USD 360.40 million
CBD Oil Market Size, Share, Growth Analysis, By Source Type(Hemp, and Marijuana), By Sales Type(B2B, B2C (Hospital Pharmacies, Online, Retail Stores)), By End Use(Medical (Chronic Pain, Mental Disorders, Cancer, Others)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2319 |
Region:
Global |
Published Date: October, 2024
Pages:
219
|Tables:
114
|Figures:
71
CBD Oil Market Insights
Global CBD Oil Market size was valued at around USD 6.4 billion in 2022 and is expected to rise from USD 7.6 billion in 2023 to reach a value of USD 24.06 billion by 2031, at a CAGR of 15.5% over the forecast period (2024–2031).
The global CBD oil market has experienced robust growth in recent years. The market is influenced by versatile applications worldwide. The market has been driven by increasing consumer awareness of the potential health benefits associated with cannabidiol (CBD) and the expanding product availability in various regions.
As CBD oil is derived from Hemp plant and Marijuana plant, which are good sources of protein and omega-3 fatty acids, that makes CBD oil a more valuable thing in the market.
Factors such as the increasing incidence of chronic diseases, increasing focus on wellness and preventive healthcare, and changing need towards cannabis contribute to the expanding market scope.
The market is categorized by a wide range of products such as full-spectrum, broad-spectrum, and isolate-based oils, which play a valuable role in the market. CBD oil has gained significant attention within the healthcare industry for its potential therapeutic benefits.
However, research suggests that cannabidiol (CBD) derived from the cannabis plants such as Hemp and Marijuana, may influence anti-inflammatory, analgesic, and anxiolytic properties. These properties of CBD oil make it a subject of interest for addressing various health conditions, including anxiety disorders, chronic pain, and epilepsy.
Additionally, ongoing research explores its potential applications in dealing with neurodegenerative diseases, such as Parkinson's and Alzheimer's. The competitive landscape in the market is characterized by the presence of several key players attempting for market position and dominance.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Full-Spectrum CBD Oil
Fastest Growth
Full-Spectrum CBD Oil
Growth Rate
15.9% CAGR
Global CBD oil Market ($ Mn)
Country Share for North America Region (%)
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CBD Oil Market Segmental Analysis
Global CBD Oil Market is segmented by Source Type, Sales Type, End Use, and region. Based on Source Type, the market is segmented into Hemp, and Marijuana. Based on Sales Type, the market is segmented into B2B, B2C (Hospital Pharmacies, Online, Retail Stores). Based on End Use, the market is segmented into Medical (Chronic Pain, Mental Disorders, Cancer, Others), Pharmaceuticals, Personal Use, Wellness (Food & Beverages, Personal Care & Cosmetics, Nutraceuticals, Others). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis By Product
The full-spectrum CBD oil segment has emerged as the largest segment by product type in the global CBD oil market. A full-spectrum CBD product contains several cannabis plant extracts, including terpenes, essential oils, and other cannabinoids, such as cannabinol. Full-spectrum CBD products may also contain up to 0.3% of tetrahydrocannabinol (THC), the cannabinoid in the cannabis plant that may help with anxiety and pain. consumers, particularly those seeking a wide range of cannabinoids, contribute considerably to the sustained demand for full spectrum CBD oil.
Concurrently, the CBD isolate segment emerged as the fastest growing segment in the global CBD oil market. This trend is fueled by consumers who prioritize pure CBD. CBD Isolate is a pure and crystal form of Cannabidiol (CBD). It usually comes from hemp plants, which typically contain very low amounts of THC. The demand for CBD isolate is driven by end users seeking the potential health benefits of CBD, making it an attractive option for those sensitive to psychoactive compounds. The adaptability of CBD isolate in various applications further propels its accelerated growth in coming years.
Analysis By Application
The largest segment by application in the global CBD oil market is medical application. The therapeutic properties of cannabidiol, including its analgesic, anti-inflammatory, and anti-anxiety effects, lead to its widespread adoption in medical treatments. CBD has emerged as a treatment for a wide range of medical conditions, including chronic pain, anxiety, inflammation, and insomnia, Parkinson's disease, schizophrenia, and multiple sclerosis. One study has shown that Cannabidiol may relieve pain by affecting receptors of the endocannabinoid system, which helps regulate mood, memory, and pain in addition to many other physiological and mental functions.
On the other hand, the emerging and fastest growing segment by application is cosmetics and personal care segment. The integration of Cannabidiol into skincare and beauty products is gaining momentum due to its antioxidant and skin soothing properties. In the respect of the global CBD oil market, consumers are increasingly drawn to CBD infused cosmetics for their potential to address skincare awareness and promote skin health, enhancing the market’s rapid growth in coming years.
Global CBD oil Market By Product Type
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CBD Oil Market Regional Insights
North America region currently stands as the leader in the global CBD oil market and emerged as the largest market region in 2022. The North America region’s dominant position is attributed to an increasing regulatory environment that holds the legal cultivation and sale of cannabis related products. The United States has witnessed a surge in consumer interest and tolerance of CBD, influencing significantly to the region’s market position and its share in the market. The continuous establishment and pre-established infrastructure, coupled with a growing awareness of CBD’s potential benefits, sets North America’s position as the leading market region.
