Spherical Insight LLP
According to a research report published by Spherical Insights & Consulting, the global CBD oil market size is expected to be valued at USD 4.95 billion in 2023 and reach USD 26.72 billion by 2033. Companies covered include Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Avicanna, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Kazmira LLC, Medical Marijuana Inc., and other major vendors.
NEW YORK, United States, July 09, 2024 (GLOBE NEWSWIRE) — The global CBD oil market size is expected to expand from USD 4.95 billion in 2023 to USD 26.72 billion by 2033, growing at a CAGR of 18.36% during the forecast period (2023-2033).
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Cannabidiol oil is another name for CBD oil. Cannabinoids (CBD), derived from cannabis plants such as hemp and marijuana, have anti-anxiety, anti-inflammatory, and analgesic properties. These properties have led to research into CBD oil as a treatment for various ailments, including anxiety disorders, chronic pain, and epilepsy. The demand for beauty and skin care products infused with CBD is surging, indicating a growing consumer preference for natural and holistic skin care treatments. Known for its potential anti-inflammatory and antioxidant properties, CBD is increasingly being incorporated into skin care products to address issues such as acne, inflammation, and aging. With many state and national governments endorsing the use of CBD in medicines and other medical treatments, the sales and distribution of these products are expected to expand and increase during the forecast period. However, manufacturers continue to provide information packages to increase customer awareness and clearly indicate what consumers want to get from the product. As a result, attempts to support marketing efforts may create opportunities for the global cannabidiol oil market.
Browse key industry insights across 232 pages with 110 market data tables, figures, and graphs in the “Global CBD Oil Market Size, Share, COVID-19 Impact Analysis, By Source (Marijuana, Hemp), By Product (Full Spectrum CBD Oil, Broad Spectrum CBD Oil, CBD Isolate), By Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023-2033” report.
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The hemp segment is expected to account for the largest share of the CBD oil market during the forecast period.
According to sources, the CBD oil market is categorized into marijuana and hemp. Of these, the hemp segment is expected to account for the largest share of the CBD oil market during the forecast period. The hemp-derived cannabidiol market is expected to grow significantly due to the increasing demand for medicines and growing public awareness about health issues. The pharmaceutical industry predicts that rising consumer disposable income and legalization of cannabis will boost the demand for the substance.
The full spectrum CBD oil segment is expected to grow at the fastest CAGR during the forecast period.
Based on product, the CBD oil market is categorized into full spectrum CBD oil, broad spectrum CBD oil, and CBD isolate. Of these, the full spectrum CBD oil segment is expected to grow at the fastest CAGR during the forecast period. This indicates that the combined benefits of many drugs may be more beneficial than CBD alone. In terms of the entourage effect, full spectrum CBD oil is expected to have more medicinal benefits than CBD isolate. People may be able to improve relief from symptoms such as pain, inflammation, and anxiety.
The pharmaceutical segment is expected to account for a major share of the CBD oil market during the forecast period.
Based on application, the CBD oil market is segmented into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Of these, the pharmaceutical segment is expected to account for a major share of the CBD oil market during the forecast period. There is an increasing number of research studies evaluating the physical effects of CBD on specific medical conditions. These products are being used by a knowledgeable and conscientious consumer base as an alternative to reduce mental stress and tension.
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North America is expected to account for the largest share of the CBD oil market during the forecast period.
North America is projected to hold the largest share of the CBD oil market during the forecast period. The US has seen a significant increase in consumer interest and tolerance towards CBD, significantly impacting the market share and position of this region. Ongoing developments, existing infrastructure, and growing public awareness of the potential benefits of CBD make North America the currently largest market region.
Europe is expected to grow at the fastest CAGR growth rate in the CBD oil market during the forecast period. The legalization of cannabis in many European countries has created a new market for CBD products, attracting investments and encouraging new product development. Furthermore, the rise in CBD-infused products in industries such as health, food and beverage, healthcare, and cosmetics will drive the European market and position the region as a key CBD oil market during the forecast period.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. The report also provides a detailed analysis focusing on the current news and developments of the companies, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances. This allows for an assessment of the overall competition within the market. The key vendors in the CBD Oil market are Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Avicanna, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Kazmira LLC, Medical Marijuana Inc., and others.
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Recent developments
The acquisition of Goodbody Botanicals Ltd. by CBD market pioneer British Cannabis in January 2023 marks a major step forward for our leadership in the wellness industry. The acquisition represents much more than a merger of two companies, as it signifies a significant expansion of our manufacturing capabilities and an improvement in our ranking on the UK Food Standards Agency's (FSA) list of approved products.
Market Segments
The study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights segments the CBD oil market based on the following segments:
Global CBD Oil Market by Source
Global CBD Oil Market, by Product
Full Spectrum CBD Oil
Broad Spectrum CBD Oil
CBD Isolate
Global CBD Oil Market, by Application
Food & Beverage
Pharmaceuticals
Pet Care
cosmetics
others
Global CBD Oil Market by Region
North America
Europe
Germany
United Kingdom
France
Italy
Spain
Russia
Other Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
south america
Brazil
Argentina
Rest of South America
Middle East and Africa
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About Spherical Insight & Consulting
Spherical Insights & Consulting is a market research and consulting firm that provides actionable market research studies, quantitative forecasts, trend analysis, and delivers forward-looking insights specifically designed for decision makers to help with ROI.
They serve a variety of industries including the financial sector, industrial sector, government agencies, universities, non-profit organizations, and corporations. Their mission is to partner with companies to achieve their business goals and sustain strategic improvement.
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