CBD Hemp Oil Market Research Report Information By Source (hemp and marijuana), By distribution channel (B2B, B2C, hospital pharmacies, online, retail Stores), By end-user (medical, chronic pain, mental disorders, cancer), By personal use (wellness, pharmaceuticals, food & beverages, personal care & Cosmetics and nutraceuticals), and By region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
CBD Hemp Oil Market Size was valued at USD 1.7 billion in 2022. The CBD hemp oil market industry is projected to rise from USD 1.9 Billion in 2023 to USD 5.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 17.20% during the forecast period (2023 – 2030). Growing recognition of the health benefits and demand for the treatment of depression and anxiety amongst people with minimal side effects are the key market drivers fueling the market growth of CBD hemp oil.
The CBD hemp oil market refers to the sales and distribution of products derived from hemp plants that contain cannabidiol (CBD), a non-psychoactive compound found in the plant. This market includes various forms of CBD hemp oil products, such as tinctures, capsules, topicals, and edibles. The market size, growth rate, and demand for CBD hemp oil products vary based on factors such as geographical region, regulations, and consumer preferences.
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The COVID-19 pandemic has had a significant impact on the CBD hemp oil market. Due to lockdowns and stay-at-home orders, there was a surge in online sales of CBD products as consumers sought to purchase items from the comfort of their own homes. Additionally, the pandemic has increased interest in natural remedies and wellness products, further boosting demand for CBD hemp oil. On the supply side, the pandemic disrupted global supply chains and caused a shortage of raw materials, leading to price increases for CBD hemp oil products. However, as the pandemic continues to evolve, it is uncertain what the long-term effects on the CBD hemp oil market will be.
Market Segmentation
The Global CBD Hemp Oil market has been segmented into Product type, Distribution channel
Based on the Product type, the market has been segmented into Tinctures, Capsules, Topicals, Edibles, and Others
Based on the Distribution channel, the market has been segmented into Online and Offline.
Key Players
Some of the key market players are Charlotte’s Web Holdings, Inc., Elixinol Global Limited, Medical Marijuana, Inc., CV Sciences, Inc., HempFusion Wellness Inc., Green Roads, The Stanley Brothers Holdings, Inc., Gaia Botanicals, LLC, KushCo Holdings, Inc., and Isodiol International Inc.
Regional Analysis
The North American market is one of the largest markets for CBD hemp oil, driven by the increasing legalization of cannabis in various states in the US and Canada. The region is also home to many established players in the CBD hemp oil market, which further supports its growth.
Europe is another significant region in the CBD hemp oil market, with countries like Germany, France, and the UK being major contributors to its growth. The market is primarily driven by the growing demand for natural and organic products, as well as the increasing awareness about the health benefits of CBD.
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The Asia Pacific region is also seeing significant growth in the CBD hemp oil market, with countries like China, Japan, and South Korea emerging as major players. The region’s growing aging population and increasing awareness about the therapeutic benefits of CBD are driving the market’s growth.
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