CBD Oil Market Analysis
The CBD Oil Market value is predicted to reach USD 3782.32 million at a whopping 38.45% CAGR between 2019- 2024, as per the new Market Research Future (MRFR) analysis. CBD oil is derived from cannabis. It is found naturally in marijuana plants. The best part about CBD is, it does not have any high effect or intoxication like that of THC or cannabinoid. This oil has two sources, hemp and marijuana. Owing to its alluring characteristics, CBD oil has wide applications in the food industry, cosmetics and personal care, food industry, and others.
Various factors are propelling the global CBD oil market growth. These factors, as per the latest MRFR analysis, comprise burgeoning demand for cosmetics that are CBD infused, growing awareness about CBD oil benefits, increasing funding for R&D on cannabinoid, CBD getting legalization in various regions, and increasing prevalence of chronic diseases and complications related to it.
On the flip side, the adverse impacts of CBD coupled with stringent government policies, may limit the growth of the CBD oil market over the forecast period.
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Market Segmentation
The CBD oil market has been segmented based on application and type.
By type, the CBD oil market is segmented into marijuana & hemp-derived. Of these, the hemp-derived segment will have the largest share in the market over the forecast period. It is likely to touch USD 2,092.97 million by 2024, as most CBD-based products that are legalized are hemp-based.
By application, the CBD oil market is segmented into food, cosmetics, pharmaceuticals, and others. Of these, the cosmetic industry will have lions share during the forecast period for CBD having anti-inflammatory as well as non-psychoactive properties. Beauty products that are CBD infused are the latest CBD oil market trends.
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Regional Analysis
Geographically, the CBD oil market has been segmented into four regions, namely, the Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and North America. The Americas is predicted to spearhead the CBD oil market during the forecast period. Efficient distribution channels leading to hassle-free accessibility of CBD oil, growing awareness about its multiple health benefits, availability of different CBD based products, increasing legalization of marijuana products use, presence of several CBD oil product manufacturers, and growing consumption of products that are cannabis-based are adding to the growth of the market in the region. The United States has the largest share in the region.
In Europe, the CBD oil market is predicted to possess the second-largest share. Growing awareness regarding cannabis’ multiple applications is adding to the CBD oil market growth in the region.
In the APAC region, the CBD oil market is predicted to grow at a fast pace. Attempts made by industry players in the personal care & cosmetics industry to enhance sales & profitability in emerging economies, legalization of cannabis, and multiple hemp manufacturing plants set up in China, which is the largest hemp cultivator are adding to the CBD oil market growth in the region.
In the MEA, the CBD oil market is likely to have the lowest share. Illegal usage of marijuana, stringent government policies, and some side effects resulting from taking cannabis are resulting in small growth.
Key Players
Leading players profiled in the CBD oil market report comprise Canopy Growth Corporation (US), Whistler Medical Marijuana Corporation (Canada), Folium Biosciences (US), Medical Marijuana, Inc. (US), Emblem Cannabis (Canada), ENDOCA (Netherlands), Green Roads of Florida, LLC (US), Kazmira LLC (US), Pharmahemp (Slovenia), CBD American Shaman (US), Curaleaf Holdings, Inc. (US), NuLeaf Naturals (US), Freedom Leaf, Inc. (US), Absolute Terps (US), Charlotte's Web Holdings, Inc. (US), Aurora Cannabis (US), Aphria Inc. (Canada), HempLife Today (US), MedMen Enterprises Inc. (US), and CV Sciences, Inc. (US).
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