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 is expected to grow at CAGR of 38.45%
to reach USD 3782.32 Million till 2024.
CBD oil is an extract of cannabis that acts as a natural pain reliever, has
anti-inflammatory properties, and reduces epileptic seizures, etc. According to
a survey by the National Center for Biotechnology Information (NCBI) conducted
between 2017 to 2018,
about 62%
of the population used CBD-based products to treat various medical conditions.
CBD oil market has been gaining
massive traction in the recent years owing to increased research activities in
the field of cannabidiol or CBD that have come to indicate that the product can
prove to be beneficial in easing the symptoms of a number of ailments.
Therefore, CBD oil has come to be used in a plethora of bodily applications
ranging from pain management to anxiety relief to a sleep aid. CBD oil market
has therefore grown at a prolific rate and has come to be marketed in a variety
of forms that include topical ointments, capsules, infused honey etc. Medically
prescribed CBD oil has been legalized in many regions of the world.
As the world awaits the
legalization of recreational cannabis, participants in the CBD oil market are
striving establish themselves to the consumers as the most reliable names
acquiring shelf space and enhancing retail relations. These companies are most
likely to make the largest profits when cannabis is legalized as they will
already have a strong premise to launch their cannabis business and consumers
who will come to buy recreational cannabis would prefer the same brand they
rely on for the CBD oil.
Research and development in the
CBD oil industry has been lending massive impetus to the CBD oil market growth
and as such the market size is expected to surpass USD 3782.32 million by 2024
with a CAGR of over 38.45% during the forecast period. U.S. based National
Institutes of Health has been reported to have doubled its CBD research funding
over the past 5 years and in 2019 $20 million was spent on CBD research
compared to only $9 million in 2015. Research on CBD is extensive and several
well-known institutes are showing greater interest in the matter. For instance,
while Johns Hopkins University is studying whether oral CBD can curb smoking
habits, a study is being conducted in Stanford University to evaluate if CBD
can control epilepsy. Increasing research interest in the prospects of CBD is
expected to drive growth for CBD oil market in the coming years.
Segmentation:
The CBD oil market is segmented
on the basis of type which includes hemp-derived CBD oil and marijuana-derived
CBD oil.
Hemp-derived CBD oil market is
expected to register the highest CAGR and a market size of USD 2,092.97 million
by 2024. Hemp derived CBD oil market has apparently gained greater traction
when compared to marijuana-derived CBD oil due to the lower concentration of
tetrahydrocannabinol (THC) in the former. While THC concentration in hemp
derived CBD is 0.3%, marijuana-derived CBD contains 15% to 40% of THC. 0.3% THC
is the permitted concentration of the compound as this renders the formula
non-addictive and therefore hemp derived CBD is legal in most states in the
U.S. as well as most parts of the world.
By application, CBD oil market is
divided into cosmetics, food, pharmaceuticals and others. The cosmetics CBD oil
industry is anticipated to witness a massive CAGR of 38.80% over the analysis
period. Various cosmetic products are being infused with hemp-derived oils as
the benefits of hemp oil are hailed in the beauty industry for its
anti-inflammatory and moisturizing characteristics.
Regional Analysis:
CBD oil market comprises four
regional categories namely Americas, Europe, Asia Pacific and MEA. Owing to
increased demand for CBD oil based products, the CBD oil market is slated to
accrue a significant portion of its revenue from the business in the Americas.
The WHO estimates that 22.2 million Americans use CBD oil and related products
for various reasons.
Competitive Spectrum:
Some of the prominent
participants in the CBD oil market include, Aphria Inc., MedMen Enterprises
Inc., Curaleaf Holdings, Inc. CBD American Shaman, Green Roads of Florida, LLC,
ENDOCA, Charlotte's Web Holdings, Inc., Freedom Leaf, Inc., Pharmahemp,
Absolute Terps, Whistler Medical Marijuana Corporation, Kazmira LLC, Aurora
Cannabis, CV Sciences, Inc., NuLeaf Naturals, Canopy Growth Corporation,
HempLife Today, Emblem Cannabis etc.
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