CBD Hemp Oil Market Size, Share, Growth Analysis, By Source(Hemp, Marijuana), By Sales(B2B, B2C), By End Use(Medical, Personal Use, Pharmaceuticals, Personal Care Products), By Distribution Channel (Online Channel, Offline Channel), By Region - Industry Forecast 2024-2031

In 2023, North America asserted its dominance in the CBD hemp oil market, holding a substantial revenue share of 87.4%. This region is poised for significant growth in the CBD market, attributed to various factors contributing to its burgeoning success. The presence of a large population of health-conscious individuals, a widespread acceptance of CBD products, the established foothold of major manufacturers, and the landmark approval of the U.S. The Farm Bill in 2020 collectively contributes to the robust growth anticipated in North America. 

The Asia Pacific is poised for notable growth throughout the forecast period, primarily propelled by the establishment of hemp production facilities, notably in China. As the leading hemp grower in Asia, China plays a pivotal role, contributing to nearly half of the world's hemp production. Notably, China has embarked on hemp cultivation in three provinces with a specific focus on CBD extraction. This strategic move positions China to meet the rising global demand for cannabidiol. The country's significance in the hemp industry is further underscored by its substantial exports, with approximately 90% of its hemp products being shipped to key markets such as the U.S., Germany, the U.K., the Netherlands, and Japan.