As per the latest market research conducted by FMI, the global CBD oil market is expected to record a CAGR of 31% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of US$ 389 million. By 2033, the valuation is anticipated to reach US$ 5,980.6 million.
Rising demand and increased legalisation of cannabis, innovative cannabis uses in cancer therapy, and the health advantages of cannabis-infused products are the main factors propelling market rise. In the upcoming years, cannabis incorporation in pet food and increased consumer demand for beverages flavoured with cannabis are likely to create significant growth opportunities for industry participants.
Cannabis is also the world’s most frequently grown, transported, and abused illicit narcotic. Cannabis use, both recreational and therapeutic, is growing in popularity in the United States, as evidenced by legislative measures, ballot initiatives, and public opinion polls. According to a recent Quinnipiac University poll, 55% of those interviewed in the United States support cannabis legalisation without any new restrictions. In contrast, 82% of survey respondents favoured cannabis decriminalisation for medical purposes. As legalisation increases globally, demand will progressively rise, boosting the total growth of the CBD-infused products market.
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Competitive Background:
The key players operating in the CBD oil market are investing in mergers and acquisitions in order to gain a significant market share. The manufacturers are also investing in research and development, and are introducing innovative methods to boost production capacity. Product development and market expansion are significant aspects of the CBD oil market. As a result, market participants are likely to have a better overall revenue share in the global CBD oil market.
Key Takeaways:
- The CBD oil market is anticipated to reach a valuation of US$ 389 million in 2023.
- The high efficacy of CBD produced from hemp for various medical uses, including developing a therapy for Parkinson’s disease, is what drives demand for this market.
- The CBD oil market is predicted to record a CAGR of 31% through 2033.
- The CBD oil market is expected to surpass US$ 5,980.6 million by 2033.
- The CBD oil for pets market is being driven by entrepreneurs who are focusing on developing lotions, skin care, pet care, and textile products using cannabidiol.
Significant Players in the Market Include:
- CV Sciences
- Medical Marijuana
- Aurora Cannabis
- Canopy Growth Corporation
- Canntrust
- Tilray
- Kazmira LLC
As the CBD oil market is in a nascent stage, market players are focusing on gaining maximum share by expanding their product portfolio through new product launches.
Recent Developments:
- CV Sciences Inc. launched “Plus CBD Gummies” at Natural Product Expo East 2018. These gummies are available in citrus punch and cherry mango flavors. These products comply with strict regulatory standards and are gluten-free and vegan-friendly.
- One Leaf, one of the top face mask manufacturers in China, has started executing social media and online marketplace promotional efforts for its CBD products.
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Key Segments Covered in CBD oil Market Study
Product Type:
- Hemp Oil
- Marijuana Oil
Application:
- Pharmaceuticals
- Food & Beverages
- Gummies
- Chewing Gums
- Chocolate bars
- Candies
- Beverages
- Dairy Products
- Bakery Products
- Snacks
- Cosmetics
- Others
Distribution Channel:
- Direct/B2B
- Indirect/B2C
- Hospital Pharmacy
- Retail Pharmacy
- Hypermarkets/Supermarkets
- Convenience Store
- Online Retail
- Others
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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