Analysis By Size, Growth, Share, Type (Hemp-Derived & Marijuana-Derived), Application (Cosmetics Industry, Food Industry, Pharmaceuticals Industry) and Region (Americas, Europe, Asia-Pacific and Middle East &Africa) – Global Forecast till 2024
CBD Oil Market Trends
The global CBD Oil Market size value is likely to touch USD 3782.32 million at a 38.45% CAGR between 2019- 2024, according to the recent Market Research Future (MRFR) report. CBD or cannabidiol is derived from cannabis. They are naturally found in marijuana plants. As opposed to cannabinoid or THC, CBD does not create any intoxication or high effect. Hemp-derived & marijuana-derived are the two types of CBD oil. Some of its applications include cosmetics, pharmaceuticals, food, and others.
Various factors are adding to the global CBD oil market growth. These factors, as per the new MRFR report, include rising cases of chronic diseases as well as associated complications, legalization of CBD in different regions, increasing funding for cannabinoid research, growing awareness about the benefits of CBD oil and its different applications, and demand for CBD infused cosmetics.
On the contrary, strict government policies, coupled with the adverse effects of cannabis, are factors that may impede the CBD oil market growth during 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 & type.
Based on type, the CBD oil market has been segmented into hemp-derived & marijuana-derived. Among these, the CBD oil that is hemp-derived will spearhead the market over the forecast period. It is likely to touch USD 2,092.97 million by 2024.
Based on the application, the CBD oil market has been segmented into cosmetics, pharmaceuticals, food, and others. Among these, the cosmetics segment will have the lions share in the market over the forecast period for the non-psychoactive as well as anti-inflammatory properties of CBD. Besides, CBD infused cosmetics have turned into a key trend these days, which is again adding market growth.
CBD Oil Market Regional Analysis
Based on the region, the global CBD oil market covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), & the Middle East & Africa (MEA). Among these, the Americas will lead the market over the forecast period. Factors fuelling market growth include rising consumption of cannabis-based products, presence of top CBD oil product companies, rising legalization of the usage of marijuana products, and increasing awareness about the different health benefits of CBD oil. Besides, the availability of various CBD based products and efficient distribution channels, resulting in easy accessibility are also adding market growth. The US is the chief contributor in the region.
The global CBD oil market in Europe is predicted to have the second-largest share over the forecast period for the increasing awareness about the different clinical applications of cannabis.
The global CBD oil market in the APAC region is likely to grow at a quick rate over the forecast period. Factors fuelling the market growth in the region include various hemp manufacturing plants being set up in China, the biggest cultivator of hemp, legalization of cannabis, and industry players, especially in the cosmetics & personal care industry targeting emerging economies for improving their profitability and sales.
The global CBD oil market in the Middle East & Africa is predicted to have the smallest share during the forecast period for certain side effects of taking cannabis, illegal use of marijuana, and strict government policies.
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CBD Oil Market Key Players
Eminent players profiled in the global CBD oil market report include Folium Biosciences (US), Canopy Growth Corporation (US), Curaleaf Holdings, Inc. (US), Aphria Inc. (Canada), Medical Marijuana, Inc. (US), ENDOCA (Netherlands), MedMen Enterprises Inc. (US), Kazmira LLC (US), Freedom Leaf, Inc. (US), CBD American Shaman (US), Charlotte’s Web Holdings, Inc. (US), Aurora Cannabis (US), Green Roads of Florida, LLC (US), CV Sciences, Inc. (US), and others.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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