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
Market Analysis
The Cbd Oil
Market is likely to touch USD 3782.32 million at a 38.45% CAGR between
2015-2023, as per the latest Market Research Future (MRFR) report. CBD or
cannabidiol oil is derived from cannabis. It is a form of CBD, the chemicals
that are found naturally in marijuana plants. The best part, despite coming
from marijuana plants, it does not create any intoxication or a high effect,
which results from other cannabinoids, called THC. Marijuana-derived types and
hemp-derived are the two types of CBD oil. It has wide applications, including
cosmetics, food, pharmaceuticals, among others.
Numerous factors are adding to the global
CBD oil market growth. These factors, according to the recent MRFR
report, include increasing incidence of chronic diseases and associated
complications, legalization of CBD, and increasing expenditure for cannabinoid
research.
On the contrary, strict government policies
and adverse effects of CBD are factors that may limit the global CBD oil
market growth over the forecast period.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the
global CBD oil market based on application and type.
By type, the global CBD oil market is segmented into
marijuana-derived types and hemp-derived types. Of these, hemp-derived CBD oil
will lead the market over the forecast period. It is predicted to touch USD
2,092.97 million by 2024. The majority of the CBD-based legal products in this
market are hemp-based.
By application, the global CBD oil market is segmented into
cosmetics, food, pharmaceuticals, and others. Of these, cosmetics will have
major growth in the market for the non-psychoactive and anti-inflammatory
properties of CBD. Besides, beauty products that are CBD infused are a key
trend today.
Regional Analysis
By region, the global CBD oil market report covers the recent
trends and growth opportunities across the Americas, Europe, the Asia Pacific
(APAC), and the Middle East and Africa (MEA). Of these, the Americas will
dominate the market over the forecast period for the rising consumption of CBD
products. Besides, the presence of key players in the US, increasing awareness
about CBD oil usage, efficient distribution channels resulting in easy
availability, and availability of different CBD based products are also adding
to the global CBD oil market growth in the region.
The global CBD oil market in Europe is predicted to hold the
second-largest share in the CBD oil market over the forecast period for the
increasing awareness of clinical applications of cannabis.
The global CBD oil market in the APAC region is predicted to
grow at the highest CAGR over the forecast period for the setting up of hemp
manufacturing plants in China, which is the largest cultivator of hemp.
Industry players in the personal care & cosmetics industry are targeting
emerging economies to enhance their sales and profitability. Besides, the
legalization of cannabis is also adding to the market growth.
The global CBD oil market in the MEA will have a small share
over the forecast period for illegal usage of marijuana, adverse effects of
cannabis, and strict government policies.
Key Players
Key players profiled in the global CBD oil market report include
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).
Industry News
January 2020: Kadenwood, LLC, has launched Level Select CBD oil
drops in three levels of intensity. It has CBD oil in the purest form sans any
tetrahydrocannabinol and made through the company’s unique production
technology.
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