CBD Oil (Cannabidiol Oil) Market: Information by Type (Hemp-Derived & Marijuana-Derived), Application (Cosmetics Industry, Food Industry, Pharmaceuticals Industry & Others) and Region (Americas, Europe, Asia-Pacific and Middle East &Africa) – Global Forecast till 2024
The global CBD Oil Market Share is predicted to touch USD 3782.32 million at a 38.45% CAGR between 2015-2023, reveals the latest Market Research Future (MRFR) report. CBD or cannabidiol oil, simply put, is a natural botanical concentrate that is high in CBD. This oil is made by CBD from the cannabis plant and the same is diluted with a carrier oil such as hemp seed or coconut oil. It helps to alleviate cancer symptoms, acts as diabetes prevention, improves heart health, reduces acne, and helps in pain management and stress relief.
Various factors are propelling the CBD Oil Market Share growth. These factors, as per the new Market Research Future (MRFR) report, include legalization of cannabis-based products, growing use of marijuana for medical and recreational applications, increasing use of CBD oil in nutritional supplements and body care products, and growing use of CBD oil in vape, tincture, and spray. Additional factors propelling the CBD Oil Market Share growth include the growing use of CBD oil in the food and beverage industry, rising incidence of chronic diseases as well as related complications, and increasing funding for cannabinoid research.
On the flip side, strict government policies and adverse effects related to cannabis are factors that may deter the CBD Oil Market Share growth over the forecast period.
The MRFR report provides an all-inclusive segmental analysis of the CBD Oil Market Share on the basis of type and application.
Based on type, the CBD Oil Market Share is segmented into marijuana-derived and hemp-derived types. Of these, the hemp-derived CBD oil segment will lead the market over the forecast period owing to the varying concentration of THC in marijuana and hemp. Hemp has a low concentration of THC while marijuana has THC in abundance, thus hemp is utilized for industrial purposes, and marijuana is grown for medicinal and recreational purposes.
Based on the application, the CBD Oil Market Share is segmented into cosmetics, food, pharmaceuticals, and others. Of these, the cosmetics segment will have the largest share in the market over the forecast period. Extensive research on CBD and increased legalization are increasing the application of CBD oil in cosmetics such as beauty products that are infused with CBD oil as hemp-derived oils provide moisturization, is anti-inflammatory, and helps to unclog pores.
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By region, the CBD Oil Market Share report covers the latest trends and growth opportunities across the Asia Pacific, the Middle East and Africa, Europe, and the Americas. Of these, the Americas will lead the market over the forecast period chiefly on account of the growing consumption of cannabis-based products.
The CBD Oil Market Share in Europe is predicted to have the second-largest share in the market over the forecast period chiefly on account of increasing awareness regarding clinical applications of cannabis. Russia, the UK, Germany, Italy, and France are the chief contributors in the region.
The CBD Oil Market Share in the APAC region is predicted to grow at the highest CAGR over the forecast period.
On the other hand, in the MEA, the CBD Oil Market Share is predicted to have restricted growth owing to illegal usage of marijuana, adverse effects related to cannabis, and strict government policies.
Major players profiled in the CBD Oil Market Share report include Emblem Cannabis (Canada), NuLeaf Naturals (US), Absolute Terps (US), Whistler Medical Marijuana Corporation (Canada), Pharmahemp (Slovenia), HempLife Today (US), Kazmira LLC (US), Curaleaf Holdings, Inc. (US), MedMen Enterprises Inc. (US), Aurora Cannabis (US), Canopy Growth Corporation (US), Medical Marijuana, Inc. (US), CV Sciences, Inc. (US), CBD American Shaman (US), ENDOCA (Netherlands), Charlotte’s Web Holdings, Inc. (US), Green Roads of Florida, LLC (US), Freedom Leaf, Inc. (US), Folium Biosciences (US), and Aphria Inc. (Canada). Key players have used strategies such as mergers and acquisitions, partnerships, and expansions to create a niche in the market.
October 2019: Marine Corps veteran has recently launched a CBD oil shop in Centerville. This store will sell SunMed products, including CBD (cannabidiol) oils, edibles, creams, skincare, and capsules, and offer products both for people and pets.