Market Highlights
The CBD Oil Market Trendsis estimated to be valued at USD 3782.32 Million by 2024 and expected to grow at a CAGR of 38.45% during the forecast period.
Market Dynamics:
Growing research and development activities and financial financing from various private and government agencies for cannabinoid research. Both private and government agencies fund the discovery and manufacture of cannabinoids for medicinal uses. Cannabis has various medicinal properties that can cure diverse diseases. Which is expected to drive its performance over the assessment period. As a result of the increasing number of social media influencers endorsing the benefits of cannabis, marketing campaigns from industry participants, and growing application fields, cannabidiol has become the newest consumer trend. The demand for cannabidiol is also powered by growing food choices such as skincare, cosmetics, haircare, intimate lubricants, pharmaceuticals, gummies, tablets, flavored drinks, and other products.
The appetite for cannabis oil (CBD) for medical and health uses is high due to its healing properties, which is the key factor behind the growth of the industry. In addition, owing to regulatory approvals, rising product adoption and use is a major factor expected to fuel the demand for products infused with cannabis oil. Furthermore, the increasing knowledge of the therapeutic benefits of cannabis oil has influenced consumers, regardless of their cost, to buy products based on CBD. Increasing awareness of cannabidiol's medicinal advantages has inspired individuals to purchase goods dependent on CBD, regardless of their cost. Mainstream supermarkets are now focused on cbd analysis, as these have a higher profit margin
Segment Analysis
By product, the market is segmented into marijuana and hemp. Hemp-derived CBD oil is the leading segment which is growing at the highest CAGR to cross USD 2.09 billion by the end of 2024. The varying levels of tetrahydrocannabinol (THC) in hemp and marijuana are responsible for the large market share of CBD oil obtained from hemp.
By function, pain management, neurological disorders, fibromyalgia, mood disorders, and diabetes are segmented into the industry. The cosmetic industry accounts for a substantial share with a 38.80 percent CAGR over the estimated period.
By distribution channel, the market segmented e-commerce websites, retail pharmacies, medical marijuana dispensaries, hospital pharmacies.
Market Players
Market Research Future (MRFR) recognizes the following companies as the key players in the global CBD oil market 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.
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 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, 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.
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