CBD Oil Market – Global Industry Growth and Forecast – 2027

CBD Oil Market 2022

The CBD Oil Market is estimated to be valued at USD 3782.32 Million by 2024 and expected to grow at a CAGR of 38.45% during the forecast period. CBD is a cannabinoid found in the cannabis plant. CBD oil acts as a natural pain reliever, have anti-inflammatory properties and could reduce epileptic seizures, etc.

From the past few years, the market for CBD oil had been increasing owing to rising legalization of cannabis and growing R&D in the field. Following the same, it is noted that new market players have been emerging in the market owing to the rising demand for CBD oil.

Access Full Report Details and Order this Premium Report @ https://www.marketresearchfuture.com/reports/cbd-oil-market-7355

Major Key Players:

Market Research Future (MRFR) recognizes the following companies as the key players in the global CBD Oil Market that includes 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), and others.

Segment Analysis

Global Cannabidiol Market has been segmented on the basis of type, and application. On the basis of type, the market has been divided into hemp-derived and marijuana-derived types. The Hemp-derived CBD oil type is holding the major share of the overall CBD Oil Market. It has been estimated that the hemp-derived segment is growing at the highest CAGR to reach USD 2,092.97 Million by the end of 2024. Most of the legal CBD-based products in the market are hemp-based. According to the 2018 Farm Bill, companies can legally grow, manufacture, possess, and sell hemp-derived CBD products.  

Based on application, the global CBD Oil Market is segmented into pharmaceuticals, food, cosmetics, and others. Among these segments, the cosmetic industry accounts for the largest market share owing to the anti-inflammatory and non-psychoactive properties of CBD. Moreover, CBD infused beauty products are a major trend these days. For instance, Folium Biosciences, the US-based cannabinoid producer, offers cosmeceuticals which include CBD infused moisturizing relief cream.

Regional Analysis

The CBD Oil Market in the Americas has been segmented into North America and Latin America. The North American market is further divided into the US, Canada, and Mexico. The Americas dominate the global CBD Oil Market, owing to the increasing consumption of cannabis-based products. According to the World Health Organization (WHO), the consumption of marijuana has an annual prevalence rate of nearly 2.5% of the global population, i.e., approximately 147 million individuals. It is also reported that approximately 22.2 million Americans of 12 years of age and older use cannabis and related products for various reasons. Moreover, cannabis was approved for medicinal use in 28 states of the US, the District of Columbia, Guam, and Puerto Rico as of January 2017. Online availability of cannabis-based products is also boosting the market growth as cannabis consumers prefer to buy online from licensed producers or manufacturers.

Key Findings of the Study:

  • Global CBD Oil Market is projected to reach 32 Million by 2024 with 38.45% CAGR during the review period of 2019 to 2024
  • The Americas accounted for the largest share due to the increasing consumption of cannabis-based products along with rising legalization of cannabis in the region
  • The hemp-derived CBD oil segment, by type, is projected to reach USD 2,092.97 million by the end of 2024

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact Us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 646 845 9312

Email: sales@marketresearchfuture.com

Leave a Reply

Your email address will not be published. Required fields are marked *