Pune, India, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The global CBD hemp oil market size is expected to showcase considerable growth by reaching USD 55,791.3 million by 2028 while exhibiting an exceptional CAGR of 47.49% between 2021 and 2028. This information is published by Fortune Business Insights, in a report, titled “CBD Hemp Oil (CBD) Market, 2021-2028.” The report further mentions that the market stood at USD 2,770.8 million in 2020. Factors such as the increasing product approvals by the FDA and concerned government agencies and the growing demand for CBD amongst the health and fitness enthusiasts will bode well for the growth of the market. For instance, according to a report by the Harvard Health Institute in 2018, CBD can be extensively adopted to provide relief from health issues such as anxiety, insomnia, etc.
The coronavirus emergency has resulted in financial jeopardy for trade and businesses worldwide. The authorities of several countries have initiated lockdown to avert the increase of the disease. Such strategies have resulted in disruption in the production and supply chain. According to the International Facility Management Association (IMFA), 84% of in-store operations got affected due to the pandemic, of which, food services represent a significant share in 2020.
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List of the Companies Profiled in the Global CBD Hemp Oil Market:
- Medical Marijuana Inc. (California, U.S.)
- Cannoid, LLC (Colorado, U.S)
- Isodiol International Inc. (Vancouver, Canada)
- ENDOCA (Chicago, U.S.)
- Folium Biosciences (Texas, U.S.)
- Nuleaf Naturals Llc. (Colorado, U.S)
- Pharmahemp d.o.o (Slovenia, Europe)
- Elixinol Global (Sydney, Australia)
- CV Sciences (California, U.S.)
- Medterra CBD (California, U.S.)
What does the Report Provide?
The global market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028. Our well-revised reports help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
Market Segmentation:
On the basis of source,
- marijuana
- hemp
based on application
- food & beverages
- pharmaceuticals
- pet care
- cosmetics
based on region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East
- Africa
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DRIVING FACTORS:
Increasing FDA Approvals for CBD Products to Promote Market Growth
The prominent players in the market are focusing on launching novel and advanced products to cater to the high demand for CBD among consumers. The increasing utilization of the product in the manufacturing of medicines and consumer products will create lucrative opportunities for the market. The rising approval grants from the government agencies for various CBD products is further expected to favour the growth of the market. Additionally, the proactive focus of the manufacturers towards the incorporation of CBD in a variety of food products is expected to contribute to the global CBD Hemp Oil market growth during the forecast period.
REGIONAL INSIGHTS
North America – The region stood at USD 1276.7 million in 2020 and is anticipated to hold the highest position in the market in the forthcoming years. This is attributable to the favourable government policies that enable the commercialization of CBD Hemp Oil products in countries such as the U.S. and Canada.
Europe – The market in the region is anticipated to showcase exponential growth backed by the rising sales of CBD products such as vaping, smoking, and edibles in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The global market for CBD Hemp Oil is experiencing healthy competition among key players that are focusing on partnering with other companies to expand their product portfolio and further boost sales revenues. Additionally, the other major companies are striving to maintain their presence by adopting strategies such as merger and acquisition, facility expansion, and collaboration that will bode well for the growth of the market in the forthcoming years.
Industry Development:
- February 2020 - Colgate-Palmolive Company announced the launch of a new product in the U.S. The company reports that the product, CBD Vegan Lip Balm, will help to expand its cosmetics business in the country.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview on Cannabis Markets
- Supply Chain and Industry SWOT Analysis
- Global CBD Hemp Oil Regulatory Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Impact of COVID-19
- Challenges in Supply Chain
- Efforts to Mitigate the Challenges
- Global CBD Hemp Oil (CBD) Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source
- Marijuana
- Hemp
- By Application
- Food & Beverages
- Pharmaceuticals
- Pet Care
- Cosmetics
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Source
TOC Continued…!
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Have a Look at Related Research Insights:
Marijuana Market Size, Share and COVID-19 Impact Analysis, By Type (Flowers/Buds and Concentrates), By Application (Medical, Recreational (Edibles and Topicals), and Industrial Hemp), and Regional Forecast, 2021 – 2028
Cannabis Beverages Market Size, Share & COVID-19 Impact Analysis, By Type (Alcoholic and Non-alcoholic), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, and Others), and Regional Forecast, 2021-2028
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