According to BlueWeave Consulting, Global CBD Oil Market is expected to reach USD 28.67 billion by 2026 from USD 3.87 billion in 2019, at a compound annual growth rate of 33.12% during the projection period 2020-26. CBD oil market is primarily driven by its demand for wellness benefits and recreational use. Besides, growing state approvals in favor of CBD Oil industry and its usage as an essential ingredient in various products fuel the market growth. It is extensively used in the manufacturing of pharmacy, personal care (skincare & Hair-care) products, beverages and intimate lubricants. It is available in the form of tincture, concentrates, capsules, topical and edibles such as candies, gums, chocolates, coffee and other baked products. Besides, marketing initiatives by industry players and social media influencers also induce the demand for CBD oil and CBD oil containing products by spreading awareness about its effectiveness in various conditions.
CBD Oil is extracted from two sources of cannabis Sativa plants viz., hemp and marijuana. The moderate use of CBD oil relieves the chronic pain and anxiety of a person. It also mitigates the symptoms of diabetes and cancer as well as reduces acne. CBD oil was subject to many regulations as a controlled substance previously. However, its healing properties and wellness benefits are increasingly recognized by the people and the medical industry, escalating its demand for different physical and mental conditions. The health and wellness retailers are increasingly allotting shelf space for CBD oil products due to its recognized health benefits and higher profit margins.
CBD Oil Market is divided into three segments based on its Source (i.e., Hemp and Marijuana), Distribution channels (i.e., B2C and B2B) and End-use (i.e., Medical Treatment and Pharmaceuticals). B2C distribution channel consisting hospital pharmacies and retail outlets predominantly involved in the direct distribution of CBD Oil to customers.
“Marijuana-derived Products prevail in the market due to their wellness benefits.”
The CBD oil extracted from Marijuana offers various health benefits and is widely used for treatment in various conditions of epilepsy, cancer, diabetes, depression and chronic pain caused by them. It is useful in destroying cancer cells and is available in convenient forms such as tincture, topical, concentrate, oil etc. for treatment purpose. Its growing adoption among medical practitioners and patients expand the market share and reach. It is anticipated to retain its market dominance during the projection period. However, skincare and cosmetics brands will push the use of hemp-derived CBD oil by offering CBD oil containing food & beverages, personal care products, pharma and nutraceutical products.
“The key growth drivers of the CBD Oil Market are Legalization of CBD Oil Consumption and Rising Awareness about its health benefits.”
The developed countries such as the US, Canada, Uruguay and some others have legalized the medicinal use of CBD Oil. Some states of the US have even allowed its recreational use in the form of vapes. More and more government-approved stores, dispensaries and pharmacies are allocating shelf-space to the CBD Oil-based products. The legalization of CBD oil consumption, trade and production has opened up tremendous market opportunities for the market players.
Besides, people have become more aware of its medical benefits in various conditions of cancer, anxiety, diabetes and others. CBD oil is beneficial for the skin due to its anti-inflammatory, antioxidant and anti-ageing properties. Many healthcare companies use it as a USP in their medicinal or other products. More and more patients are inclined to use it for medicinal purpose, growing its market in a big way.
“North America leads the CBD oil market with a major share of revenues.”
North America is the foremost player in the CBD oil market and will continue to lead due to its growing legalization and acceptance in healthcare. The CBD Oil market has evolved tremendously in terms of product variations, production facilities and distribution network. CBD oil has found various applications, leading to its market growth in future. However, Asia-Pacific will also notice substantial growth because of the established facilities for hemp-based CBD oil production in China.
However, the complexity of guidelines and regulations about CBD oil remains a challenge for the medical practitioners and industry players.
“The leading players” in the market are Isodiol International Inc., ENDOCA, Medical Marijuana Inc., Cannoid LLC, NuLeaf Naturals LLC, Pharmahemp d.o.o., Canopy Growth Corporation, Elixinol, Folium Biosciences, Aurora Cannabis and others.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global CBD Oil Market size & forecast. The report promises to provide state-of-the-art technology of CBD Oil and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.