The
CBD Oil (Cannabidiol Oil) market industry is projected to grow from USD 16.18
Billion in 2023 to USD 51.61 Billion by 2032, exhibiting a compound annual
growth rate (CAGR) of 15.60% during the forecast period (2023 - 2032).
The
CBD oil market continues its upward trajectory, fueled by
increasing consumer awareness of its potential health benefits and regulatory
advancements. With a compound annual growth rate (CAGR) projected to surpass
30% in the forecast period, the market shows resilience amidst evolving
regulatory landscapes worldwide. North America retains dominance, propelled by
favorable legalization trends and robust consumer demand. Europe emerges as a
key growth hub, spurred by regulatory shifts and growing acceptance. Product
diversification, innovative formulations, and strategic partnerships mark
industry dynamics, while quality assurance and compliance remain focal points.
Overall, the CBD oil market underscores sustained expansion, driven by consumer
preferences and regulatory adaptations.
The
CBD oil market continues to surge, driven by growing awareness of cannabinoids'
therapeutic benefits and the convenience of CBD capsules. Cannabinoids, the
active compounds found in cannabis plants, have gained immense popularity for
their potential to alleviate various health issues, including anxiety, chronic
pain, and inflammation.
CBD capsules, in particular, offer a convenient and
discreet way to consume CBD oil, making them a preferred choice for many users.
With precise dosages and easy ingestion, CBD capsules are ideal for those
seeking consistent CBD intake without the hassle of measuring doses or dealing
with the distinct taste of CBD oil.
As
consumers increasingly prioritize natural remedies and holistic wellness, the
demand for high-quality CBD products continues to rise. Companies in the CBD
oil market are focusing on providing premium CBD extracts derived from
organically grown hemp plants, ensuring purity and potency.
Moreover,
the versatility of CBD oil allows for a wide range of products beyond capsules,
including tinctures, topicals, edibles, and more, catering to diverse consumer
preferences and needs.
In
this rapidly expanding market, consumers should prioritize products from
reputable brands that prioritize transparency, quality, and safety. With the
right information and reliable products, individuals can harness the potential
benefits of cannabinoids and CBD capsules to support their health and
well-being effectively.
Segment
Analysis
Global
CBD oil market has been segmented on the basis of type, and application. On the
basis of type, the market has been divided into hemp-derived and
marijuana-derived types. The Hemp-derived CBD oil type is holding the major
share of the overall CBD oil market. It has been estimated that the
hemp-derived segment is growing at the highest CAGR to reach USD 2,092.97
Million by the end of 2024. Most of the legal CBD-based products in the market
are hemp-based. According to the 2018 Farm Bill, companies can legally grow,
manufacture, possess, and sell hemp-derived CBD products.
Based
on application, the global CBD oil market is segmented into pharmaceuticals,
food, cosmetics, and others. Among these segments, the cosmetic industry
accounts for the largest market share owing to the anti-inflammatory and
non-psychoactive properties of CBD. Moreover, CBD infused beauty products are a
major trend these days. For instance, Folium Biosciences, the US-based
cannabinoid producer, offers cosmeceuticals which include CBD infused
moisturizing relief cream.
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.
Key
Companies
The
CBD oil companies Jazz Pharmaceutical plc., Elixinol
Wellness Limited, ENDOCA, Medical Marijuana Inc., Nuleaf Naturals LLC, Isodiol
International Inc., Pharmahemp doo, Folium Biosciences, Cannoid LLC
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