Cannabidiol Oil (CBD Oil) Market Size, Share & Trends Estimation Report By Type(Hemp-derived, Marijuana-derived),By Application(Pharmaceuticals, Food & Beverages, Gummies, Chewing Gums, Chocolate bars, Candies),By Distribution Channel(Direct/B2B, Indirect/B2C, Hospital Pharmacy), By Region, And Segment Forecasts, 2023 - 2030
The global Cannabidiol Oil (CBD Oil) Market is expected to at a CAGR of 38.90% during the forecast period. This indicates that the market value, which was USD 9.86 Billion in 2022, would rocket up to USD 136.64 Billion by 2030.
Cannabidiol Oil (CBD Oil) Market Overview:
Cannabidiol is derived from cannabis or hemp, but it is also derived from hemp due to its naturally high CBD content. This product is often mistaken for its psychoactive counterpart, tetrahydrocannabinol (THC), derived from the same plant. It has several benefits that can help treat anxiety, prevent seizures, inflammation and reduce pain. The market is evolving at a faster pace as its utilization in the cosmetic, food, and pharmaceutical industries increases. As consumers become aware of the product's benefits, the market presents tremendous growth potential.
Manufacturers are focusing on formulating new products infused with CBD oil to make them easily accessible to consumers. For example, in February 2020 Colgate acquired Hello Product, LLC to launch a collection of CBD oral care brands. The company aims to provide consumers with a range of highly effective, natural-friendly products that will enhance their daily lives. These factors are expected to propel the demand for the product in the coming years.
This report aims to provide a comprehensive presentation of the global market for Cannabidiol Oil (CBD Oil), with both quantitative and qualitative analysis, to help readers develop business/growth strategies, evaluate the market competitive situation, analyze their position in the current marketplace, and make knowledgeable business decisions regarding Cannabidiol Oil (CBD Oil).
The Cannabidiol Oil (CBD Oil) market size, estimations, and forecasts are delivered in terms of sales volume (K Units) and revenue ($ millions), considering 2021 as the base year, with history and forecast data for the period from 2017 to 2028. This report segments the global Cannabidiol Oil (CBD Oil) market in detail. Regional market sizes, concerning products by types, by application, and players, are also provided. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Key Market Updates:
- In January 2021, Nano Hydrate unveiled product marketing services utilizing advanced technology to provide natural healing through branding services for pharmaceutical-grade Cannabidiol (CBD). Additionally, Nano Hydrate aimed to create a partnership program that would expand options for cannabis-infused beverages into the cannabis industry while introducing established brands to the market for niche CBD products.
- In January 2021, Next leaf received a patent from the US Patent and Trademark Office for a process to create solvent-free cannabis concentrate, adding to the company's dynamic and growing US patent portfolio.
Major Market Segments Covered in Cannabidiol Oil (CBD Oil) Industry Research:
Market Key Players:
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), HempLife Today (US), Pharmahemp (Slovenia), Whistler Medical Marijuana Corporation (Canada), Absolute Terps (US), NuLeaf Naturals (US), Emblem Cannabis (Canada), and Others.
The marijuana segment dominated the market and accounted for over 50.0% revenue share in 2021. There is increasing acceptance of refined CBD products and increasing legalization of marijuana and marijuana-derived products for various medical applications. Moreover, the high potency of cannabidiol derived from marijuana is a key factor propelling segment growth.
- Food & Beverages
- Chewing Gums
- Chocolate bars
- Dairy Products
- Bakery Products
The cosmetics industry holds a large share with a CAGR of 38.80% during the forecast period. As hemp-derived oil has been proven to unclog pores, have anti-inflammatory properties, and hydrate, the growing legalization and comprehensive CBD research are driving its use in the cosmetic industry, such as CBD oil-infused cosmetics.
By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Convenience Store
- Online Retail
North America held the largest share of the cannabidiol market, reaching $1276.7 million in 2020. Countries like the United States and Canada have begun to liberalize laws on cannabidiol products over the past few years, increasing their acceptance among people. Consumer demographics continue to shift radially, and the availability of CBD has become mainstream in several manufacturers such as food, pharmaceuticals and cosmetics. Soaring demand from different age groups and genders is expected to drive spending on products.
Sales of these products, particularly smoking, e-cigarettes and edible products, are gaining significant traction in the European market due to the growing influence of non-tobacco products among consumers. The growing demand for these products in this region is expected to create tremendous competition in North America in the next few years.
The Asia Pacific region holds a significant share of the market and represents developing market scenarios for these products in countries such as China, Japan and India. The increasing legalization and approval of cannabidiol for use in multiple products provides potential opportunities for several manufacturers to operate in the marketplace. For example, in 2019 Thailand became the first Southeast Asian country to legalize cannabis for medicinal and research purposes. It also legalized the use of hemp in the production of textiles, clothing, etc. Manufacturers' consumer awareness and capitalization of product marketing are some of the key factors driving market growth.
South America is experiencing a significant boom in cannabis legalization, with Uruguay becoming the first country to legalize cannabis for recreational purposes in 2013. The explosion of this industry in the region is driven by consumers changing their perspectives as there is more to cannabis than simply getting cannabis. . While the medical use of cannabis is permitted in Peru, Uruguay and Colombia, the rest of the region has decriminalized personal marijuana possession. Thus, these factors have cumulatively helped drive the regional market.
Key Cannabidiol Oil (CBD Oil) Market Driver
The rapid development of cannabis-derived therapies, medicines, and other consumer products and positive health benefits has led to increased approval of CBD products. The U.S. Food and Drug Administration (FDA) recognized several potential opportunities that CBD could provide and recognized the potential to infuse CBD into a variety of food and non-food applications.
The rapidly growing pharmaceutical industry is recognizing the importance and benefits of cannabis and its by-products worldwide. CBD is one of the main components of cannabis that has been adopted by the pharmaceutical industry to provide health safety guarantees against several diseases..
Key Cannabidiol Oil (CBD Oil) Market Restraints
CBD-based products are gaining wide popularity among consumers in developed countries such as the US, Canada, UK, Russia, etc., but not in developing countries, especially in Asia and the Middle East. Because they are popular among consumers for recreational purposes, myths related to products that deliver psychoactive effects undermine market performance. Consumers are unaware of the benefits, features, and products of products that are beneficial in many ways. However, manufacturers are constantly working to develop consumer awareness and informative packaging to clarify consumer intentions for their products. Therefore, efforts to intensify marketing activities will provide growth opportunities for the global cannabidiol market.
Key Cannabidiol Oil (CBD Oil) Market Opportunities
- Growth and expansion of the pharmaceutical industry
- Growing Demand for Hemp-Based Personal Care Products
- Growing R&D opportunities.
Cannabidiol Oil (CBD Oil) Market report scope:
|Units||Value (USD Billion)
|Growth Rate||CAGR of 38.90% from 2023 to 2030|
|By Distribution Channel:||
|By Companies||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), HempLife Today (US), Pharmahemp (Slovenia), Whistler Medical Marijuana Corporation (Canada), Absolute Terps (US), NuLeaf Naturals (US), Emblem Cannabis (Canada), and Others.|
|Reasons to Purchase this Report||
Key Takeaways from this Cannabidiol Oil (CBD Oil) Report
- Estimate Cannabidiol Oil (CBD Oil) market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Cannabidiol Oil (CBD Oil) market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.