The global CBD oil market size was USD 11.12 Bn in 2022 and is expected to reach USD 78.2 Bn by 2031, expanding at a CAGR of 48% from 2023 to 2031. Cannabidiol (CBD) oil is a non-addictive, non-psychoactive component of the cannabis plant. CBD is the second most prevalent cannabinoid present in cannabis after tetrahydrocannabinol (THC). Cannabidiol oil is often utilized for medicinal reasons. due to its lack of intoxicating effects. CBD oil is utilized in a variety of medicinal applications, including anxiety and depression therapy, stress relief, diabetes prevention, pain relief, cancer symptom relief, and acne reduction. CBD-based products are increasingly being utilized to treat a wide range of medical conditions, hence the global CBD market is projected to grow rapidly over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
-
Growing research funding for cannabinoid research, CBD legalization in various areas, and the increased prevalence of chronic illnesses and accompanying problems are driving the global CBD oil market.
-
The negative consequences of cannabis and stringent government restrictions impede the growth of the CBD oil market.
-
Growing awareness among consumers and various benefits offered by CBD oil are expected to create opportunities for the players in the CBD oil market.
Scope of CBD Oil Market Report
The report on the global CBD oil market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
CBD Oil Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016 & 2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
By Types (Hemp-Derived and Marijuana-Derived), By Products (Natural and Blended), By Product Category (Unflavoured and Flavoured), By Applications (Food & Beverages, Cosmetics, Pharmaceuticals, Nutraceuticals, Industrial), By Distribution Channels (Online and Offline)
|
|
Regional Scope
|
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
|
|
Report Coverage
|
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
|
|
Key Players Covered in the Report
|
ENDOCA, Gaia Botanicals, LLC.CBD American Shaman, Green Roads, Charlotte’s Web, NuLeaf Naturals, LLC, Big World Brands LTD, Penguin Wellness, LLC, Simply Better Brands Corp., Medterra, and MISSION FARMS CBD
|
Global CBD Oil Market Segment Insights
High usage of hemp-derived CBD oil to drive the market
In terms of types, the global CBD oil market is segmented into hemp-derived and marijuana-derived. The hemp-derived segment holds a significant market share and is expanding at substantial rate. The significant market share of hemp-derived CBD oil is attributed to the different concentrations of tetrahydrocannabinol (THC) in hemp and marijuana. Hemp has a low percentage of THC, about 0.3% or less, whereas marijuana has a high content of THC, between 15% and 40%. As a result, hemp is utilized in industries, whereas marijuana is cultivated for recreational and medical uses. The legalization of the fast-growing industrial hemp crop is expected to boost the market. Rising knowledge of usage of marijuana in ailments is supporting the significant segment share of marijuana-derived products. Government officials are increasingly supporting the promotion of medications that are helpful in treating a variety of illnesses. All these factors are anticipated to create opportunities in the CBD oil market and propel the market.
Blended segment to drive the market
On the basis of products, the global CBD oil market is segmented into natural and blended. The blended segment is expected to hold a significant market share and expand at a substantial rate, owing to modification of the product according to the need of the end user.
Growing usage of unflavored CBD oil to drive the market
Based on product category, the global CBD oil market is segmented into unflavored and flavored. The unflavored segment is expected to dominate the market, due to growing usage of unflavored oil for development of products.
Rising application of CBD oil in cosmetics to drive the market
In terms of applications, the global CBD oil market is segmented into food & beverages, cosmetics, pharmaceuticals, nutraceuticals, and industrial. The cosmetics segment has a significant market share, and is expected to expand at an approximate CAGR of 38% during the forecast period. CBD oil-infused beauty products are becoming popular as a result of growing legality and significant study, as hemp-derived oils are known to unclog pores, be anti-inflammatory, and enhance moisturization. This is expected to generate demand for CBD oil across the globe in the near future.
High adoption of smartphones to drive the market
On the basis of distribution channels, the global CBD oil market is segmented into online and offline. The online segment is expected to hold a significant market share and expand at a substantial rate, owing to high adoption of smartphones and internet penetration. The offline segment is losing its market share, as it is uncomfortable and it takes time to receive the products via the offline distribution channel.
Robust network of online sales channels in North America to drive the market
Based on regions, the global CBD oil market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe and North America jointly account for more than approximately 70% of the CBD oil market share, owing to a robust network of online sales channels, high level of knowledge about the advantages of cannabidiol, and the launch of retail goods such as CBD oil, CBD gummies, and CBD drinks in these regions. The market in Asia Pacific is anticipated to expand at a substantial rate, owing to increased production and cultivation in the region. Players in end-use industries such as personal care and cosmetics are attempting to enhance their profitability and revenue in developing nations. As a result, the focus of cannabinoid-based product manufacturers in Asia Pacific, as well as the legalization of cannabis for therapeutic purposes in those countries, are driving the market.
Segments
By Types
- Hemp-Derived
- Marijuana-Derived
By Products
By Product Category
By Applications
- Food & Beverages
- Cosmetics
- Pharmaceuticals
- Nutraceuticals
- Industrial
By Distribution Channels
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- ENDOCA
- Gaia Botanicals
- LLC.CBD American Shaman
- Green Roads
- Charlotte’s Web
- NuLeaf Naturals, LLC
- Big World Brands LTD
- Penguin Wellness, LLC
- Simply Better Brands Corp.
- Medterra
- MISSION FARMS CBD
Competitive Landscape
Key players in the global CBD oil market include ENDOCA, Gaia Botanicals, LLC.CBD American Shaman, Green Roads, Charlotte’s Web, NuLeaf Naturals, LLC, Big World Brands LTD, Penguin Wellness, LLC, Simply Better Brands Corp., Medterra, and MISSION FARMS CBD. The global CBD oil market is heavily fragmented. There is a wide range of products in the market. Majority of the firms focus on low-cost items, while some adopted mergers and strategic alliances to grow their operations.
Request For Customization
Enquiry Before Buying
Speak With Analyst
