Discover the future of the growing Cannabidiol (CBD) Oil Market and Cannabidiol Market with our latest research report. With a projected market size of over $6.77 billion & $25.15 billion, join the booming market and explore its potential.
Dubai, UAE, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Cannabidiol (CBD) Oil Market Report 2023-2032:
As per the recent market research report published by Extrapolate, the global Cannabidiol (CBD) Oil Market to generate a revenue of over USD 6.77 billion by 2032 from USD 580 million in 2022 at a CAGR of 31.2% from 2023 to 2032.
As the demand for CBD products rises, the Cannabidiol (CBD) Oil Market is expected to expand rapidly over the next few years. This rapid growth is largely driven by the increasing awareness and acceptance of CBD oil, as well as changing consumer preferences and attitudes toward CBD products. The rising popularity of CBD oil is due to a number of factors, including its potential health benefits. As per Extrapolate, it has been witnessed that CBD oil may further help reduce inflammation, alleviate pain, reduce anxiety and depression, and even help fight cancer. Additionally, CBD oil has been utilized to treat a variety of skin conditions, including acne and eczema.
The market is further fueled by the growing number of CBD-infused products available. From tinctures, capsules, and gummies to lotions, oils, and even pet products—there is a dizzying array of options when it comes to CBD-related products. Furthermore, new and innovative products are constantly being released. In addition to the obvious medical applications, the CBD oil market is also benefitting from the trend of people looking for natural alternatives to traditional medications. Many consumers find CBD oil to be a more palatable option than pharmaceuticals, and this has driven the growth of the industry even further.
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The global Cannabidiol (CBD) Oil market is segment as follows:
Segmentation By Type
Segmentation By End-Use
Food & Beverages
Personal Care & Cosmetics
Pharmaceutical Companies to Remain the Largest End-Users in the Cannabidiol (CBD) Oil Market
The current market for CBD oil is primarily dominated by pharmaceutical companies, which account for the majority of sales. Pharmaceutical companies are attracted to the industry due to its low cost of entry, high margins, and potential for growth. Moreover, they have added advantage over other players in the market due to their extensive experience with manufacturing and distributing drugs. This expertise gives them a greater degree of control over production costs, which they can then pass on to consumers with competitive pricing.
The demand for CBD oil is expected to increase over the next few years, driven by the increasing acceptance of CBD as a potential treatment for a number of medical conditions.
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Segmentation By Distribution Channel
B2B Distribution to Continue Holding Its Dominance over Global Cannabidiol (CBD) Oil Market
In terms of B2B distribution, there is strong demand for CBD oil from major buyers such as distributors, retailers, and medical professionals. It allows for bulk purchasing and wholesale pricing, creating long-term partnerships, and providing access to a wider range of products. Additionally, B2B helps ensure product quality and safety by allowing businesses to access information about the source and production process.
Wherein, distributors play an important role in ensuring that products reach the end consumer in a timely and efficient manner. Retailers provide CBD products to consumers through brick-and-mortar stores and online platforms. Medical professionals are utilizing CBD for therapeutic purposes, which is driving the demand for these products. In addition, businesses in the hospitality industry are rapidly using CBD-infused products for their calming and relaxing effects.
Furthermore, the production of CBD-infused products is increasing as manufacturers take advantage of the growing demand for these products. Companies have started to invest in research and development, as well as marketing, to gain a competitive edge in the cannabidiol oil market. Additionally, there is strong demand for CBD oil from countries such as Canada, the US, and Australia, where the legal status of CBD is more favorable.
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The presence of several large players in the region is also contributing to the growth of the CBD oil industry. Major companies such as Cannoid, LLC, Endoca, and Elixinol are investing heavily in research and development, as well as marketing and production capabilities, in order to capitalize on the growing demand for CBD products.
Key Players in the Cannabidiol Oil Market
ISODIOL INTERNATIONAL, INC.
Medical Marijuana, Inc.
SEPHORA USA, INC.
Ulta Beauty, Inc.
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North America to Remain the Largest Consumer and Revenue Generating Region
North America is expected to remain the largest consumer and revenue-generating region in the global CBD oil market over the forecast period. It is gaining momentum in the region due to the increasing awareness about the therapeutic and medicinal benefits of cannabidiol (CBD). The growing acceptance of CBD as an alternative form of relief from chronic conditions such as anxiety, pain, seizures, and insomnia is driving demand for these products, especially in the US. Furthermore, the increasing popularity of CBD-infused cosmetics and beauty products is also driving the market forward. As more people become aware of the potential health benefits of CBD, the demand is only expected to increase further in the North American CBD Oil Market.
Apart from this, countries such as Canada, Mexico, and Colombia are rapidly legalizing the use of medical marijuana, which is further boosting the market in the region. Some countries even allow CBD products to be sold in pharmacies and other retail outlets. These changes are driving consumer demand, especially among individuals looking for natural alternatives in place of traditional medications.
Major Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Cannabidiol (CBD) Oil Market
Chapter 5. Global Cannabidiol (CBD) Oil Market Overview, By Type, 2018 - 2032 (USD Million)
Chapter 6. Global Cannabidiol (CBD) Oil Market Overview, By End-Use, 2018 - 2032 (USD Million)
Chapter 7. Global Cannabidiol (CBD) Oil Market Overview, By Distribution Channel, 2018 - 2032 (USD Million)
Chapter 8. Global Cannabidiol (CBD) Oil Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 9. North America Cannabidiol (CBD) Oil Market Overview, By Countries, 2018 - 2032 (USD Million)
Part II: Cannabidiol (CBD) Market Outlook To 2032:
The Cannabidiol (CBD) Industry has been experiencing tremendous growth in recent times. According to a recent market research analysis by Extrapolate, the global Cannabidiol (CBD) Market was valued at USD 6.06 billion in 2022 and is expected to reach a valuation of USD 25.15 billion by 2032 at a CAGR of 15.3% during the forecast period.
In 2018, the United States incorporated The Farm Bill to legalize CBD, hemp and its other derivatives. This has led to an increase in demand for CBD products. As per Extrapolate’s recent study, the global CBD market valuation has expanded by 60% since the declaration of the 2018 Farm Bill. In addition, numerous studies have confirmed that CBD has medical potential for treating various conditions like chronic pain, inflammation, anxiety, depression, epilepsy, and more.
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CBD's drug delivery system has improved over time to make it more bioavailable, providing consumers a consistent and dependable dosage. The global CBD market is expected to grow significantly in the coming years due to increased demand and the entry of new market players. This growth will also be driven by supportive regulations, investment in research and development, and the launch of new products.
CBD's popularity has skyrocketed in recent years because of its therapeutic properties and medicinal benefits. As a non-psychoactive compound, it does not produce the intoxicating effects of marijuana, making it a safer and more appealing option for people seeking relief from various ailments. The key factors driving demand for CBD include its perceived medical benefits and the updated legal status. With its increasing availability, more people are choosing it as a natural remedy over traditional pharmaceuticals, and its legal status has become more accepted in many countries and states.
The global cannabidiol market is highly fragmented, with prominent players such as CannaVEST, Kazmira, CW Hemp/CW Botanicals, Freedom Leaf, Endoca, and Medical Marijuana, Inc., among others. These companies are engaged in offering a wide range of CBD-based products in various forms, such as oils, topicals, edibles, tinctures, capsules, and beverages. Furthermore, these companies are focusing on expanding their product portfolios by introducing new product offerings.
CW Hemp/CW Botanicals
CBD American Shaman
Canopy Growth Corporation
Emblem Cannabis Oils
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Online Sales of CBD Products is Gaining Momentum in North America and Europe
Online sales of cannabidiol (CBD) products have seen a strong momentum of growth in North America and Europe. This is mainly due to the increasing awareness and acceptance of CBD products in these regions and the relaxation of certain regulations preventing its use. In North America, the United States captured the largest market for CBD products, accounting for over 70% of the total market share. The increasing demand for CBD products, coupled with the growing acceptance among consumers, has contributed to the growth of online sales of CBD products in the US.
Meanwhile, Canada is also emerging as a lucrative market for CBD products, with sales of legal CBD products estimated to reach USD 560 million by 2028.
In Europe, the UK is one of the leading markets for CBD products. According to The Centre for Medical Cannabis, the Europe CBD market size was valued at 2.53 billion in 2021. This is mainly due to the relaxed regulations regarding the use of CBD products in the UK, as well as the increasing awareness of the health benefits offered by CBD products. Meanwhile, Germany and Switzerland are two of Europe's leading markets for CBD products.
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The global Cannabidiol (CBD) Market is segmented as follows:
Segmentation (by Type)
Marijuana Segment Captured Over 50% Revenue of the Global Cannabidiol Market
The global cannabidiol (CBD) market has witnessed significant revenue growth in the past few years. In 2022, the marijuana segment captured over 50% of the total market revenue, driven by increasing demand for cannabis-based products and the expansion of online retail channels worldwide. This is due to the rising awareness among consumers of the therapeutic potential of CBD-derived products, which has led to an increase in product demand. Additionally, rapid legislative changes in the United States and other countries have made hemp-derived CBD legal, and this has created further opportunities for the industry.
In the United States, marijuana has been federally legalized for medical and recreational use. This has created a conducive regulatory environment for the sale, manufacture, and distribution of cannabis products in the country.
Going forward, the introduction of new technological innovations and the proliferation of digital marketing strategies are expected to further drive the marijuana segment's market potential. The emergence of new forms of marijuana consumption, such as edibles, beverages, and vape pens, is likely to open up a range of opportunities for the industry. Moreover, ongoing efforts by companies to create a more open cannabis trade will lead to further growth in the coming years.
Segmentation (by Application)
Key Points From TOC:
1 Research Methodology and Statistical Scope
2 Cannabidiol (CBD) Market Overview
3 Cannabidiol (CBD) Market Competitive Landscape
4 Cannabidiol (CBD) Industry Chain Analysis
5 The Development and Dynamics of Cannabidiol (CBD) Market
6 Cannabidiol (CBD) Market Segmentation by Type
7 Cannabidiol (CBD) Market Segmentation by Application
8 Cannabidiol (CBD) Market Segmentation by Region
9 Key Companies Profiled
10 Cannabidiol (CBD) Market Forecast by Region
11 Forecast Market by Type and by Application (2023-2032)
12 Conclusion and Key Findings
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