Vancouver, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The global Cannabidiol (CBD) oil Market size was USD 6.24 Billion in 2022 and is expected to register a rapid revenue CAGR of 16.0% during the forecast period. This surge is attributed to the escalating use of CBD in the healthcare sector, fueled by government approvals and increasing sales of CBD products. CBD, a substance derived from the Cannabis sativa plant, sourced from hemp or cannabis, has been extensively studied for its effectiveness in treating various neurological diseases. The prevalence of chronic illnesses like diabetes and neurodegenerative diseases, coupled with the efficiency of CBD products in addressing these conditions, contributes significantly to the market's revenue growth.
The Journal of Clinical Neurology reported in 2021 that epileptic seizures affect around 70 million people globally, making it the third most common neurological disorder. With the World Health Organization estimating over 55 million dementia sufferers globally in 2021, the demand for CBD in the health and wellness industry is witnessing a substantial upswing. The market is witnessing an increase in the production and use of CBD-containing products, spanning categories such as pet equipment, cosmetics, beauty and health goods, and more. Products like tinctures, lotions, skincare items, capsules, vaping equipment, transdermal patches, and other personal care goods are gaining popularity for their diverse applications and potential therapeutic benefits.
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Despite these positive trends, challenges such as lack of consumer awareness about the benefits of CBD oil and barriers to marketing CBD products could hinder market revenue growth. The hemp-based segment claimed the largest revenue share in the global CBD oil market. This dominance is attributed to the increasing demand for hemp-based CBD oil in the pharmaceutical industry, coupled with growing consumer awareness of its health benefits. The segment's growth is further propelled by the rising production of hemp to meet consumer demands and the adoption of online distribution channels.
While the marijuana-based segment is expected to register moderate growth, especially with the legalization of medicinal marijuana in several countries, the hemp-based segment remains a frontrunner in revenue generation. The pharmaceutical segment is anticipated to secure a significant revenue share in the global CBD oil market during the forecast period. This is driven by the increasing acceptance and legalization of cannabis for medical purposes and substantial investments from pharmaceutical companies. CBD has emerged as a promising avenue for innovative treatments, and pharmaceutical corporations are strategically positioning themselves in the cannabis pharmaceutical market. The retail and online pharmacies segment is poised to claim the largest revenue share in the global CBD oil market during the forecast period. This growth is fueled by rising consumer demand for CBD-containing goods and an increasing number of scientific trials evaluating the effects of CBD on various medical disorders.
North America accounted for the largest revenue share in the global CBD oil market. The region's market dominance is attributed to the increasing use of CBD in the medicinal industry, coupled with a growing frequency of insomnia and other sleep problems. Major market players in the region are engaging in significant partnerships and collaborations, further driving market growth.
Europe is expected to register the fastest revenue growth rate, driven by an increasing demand for products enhancing neurological health and significant capital investments in product development. Meanwhile, the Asia Pacific market is anticipated to secure a considerably large revenue share due to the increasing legalization of CBD compounds for medical use.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 6.24 Billion |
| CAGR (2023–2032) | 16.0% |
| Revenue Forecast To 2032 | USD 27.17 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product, application, End-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | PharmaHemp, Isodiol International Inc., NuLeaf Naturals, LLC, Gaia Botanics, CV Sciences Inc., Medical Marijuana, Inc., Cannoid, LLC, Joy Organics., Lazarus Naturals, Freedom Leaf, Inc., Canopy Growth Corporation Inc., Green Roads, and FOLIUM Science |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global CBD oil market is consolidated with few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing testing, and introducing more effective CBD oil market solutions. Some major players included in the global CBD oil market report are:
- PharmaHemp
- Isodiol International Inc.
- NuLeaf Naturals, LLC
- Gaia Botanics
- CV Sciences Inc.
- Medical Marijuana, Inc.
- Cannoid, LLC
- Joy Organics.
- Lazarus Naturals
- Freedom Leaf, Inc.
- Canopy Growth Corporation Inc.
- Green Roads
- FOLIUM Science
Strategic Development
- On 6 March, 2023, Sunsoil Products, a certified and fourth-largest CBD brand in Vermont, established a strategic alliance with Sprouts Farmers. This collaboration intends to advance Sunsoil's goal of providing CBD products at fair prices to customers around the world.
- On 18 January, 2023, Kanabo introduced two new therapeutic compositions to its VapePod lineup. These two combinations are based on the indica-dominant Champagne Kush and the sativa-dominant Blue Dream. The business asserts that these formulations will be priced similarly to its earlier goods.
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For the purpose of this report, Emergen Research has segmented the global CBD oil on the basis of product, application, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Marijuana Based
- Hemp Based
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Food & Beverage (F&B)
- Pharmaceuticals
- Pet care
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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