CBD Oil Market size is expected to Reach USD 3782.32 million by 2024 with a CAGR of over 38.45% during the forecast period. U.S. based National Institutes of Health has been reported to have doubled its CBD research funding over the past 5 years and in 2019 $20 million was spent on CBD research compared to only $9 million in 2015. Research on CBD is extensive, and several well-known institutes are showing greater interest in the matter. For instance, while Johns Hopkins University is studying whether oral CBD can curb smoking habits, a study is being conducted in Stanford University to evaluate if CBD can control epilepsy. Increasing research interest in the prospects of CBD is expected to drive growth for CBD oil market in the coming years.
CBD oil market has been gaining massive traction in the recent years owing to increased research activities in the field of cannabidiol or CBD that have come to indicate that the product can prove to be beneficial in easing the symptoms of several ailments. Therefore, CBD oil has come to be used in a plethora of bodily applications ranging from pain management to anxiety relief to a sleep aid. CBD oil market has therefore grown at a prolific rate and has come to be marketed in a variety of forms that include topical ointments, capsules, infused honey etc. Medically prescribed CBD oil has been legalized in many regions of the world.
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As the world awaits the legalization of recreational cannabis, participants in the CBD oil market are striving establish themselves to the consumers as the most reliable names acquiring shelf space and enhancing retail relations. These companies are most likely to make the largest profits when cannabis is legalized as they will already have a strong premise to launch their cannabis business and consumers who will come to buy recreational cannabis would prefer the same brand they rely on for the CBD oil.
The CBD oil market is segmented on the basis of type which includes hemp-derived CBD oil and marijuana-derived CBD oil.
Hemp-derived CBD oil market is expected to register the highest CAGR and a market size of USD 2,092.97 million by 2024. Hemp derived CBD oil market has apparently gained greater traction when compared to marijuana-derived CBD oil due to the lower concentration of tetrahydrocannabinol (THC) in the former. While THC concentration in hemp derived CBD is 0.3%, marijuana-derived CBD contains 15% to 40% of THC. 0.3% THC is the permitted concentration of the compound as this renders the formula non-addictive and therefore hemp derived CBD is legal in most states in the U.S. as well as most parts of the world.
By application, CBD oil market is divided into cosmetics, food, pharmaceuticals and others. The cosmetics CBD oil industry is anticipated to witness a massive CAGR of 38.80% over the analysis period. Various cosmetic products are being infused with hemp-derived oils as the benefits of hemp oil are hailed in the beauty industry for its anti-inflammatory and moisturizing characteristics.
CBD oil market comprises four regional categories namely Americas, Europe, Asia Pacific and MEA. Owing to increased demand for CBD oil-based products, the CBD oil market is slated to accrue a significant portion of its revenue from the business in the Americas. The WHO estimates that 22.2 million Americans use CBD oil and related products for various reasons.
Some of the prominent participants in the CBD oil market include, Aphria Inc., MedMen Enterprises Inc., Curaleaf Holdings, Inc. CBD American Shaman, Green Roads of Florida, LLC, ENDOCA, Charlotte’s Web Holdings, Inc., Freedom Leaf, Inc., Pharmahemp, Absolute Terps, Whistler Medical Marijuana Corporation, Kazmira LLC, Aurora Cannabis, CV Sciences, Inc., NuLeaf Naturals, Canopy Growth Corporation, HempLife Today, Emblem Cannabis etc.
The CBD oil market is benefitting from extensive research activities that are being conducted to further bring out the multi-faceted benefits of the product. For instance, Parkinson’s UK is leading a clinical trial that is aimed at demonstrating the benefits and efficacy of CBD oil in controlling hallucinations and delusions, two of the most disturbing symptoms of the disease. Parkinson’s UK is investing £1.2 million and collaborating with King’s College London for the trial.
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