Authored By: Sarah
16 Jul 2024

 CBD Oil Market Size to grow by USD 7057.14 million between 2024-2028

According to a research report “ CBD Oil Market” by Application (Pharmaceuticals, Personal care and cosmetics, Food and beverages, Wellness) Product (Marijuana derived CBD oil, Hemp derived CBD oil) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 7057.14 million, at a CAGR of 28.26% during the forecast period. The millennial demographic, known for their openness to trying new consumer trends, drives the growth of the cannabis industry, particularly in the legal market for CBD oil. The United States, with its progressive marijuana laws and a millennial population of 72.19 million in 2021 (projected to expand at a CAGR of 0.37% to reach 81.1 million by 2036), is a significant market player. Europe's increasing millennial population is also a promising sign for the global CBD oil market, as this demographic segment represents the largest consumer base for cannabis products..

Browse market data tables, figures, and in-depth TOC on “CBD Oil Market” by Application (Pharmaceuticals, Personal care and cosmetics, Food and beverages, Wellness) Product (Marijuana derived CBD oil, Hemp derived CBD oil) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Pharmaceuticals segment is projected to dominate the market size in 2024

In the business realm of healthcare and wellness, CBD oil has emerged as a promising solution for various medical conditions. Prescribed by healthcare professionals, CBD oil is primarily utilized to manage seizure disorders such as epilepsy. Additionally, it offers relief for anxiety, pain, dystonia, Parkinson's disease, Crohn's disease, and a multitude of other ailments. CBD oil's anti-inflammatory properties contribute to its efficacy in reducing inflammation and alleviating chronic pain. Furthermore, it interacts with neurotransmitters and endocannabinoid receptors, potentially decreasing symptoms of post-traumatic stress disorder (PTSD). In the case of Amyotrophic lateral sclerosis (ALS), the combination of CBD and THC, as per research, can yield significant benefits through the entourage effect.

By Product, Marijuana derived CBD oil  segment is expected to hold the largest market size for the year 2024

In the burgeoning CBD oil market, full-spectrum products derived from marijuana are gaining significant traction among consumers. These products offer a broader range of cannabinoids, terpenes, and other therapeutic components, which collectively enhance the entourage effect. The entourage effect refers to the synergistic interplay of various cannabis chemicals, resulting in improved overall therapeutic benefits. The potential medicinal advantages of CBD oil, such as pain relief, anxiety reduction, and anti-inflammatory properties, are driving consumer demand. As research continues to uncover the benefits of marijuana-derived CBD oil, it is increasingly being recognized as a natural remedy for various health conditions.

North America is forecasted to hold the largest market size by region in 2024

The passage of the 2018 Farm Bill in the United States brought regulatory clarity to the CBD market, enabling businesses to legally produce, sell, and distribute hemp-derived CBD products in numerous states. This framework's establishment has fostered regional market growth. In Canada, the legalization of recreational cannabis in 2018 has created opportunities for the legal sale of CBD products. The country's well-established regulatory framework for cannabis and cannabis-derived products has supported the expansion of the regional CBD market. The growing interest in health and wellness, coupled with a trend towards natural and holistic remedies, has significantly increased demand for CBD products as consumers seek alternatives to traditional pharmaceuticals.

The CBD Oil Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Amazon.com Inc.
  • Aurora Cannabis Inc.
  • BIOTA Biosciences LLC
  • Cantourage GmbH
  • CBD American Shaman LLC
  • CV Sciences Inc.
  • Dr Reddys Laboratories Ltd.
  • Elixinol
  • Endoca BV
  • Green Roads Inc.
  • Happie Hemp Pvt. Ltd.
  • Hemp Horizons Private Limited
  • HempStreet Medicare Private Limited
  • Isodiol International Inc.
  • Kimar LLC
  • LOreal SA
  • Medical Marijuana Inc.
  • NeoMen
  • PepsiCo Inc.
  • The Cure Brand
  • AMP Medical LLC
  • Gaia Botanics
  • High Tide Inc.
  • USA Medical
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The global CBD business is experiencing exponential growth as producers of cannabidiol (CBD) acids tap into various markets for consumer goods and medications. Regulatory processes surrounding CBD-based products are evolving, with governments implementing measures to ensure consumer safety and quality. Consumer attitudes towards CBD have shifted, making way for a variety of uses in treatments, health and beauty, and even for pets. Cannabis legalization in various regions is a key market driver, leading to an influx of CBD-containing products. These include transdermal patches, vaping devices, capsules, body lotions, oils, tinctures, and more. Producers are investing in advanced processing techniques and manufacturing processes to create high-quality products. Testing methodologies are also a crucial aspect of the CBD industry, ensuring that products meet regulatory requirements and consumer expectations. Consumer-facing openness towards CBD is leading to increased demand for CBD-based products, with applications ranging from health and wellness to personal care items. However, there are related complications, such as inconsistent regulations and potential health risks associated with certain consumption methods. Producers must navigate these challenges while maintaining consumer trust and adhering to the highest standards of quality and safety.

Market Research Overview

The CBD industry has experienced significant growth in recent years, with the global cannabidiol market size reaching USD6.4 billion in 2020 and projected to expand at a CAGR of 21.2% from 2021 to 2028. The market is segmented into various categories based on grade, product type, and application. Therapeutic and food-grade CBD products are gaining popularity in the pharmaceutical business and medical therapies. In the consumer goods sector, CBD products are used in aerosol sprays for inhalation, cosmetics such as wrinkle creams and acne treatments, and personal care items like transdermal patches, body lotions, oils, tinctures, capsules, and vaping devices. Aphria, a leading cannabis company, entered the German market through Ulta Beauty and Sephora, selling CBD-based skincare products. The market is further segmented into cannabidiol acids and byproducts. The regulatory processes for CBD products vary by country and region, with some nations legalizing marijuana and others allowing only CBD-based products. Consumer attitudes towards CBD have become more open, leading to an increase in demand for a variety of uses, including health and beauty, pets, and treatments for chronic diseases. The key market drivers for the CBD industry include consumer-facing openness, testing methodologies, processing techniques, and manufacturing processes. However, related complications such as legalization and government measures must be addressed to ensure health safety assurance and consumer trust. The cannabis plant is the primary source of cannabidiol, and the industry's growth is expected to continue as more nations legalize CBD and conventional medications are explored for potential cannabis-derived alternatives.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio