Farmington, Jan. 09, 2023 (GLOBE NEWSWIRE) -- The global Cannabidiol Oil (CBD Oil) Market is expected to at a CAGR of 38.90% during the forecast period. This indicates that the market value, which was USD 9.86 Billion in 2022, would rocket up to USD 136.64 Billion by 2030. Cannabidiol comes from hemp or cannabis, but it can also be made from hemp because it already has a lot of CBD in it. People often mix up this product with tetrahydrocannabinol (THC), which comes from the same plant but makes you high. Among other things, it can help treat anxiety, stop seizures, reduce inflammation, and ease pain. As more cosmetics, food, and drug companies start to use it, the market is changing faster. As more people find out what the product can do for them, the market has a lot of room to grow.
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Recent Developments:
- In January 2021, Nano Hydrate unveiled product marketing services utilizing advanced technology to provide natural healing through branding services for pharmaceutical-grade Cannabidiol (CBD). Additionally, Nano Hydrate aimed to create a partnership program that would expand options for cannabis-infused beverages into the cannabis industry while introducing established brands to the market for niche CBD products.
- In January 2021, Next leaf received a patent from the US Patent and Trademark Office for a process to create solvent-free cannabis concentrate, adding to the company's dynamic and growing US patent portfolio.
In 2021, the marijuana segment made up more than 50.0% of the market's revenue. More and more people are using refined CBD products, and marijuana and products made from it are becoming legal for medical uses. The high potency of cannabidiol made from marijuana is also a key factor in the growth of the segment.
During the forecast period, the cosmetics industry is expected to grow at a CAGR of 38.80%. Since hemp-derived oil has been shown to unclog pores, calm inflammation, and hydrate, it is being used more and more in the cosmetics industry, such as in CBD oil-infused cosmetics. This is because hemp is becoming more legal and more research is being done on CBD.
Regional Outlook:
In 2020, North America had the biggest share of the cannabidiol market, which was worth $1276.7 million. Over the past few years, countries like the US and Canada have started to relax their laws on cannabidiol products, which has made them more popular with people. People who buy things are always changing, and CBD is now in a lot of different things like food, medicine, and beauty products. People of all ages and genders are likely to spend more on goods because they want them more.
Because people are buying more non-tobacco products, sales of tobacco products, especially cigarettes, e-cigarettes, and edible products, are picking up a lot of steam in Europe. In North America, where demand for these products is growing, there will probably be a lot of competition in the next few years.
A big part of the market is in the Asia-Pacific region, where countries like China, Japan, and India are building up their markets for these products. Cannabidiol is becoming more legal and accepted as an ingredient in a wide range of products. This could give several companies new business opportunities. For example, in 2019, Thailand became the first Southeast Asian country to legalise cannabis for medical and research purposes. It also made it legal to make clothes, fabrics, and other things out of hemp. Market growth is mostly caused by how well manufacturers know their customers and how well they market their products.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 38.90% from 2023 to 2030 |
| Market Size in 2022 | US$ 9.86 Billion |
| Revenue Forecast by 2030 | 136.64 Billion |
| By Type | Hemp-derived, Marijuana-derived, Other |
| By Applications | Pharmaceuticals, Food, Cosmetics, Others |
| By Distribution Channel | Direct/B2B, Indirect/B2C, Hospital Pharmacy, Retail Pharmacy, Hypermarkets/Supermarkets, Convenience Store, Online Retail, Others |
| By Companies | Aphria Inc. (Canada), Folium Biosciences (US), Freedom Leaf, Inc. (US), Green Roads of Florida, LLC (US), Charlotte's Web Holdings, Inc. (US), ENDOCA (Netherlands), CBD American Shaman (US), CV Sciences, Inc. (US), Medical Marijuana, Inc. (US) |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
CBD products are becoming more popular because of the fast growth of therapies, medicines, and other consumer products made from cannabis, as well as their positive effects on health. The U.S. Food and Drug Administration (FDA) saw that CBD could offer a number of potential benefits and that it could be used in a wide range of food and non-food products.
Market Opportunity:
- Growth and expansion of the pharmaceutical industry
- Growing Demand for Hemp-Based Personal Care Products
- Growing R&D opportunities.
Key Segments Covered:
Top Market Players:
Aphria Inc. (Canada), Folium Biosciences (US), Freedom Leaf, Inc. (US), Green Roads of Florida, LLC (US), Charlotte's Web Holdings, Inc. (US), ENDOCA (Netherlands), CBD American Shaman (US), CV Sciences, Inc. (US), Medical Marijuana, Inc. (US), Canopy Growth Corporation (US), Aurora Cannabis (US), MedMen Enterprises Inc. (US), Curaleaf Holdings, Inc. (US), Kazmira LLC (US), HempLife Today (US), Pharmahemp (Slovenia), Whistler Medical Marijuana Corporation (Canada), Absolute Terps (US), NuLeaf Naturals (US), Emblem Cannabis (Canada), And Others.
By Types:
- Hemp-derived
- Marijuana-derived
- Others
By Applications:
- Pharmaceuticals
- Food & Beverages
- Gummies
- Chewing Gums
- Chocolate bars
- Candies
- Beverages
- Dairy Products
- Bakery Products
- Snacks
- Cosmetics
- Others
By Distribution Channel
- Direct/B2B
- Indirect/B2C
- Hospital Pharmacy
- Retail Pharmacy
- Hypermarkets/Supermarkets
- Convenience Store
- Online Retail
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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