CBD Oil Market Highlights
CBD Oil (Cannabidiol Oil) Market Size was valued at USD 14.0 Billion in 2022. The CBD Oil (Cannabidiol Oil) market industry is projected to grow from USD 16.18 Billion in 2023 to USD 51.61 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.60% during the forecast period (2023 - 2032). CBD is a cannabinoid found in the cannabis plant. CBD oil acts as a natural pain reliever, have anti-inflammatory properties and could reduce epileptic seizures, etc.
The CBD oil market has witnessed explosive growth in recent years, driven by increasing awareness of cannabidiol's potential health benefits. Extracted from the cannabis plant, CBD oil is celebrated for its therapeutic properties without the psychoactive effects of THC. It has found applications in pain management, anxiety relief, and as a wellness supplement. The market offers a wide array of products, including tinctures, capsules, edibles, and topicals. Regulatory changes, like the U.S. Farm Bill in 2018, have further fueled its expansion. However, varying regulations globally present challenges, while research continues to explore the full extent of CBD's medicinal applications. The CBD oil market remains dynamic and poised for continued growth.
The COVID-19 pandemic-induced nationwide lockdowns impacted daily operations and altered consumer behavior across many industries. The market faced a shortage in supply due to nationwide shutdowns of transportation and manufacturing in major raw material-producing countries like China and India. In addition, supply chain disruptions in the U.S. limited the availability of other raw materials, disrupting the manufacturing and supply of CBD consumer health products.
Regional Analysis
The CBD oil market in the Americas has been segmented into North America and Latin America.
The North American market is further divided into the US, Canada, and Mexico. The Americas dominate the global Cannabidiol (CBD) oil market, owing to the increasing consumption of cannabis-based products. According to the World Health Organization (WHO), the consumption of marijuana has an annual prevalence rate of nearly 2.5% of the global population, i.e., approximately 147 million individuals. It is also reported that approximately 22.2 million Americans of 12 years of age and older use cannabis and related products for various reasons.
Moreover, medical cannabis was approved for medicinal use in 28 states of the US, the District of Columbia, Guam, and Puerto Rico as of January 2017. Online availability of cannabis-based products is also boosting the market growth as cannabis consumers prefer to buy online from licensed producers or manufacturers.
Segment Analysis
Global CBD oil market has been segmented on the basis of type, and application. On the basis of type, the market has been divided into hemp-derived and marijuana-derived types. The Hemp-derived CBD oil type is holding the major share of the overall CBD oil market. It has been estimated that the hemp-derived segment is growing at the highest CAGR to reach USD 2,092.97 Million by the end of 2024. Most of the legal CBD-based products in the market are hemp-based. According to the 2018 Farm Bill, companies can legally grow, manufacture, possess, and sell hemp-derived CBD products.
Based on application, the global CBD oil market is segmented into pharmaceuticals, food, cosmetics, and others. Among these segments, the cosmetic industry accounts for the largest market share owing to the anti-inflammatory and non-psychoactive properties of CBD. Moreover, CBD infused beauty products are a major trend these days. For instance, Folium Biosciences, the US-based cannabinoid producer, offers cosmeceuticals which include CBD infused moisturizing relief cream.
Market Players
Market Research Future (MRFR) recognizes the following companies as the key players in the global CBD oil market report that includes Aphria Inc. (Canada), Folium Biosciences (US), Freedom Leaf, Inc. (US), Green Roads of Florida, LLC (US), Charlotte's Web Holdings, Inc. (US), ENDOCA (Netherlands), CBD American Shaman (US), CV Sciences, Inc. (US), Medical Marijuana, Inc. (US), Canopy Growth Corporation (US), Aurora Cannabis (US), MedMen Enterprises Inc. (US), Curaleaf Holdings, Inc. (US), Kazmira LLC (US), and others.
Key Findings of the Study:
- Global CBD oil market size is projected to reach 32 million by 2024 with 38.45% CAGR during the review period of 2019 to 2024
- The Americas accounted for the largest share due to the increasing consumption of cannabis-based products along with rising legalization of cannabis in the region
- The hemp-derived CBD oil segment, by type, is projected to reach USD 2,092.97 million by the end of 2024
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