On the other hand, Asia Pacific is continuously increasing its dominating presence in the CBD oil market which represents it as the fastest growing region in the market. While regulatory frameworks in the Asia Pacific region have traditionally been moderate, there is a noteworthy shift towards acceptance and evaluation of cannabis related products. Concurrently, Asia Pacific region represents a burgeoning opportunity, positioning itself as the fastest growing region in the regional landscape of the global CBD oil market influenced by changing regulatory landscapes, and a growing understanding of CBD’s potential benefits.
Global CBD oil Market By Region
- Largest
- Fastest
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CBD Oil Market Dynamics
Drivers
Increasing Consumer Awareness
- One of the primary drivers propelling the global CBD oil market is the increasing consumer awareness and acceptance of CBD products. As the research has shown the benefits of CBD, consumers are actively seeking natural and alternative remedies for various health and wellness concerns, significantly accepting CBD products such as CBD oil and others. Additionally, increasing awareness of CBD’s therapeutic properties, combined with a changing societal approach toward cannabis, has led to a surge in demand for CBD oil across the world.
Restraints
Regulatory Compliance Challenges
- A notable market restraint which is affecting the global CBD oil market is regulatory compliance challenges in emerging regions. The legal status of CBD varies widely across the various regions and countries, which is leading to a complicated regulatory landscape. The inconsistencies in regulations create challenges for both businesses and consumers, deterring the seamless development, distribution, and access to CBD products. This uncertainty not only poses barriers to market growth but also needs continuous adaptation and compliance efforts of companies operating in the CBD product space.
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CBD Oil Market Competitive Landscape
The CBD oil market is characterized by intense rivalry among key players striving to capture a significant market share. Leading companies are consistently engaged in innovation, strategic partnerships, and product advancements to maintain their competitive edge. These industry giants leverage their extensive portfolios to offer a range of solutions encompassing Full-Spectrum CBD Oil, Broad-Spectrum CBD Oil and CBD Isolate. As the market witnesses rapid innovations, smaller players and startups also contribute by introducing niche solutions and innovative technologies, contributing to the dynamic and ever-evolving competitive dynamics within the market.
Top Player’s Company Profiles
- Medical Marijuana Inc.
- Cannoid, LLC
- Isodiol International Inc.
- ENDOCA
- Folium Biosciences
- Aurora Cannabis Inc.
- Pharmahemp d.o.o
- Elixinol Global
- CV Sciences
- Medterra CBD
- Charlotte's Web Holdings, Inc.
- Green Roads
- HempMeds
- Zynerba Pharmaceuticals, Inc.
- Pure Spectrum CBD
- Cura Cannabis Solutions
- Trulieve Cannabis Corp.
- Dixie Brands Inc.
- Charlotte's Web CBD
- Gencanna Global
Recent Developments
- In April 2024, MariMed Inc., a leading multistate cannabis operator focused on improving lives every day, announced the closing of its acquisition of Allgreens Dispensary LLC. The approval of the license transfer by the Illinois Department of Financial and Professional Regulation, and subsequent closing of the acquisition, allow MariMed to fully consolidate the financial results of the company’s Thrive-branded dispensary in Casey, Ill., which had previously been operated under a Managed Services Agreement.
- In April 2024, California-based I Love Growing Marijuana (ILGM) announced that it has entered into an exclusive new partnership with cannabis genetics and breeding company, Phylos Bioscience, which brings 15 new F1 hybrid strains to home growers across legal markets nationwide.
- In March 2024, Avicanna Inc., a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products announced the launch of RHO Phyto Micro Drop 100, a 10% CBD (THC free), proprietary oral formulation in Canada.
CBD Oil Key Market Trends
Diversified CBD Product Offerings
- A key trend in the global CBD oil market is the ongoing diversification of product offerings to gather growing consumer preferences. Key players are expanding beyond traditional CBD oil solutions, capsules, and edibles, introducing a wide array of innovative CBD products. This diversification includes CBD-infused beverages, skincare products, cosmetics, pet products, and even pharmaceuticals. The trend is mainly driven by the recognition that consumers seek diverse systems of integrating CBD into their lifestyles, and they are described to products personalized for specific needs, such as relaxation, and skincare.
CBD Oil Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component type of team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global CBD oil market analyses, the market is witnessing significant growth driven by a convergence of factors such as burgeoning aging population, technological integration, and demand for healthy solutions. The rising prevalence of chronic diseases exhibits the need of these CBD oils across the world. In the global CBD oil market, North America is a dominating region with the ever-evolving cutting edge technologies and key players. Key players play a crucial role in the growth of the market. Rapid geographic expansions, innovations, mergers, and strategic collaborations emerged as growth factors of this market. Overall, the CBD oil market is going to experience robust growth in coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.4 billion |
| Market size value in 2031 | USD 24.06 billion |
| Growth Rate | 15.5% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on CBD Oil Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on CBD Oil Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the CBD Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the CBD Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the CBD Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the CBD Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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