CBD Oil Market Information By Product Type (Natural and Blended), By Price Point (Premium and Medium), By Application (Cosmetic, Industrial, Pharmaceuticals, and Food & Beverages), By Distribution Channel (B2B and B2C), and By Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2027
Cannabidiol (CBD) Oil Market
The CBD oil market size is projected to reach approximately USD 3.78 Billion by 2027, at a CAGR of 32% from 2020-2027. Rising research and development efforts and financial funding for CBD oil research from multiple private and government agencies are expected to grow the market. The market is anticipated to expand as a result of increasing R&D activities and financial support for CBD oil research from several private and public institutions. Government and commercial funding sources support the development of cannabinoids for therapeutic purposes. Cannabis offers a number of therapeutic benefits that may be used to treat various illnesses. This is anticipated to influence output during the evaluation period. Additional advantages of CBD oil include treating some epileptic syndromes, PTSD symptoms reduction, opioid addiction treatment, and balancing anxiety and sadness.
The federal government’s increased investment in R&D capabilities supported the market’s expansion. The best and wisest use of resources will be ensured by R&D activities geared toward sustainable development, increasing the market value. The demand for the use of cannabidiol by small and medium-sized businesses is also rising as awareness of its advantages and medical characteristics grows. A good indicator is the widespread use of CBD hemp oil in the pharmaceutical industry since it lessens physical discomfort. As a result, the market for CBD oil grows.
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Market segmentation for CBD oil
Product Type Information
According to product type, the CBD oil market has been segmented into two categories: natural and blended. In 2021, the mixed category had a sizable proportion. Blended CBD oil is frequently used to treat people who have anxiety disorders. The category of natural CBD oil, however, is expected to develop at the quickest rate. Due to the many advantages of natural CBD oil, it is manufactured by extracting CBD from the cannabis plant. Natural CBD oil is frequently used in illnesses including pain.
Price Point Perspectives
The CBD oil market is segmented into premium and midrange products based on pricing. Due to rising demand for CBD oil at a medium price point in emerging markets, the medium category had a significant share in 2021. However, because consumers’ disposable money is rising, high-end CBD oil is the segment with the quickest growth.
the market segmentation for CBD oil, The CBD oil market is segmented into cosmetic, industrial, pharmaceutical, and food and beverage segments based on application. In 2021, the drugs sector had a sizable portion. In order to maintain their competitiveness, some pharmaceutical companies are attempting to use CBD oil for pain-relief medications and introduce goods in the market. For instance, in 2021, dosist unveiled its innovative new line of topical CBD products with all-natural pain management options. However, due to the rising demand for CBD gummies and snacks throughout the world, the food & drinks area is the one that is expanding the quickest. To gain a competitive edge, industry participants are aiming to produce novel flavours and increase the accessibility of CBD snacks.
The CBD oil market study has been divided into B2B and B2C segments based on the distribution channel. Due to a growth in the number of wholesale CBD oil suppliers and the need for CBD oil as a raw material in 2021, the B2B category had a significant market share. However, B2C is the sector that is expanding the quickest as more businesses enter into exclusive partnerships with retail pharmacies to boost their visibility and form a stand-alone entity where customers can buy CBD products.
Regional Insights on CBD Oil
North America, Europe, Asia-Pacific, and the rest of the world are the several regions into which the CBD oil market has been split. The largest share of the market was in North America. The region with the greatest anticipated CAGR over the study period is Europe.
Due to the region’s business activity and the increasing acceptability of cannabis-based products for the treatment of psychiatric problems, North America represented a significant portion of the CBD oil market in 2021. For instance, Pure Extracts Technologies signed a contract in January 2021 to purchase 220 kilogrammes of highly potent dried cannabis flowers from a large licenced Canadian producer and 1,000 kilogrammes of highly potent CBD biomass from a top cultivator in Western Canada in order to scale up the presentation of both its CBD and Tetrahydrocannabinol (THC) extracts. Additionally, a number of cannabis-based products are authorised and subject to regulation in the US and Canada, which is expected to have a substantial impact on the growth of the CBD oil market throughout the course of the forecast period.
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A sizable portion of the market is in Asia-Pacific, and nations like Japan, China, and India depict a developing market environment for these goods. The increasing legalisation and acceptance of cannabidiol’s use in a variety of goods presents new business prospects for producers. Thailand was the only country in Southeast Asia to legalise cannabis in 2019 for medical and scientific use. It also made it lawful to use hemp oil with CBD to make textiles, apparel, and other things. One of the main elements influencing the CBD oil market prediction in this area is how manufacturers are making the most of consumer awareness and product sales.
Important key players include Medical Marijuana Inc., CV Science Inc., Gaia Herbs Inc., NuLeaf Naturals LLC, and CBDistillery.
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