CBD Oil Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The CBD Oil market is expected to grow from US$ 2.42 billion in 2021 to US$ 15.66 billion by 2031. It is expected to grow at a CAGR of 31.2% from 2022 to 2031.

The increasing Legalization of CBD oil-based products, rising awareness about the medicinal use of CBD-based products, and the growing preference toward cannabis oil extraction have contributed to the growth of the CBD oil market. Cannabidiol is a plant-based chemical compound found in the cannabis Sativa plant. It is extracted from hemp or cannabis, generally from hemp due to its naturally high cannabidiol (CBD) content. It also has various beneficial applications in managing anxiety, seizures, and pain management. Due to its medicinal properties, the demand for CBD oil for health and wellness is high, which also acts as a driver for the market.

Additionally, Cannabidiol oil is increasingly used to make skincare products to treat wrinkles and acne. For instance, Sephora recently launched CBD skincare products in its stores. Further, In May 2021, Ulta Beauty introduced Cannuka, its first CBD oil-based skincare brand.

MARKET DYNAMICS

The growth of the CBD oil market is majorly attributed to the increasing Legalization of CBD oil-based products, rising awareness about the medicinal use of CBD-based products, and growing preference toward cannabis oil extraction. However, stringent government regulations and the high price of commercially available CBD oil products are hampering the market.

MARKET SCOPE

The "Global CBD Oil Market Analysis to 2031" report aims to provide an overview of the CBD oil market with detailed market segmentation. The report provides key market statistics based on the performances of the leading players. It also offers key trends and opportunities in the market.

MARKET SEGMENTATION

The global CBD oil market is segmented by product type, application, and distribution channel. Based on product type, the market is divided into marijuana-derived products and hemp-derived products. Based on application, the market is segmented into pain relief, anxiety and depression, acne treatment, and other applications. Based on distribution, the market is segmented into online distribution, pharmacies, and food and grocery stores

REGIONAL FRAMEWORK

The global CBD market is segmented into 5 major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers analyses and forecasts of 18 countries worldwide along with trends and opportunities prevailing in the region.

North America dominated the CBD oil market with ~47% share in 2021. The market growth in the region is majorly attributed to the legalization of cannabidiol for medical and research purposes in the region, which has led to rapidly increasing sales along with the presence of leading market players, such as Aurora Cannabis, Nuleaf Naturals, and Elixinol Global Limited.

The below figure showcases the revenue growth trend in the North America CBD oil market:

The report analyzes factors that impact the CBD oil market, such as drivers, restraints, opportunities, and future trends. It also provides exhaustive PEST analysis of the factors affecting the market.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic resulted in the increased demand for CBD oil as the prevalence of anxiety and stress increased during the pandemic at the global level. This led to a high volume of orders among CBD oil manufacturers, resulting in a higher production volume. As a result, the product profit of various drug component manufacturers increased. For instance, according to the global prevalence and burden of depressive and anxiety disorders, approximately 75.2 million people will additionally deal with anxiety disorders in 2021. Further, a rise of about 25% is observed in anxiety cases during 2021 compared to 2021. Thus, the rising prevalence of anxiety disorders is responsible for the increasing demand for CBD oil. It demonstrated beneficial effects on anxiety by targeting limbic and paralimbic areas of the brain. In conclusion, COVID-19 provided lucrative opportunities for Cannabidiol market players to address the global burden of such increasing anxiety disorders, thereby propelling the market's growth.

MARKET PLAYERS

The report covers key developments in the CBD oil market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies, such as acquisitions, partnerships, and collaborations, have encouraged the expansion of business and the customer base of market players. Market players operating in the CBD oil market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for CBD oil.

The report includes major CBD oil companies' profiles, SWOT analyses, and market strategies. In addition, the report focuses on leading industry players with information, such as company profiles, components and services offered, financial information for the last 3 years, and key development in the past 5 years.

The list of a few companies engaged in the CBD oil market is mentioned below:

• Aurora Cannabis Inc.
• Endoca
• Medical Marijuana, Inc.
• Nuleaf Naturals, LLC
• Elixinol Global Limited
• CV Sciences, Inc.
• Canopy Growth
• Bluebird Botanicals (Gaia Botanicals LLC)
• Globalcannabinoids.IO
• Folium Biosciences.

The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in this study.

CBD Oil Report Scope