Global CBD Oil Market is segmented By Product (Original, Blended), By Product Category (Unflavored, Flavored), By Type (THC Dominant, Marijuana-Based, CBD Dominant, Hemp Based), By Category (Isolate CBD Oil, Full Spectrum CBD Oil, Broad Spectrum CBD Oil), By Application (Pharma & Nutraceuticals, Food and Beverages, Personal Care and Cosmetics, Others), By Distribution Channel (Pharma Retail Store, E-Commerce, Hospital Pharma Retail, Others), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Size
The Global CBD oil market reached USD 5,294.1 million in 2022 and is projected to witness lucrative growth by reaching up to USD 20,822.1 million by 2031. The market is expected to exhibit a CAGR of 18.67% during the forecast period (2024-2031).
The need will only increase, especially as more Gen X and Baby Boomer patients choose complementary medicine over pharmaceutical drugs for their health. Some research shows that CBD oil is effective for various types of pain such as back pain and nerve pain. It is used for various diseases like anxiety, insomnia, chronic pain, and addiction. CBD oil is intended to use for maintaining body weight, and metabolism, treating skin disease, helping to reduce blood pressure, as well as reducing inflammation & pain.
Market Summary
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Metrics |
Details |
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CAGR |
18.67% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (USD ) |
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Segments Covered |
Product, Product Category, Type, Category, Application, Distribution Channel and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Rising Prevalence of Anxiety And Depression Disorder With The Surge In The Global Geriatric Population Will Drive The Market Growth
The market is driven by the rising prevalence of anxiety and depression disorder with the surge in the global geriatric population. Large number of people suffer from mental health disorders such as anxiety, stress, and depression, globally. Also, according to the World Health Organization, 1 in 6 people in the world will be aged 60 years or over by 2030. By this time, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the world who are 60 or older will double (to 2.1 billion) by 2050. Between 2020 and 2050, the number of people 80 or older is projected to triple, reaching 426 million. This will result in a massive demand for CBD oil to alleviate the symptoms of stress and to provide relief to the patients.
Rising Demand for CBD Oil in the manufacturing of Cosmetics and Personal Care Products in The Pharmaceutical Industry
Increase in the adoption of CBD oil for manufacturing of cosmetics and personal care products and launch of CBD oil for relieving muscle and joint pain by leading market players are driving the market growth. For instance, in October 2021, Synerva CBD Oils launched New CBD Joint and Muscle Cream for relieving the pain. It created a massive demand for medicines made from CBD oil to provide relief from muscle pain for the geriatric population.
Market Segment Analysis
The global CBD oil market is segmented based on product, product category, types, category, application, distribution channel and region.
Rising Demand For Cosmetics And Personal Care Products Boost The Blended Segment Growth
CBD oil have been segmented by product as original and blended.
Blended segment accounted for the highest market share in 2022 due to its demand for terpenes, flavonoids, naturally-occurring phytocannabinoids for making flavoured cosmetics and personal care products. Several leading players are launching CBD oil-based products to provide high-quality flavoured skincare, cosmetics and personal care products. For instance, on January 10, 2021, Avon launched its first CBD-infused facial oil named green goddess facial oil. It is flavoured oil that contains vitamins A, D, E and essential fatty acids intended to help relieve irritation and reduce the appearance of redness and skin discomfort. This oil is made by blending the green leaves of the cannabis plants.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
Due to The Presence Of The Leading Pharmaceutical Companies, North America Region Holds The Largest Market Share
By region, the global CBD oil market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and Africa.
In 2022, due to the presence of the leading pharmaceutical companies and rising approval for CBD-based products, there was high demand for stress and anxiety relief using CBD oil in this region. Some of the major key players of CBD oil in North America are Canopy Growth Corporation, The Cronos Group, Tilray, Hexo, CannTrust, Aurora Cannabis Inc., GW Pharmaceuticals plc., VIVO Cannabis Inc., Alkaline88, LLC., NewAge Inc., Cannara., Dixie Brands and The Supreme Cannabis Company, Inc among others. The most cutting-edge cannabis extractor in the world, Nextleaf Solutions Ltd., has declared that the USPTO has granted the business a patent for a method that produces a solventless cannabis concentrate.
Source: DataM Intelligence Analysis (2023)
Market Companies and Competitive Landscape
The major global players include Medical Marijuana, NuLeaf Naturals, Aurora Cannabis, Gaia Herbs, ENDOCA, Diamond CBD, FOLIUM BIOSCIENCES, CV Sciences, Inc, ConnOils LLC, IrieCBD, PureKana, CBD American Shaman, Canopy Growth, Elixinol Global Limited and Kazmira.
COVID-19 Impact on CBD Oil Market
Covid Impact Analysis
The global CBD oil market has shown significant growth due to the COVID-19 pandemic, as several leading manufacturers were focusing on developing an alternative treatment for Covid-19 patients. Pharmaceutical and biotechnology companies were focusing on research and development of CBD oil-based products for effective treatment of the most common anxiety and depression disorders.
For instance, on February 21, 2020, Clever Leaves launched its direct-to-business sales platform for pharmaceutical-grade cannabis extract products such as CBD isolate oil, THC-free full-spectrum CBD oil, and full-spectrum extracts oils for customers throughout Europe, Australia, and South America. Thus, rising demand for clinical research and the launching of CBD oil based products is expected to generate huge opportunities for the manufacturers over the forecast period.
Key Developments
- On October 04, 2022, Charlotte's Web Holdings, Inc., a manufacturer of full-spectrum hemp extract CBD products, completed national distribution partnership with Gopuff, one of the on-the-go platform for immediate delivery of customers' everyday needs. Charlotte's Web’s CBD oil tinctures in various concentrations, topical CBD creams and balms, as well as CBD products for pets, are among the first hemp products available on the Gopuff platform.
- On August 29, 2022, Cheef Botanicals launched Vegan CBD Gummies in the market to expand its portfolio. Thenewlyw launched product is vegan and made up of full-spectrum CBD oil.
- On February 22, 2023, Aurora Cannabis Inc., Canada’s leading cannabis provider and MedReleaf Australia, Australia's preeminent medical cannabis supplier, together launched CraftPlant, which is Medical Cannabis Brand. Aurora Cannabis Inc. manufactured various products such as dried flowers, oils and soft gels.
Why Purchase the Report?
- To visualize the global CBD oil market segmentation based on product, product category, type, category, application, distribution channel and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of CBD oil market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global CBD oil market report would provide approximately 85 tables, 88 figures and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
