The global sales of CBD oils are expected to total US$ 284.2 Mn in 2021. Future Market Insights (FMI) has projected the CBD oil market to grow at an exponential compound annual growth rate (CAGR) of 31.5%. Increasing use of CBD oil in production of animal feed and emerging scope for application in food and beverage industry are the key trends shaping CBD oil market.
Awareness regarding multiple health and medical benefits of cannabidoil (CBD) oil like treating neurological disorders has fueled the demand for CBD oil in pharmaceutical industry. In November 2021, the World Health Organization’s expert committee concluded that pure state CBD with no Tetrahydrocannabinol (THC) is unlikely to have potential harm on human health.
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CBD oil application in skincare products also is increasing a due to its several medical benefits and healing properties. Antioxidant and anti-inflammatory properties of CBD assist in treating various skin problems. This will boost the market growth through 2031.
Besides this, use as key ingredient in the cosmetic industry will create opportunities for growth. As per FMI, favorable regulatory policies in Latin America have created ideal condition for CBD oil market growth. The region is witnessing a spurt of business initiatives and product launches containing CBD oil.
Future Market Insights (FMI) predicts the sales of cannabidoil (CBD) oil to total US$ 284.2 million by the end of 2021. As per the study, demand will continue rising, enabling the market to exhibit a compound annual growth rate (CAGR) of 31.50% annually, through 2031.
Hemp and marijuana oil segment exhibited prolific year-on-year growth of 35.90% in 2021, due to increasing sales of CBD infused food and beverages and high demand for pain and sleep medication. Rising use of CBD oil in sports industry is forecast to drive the market sales through 2031.
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Key Segments Covered in CBD oil Market Study:
Product Type:
- Hemp Oil
- Marijuana Oil
Application:
- Pharmaceuticals
- Food & Beverages
- Gummies
- Chewing Gums
- Chocolate bars
- Candies
- Beverages
- Dairy Products
- Bakery Products
- Snacks
- Cosmetics
- Others
Distribution Channel:
- Direct/B2B
- Indirect/B2C
- Hospital Pharmacy
- Retail Pharmacy
- Hypermarkets/Supermarkets
- Convenience Store
- Online Retail
- Others
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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Key Questions Answered in the Report
- What is the current valuation of CBD oil market?
The CBD oil market is expected to surpass a valuation of US$ 284.2 Mn by 2021 end.
- At what rate did the CBD oil market expand in the last five years?
Between 2016 and 2020, the CBD oil sales grew at 69.2% CAGR.
- What are the key trends shaping the CBD oil market?
Increasing use of CBD oil in sports for performance and recovery, rise in “pet adaptation” and “pet proprietorship” fueling demand for cannabis based feed market, rising application of CBD oil in cosmetic and personal care, growing necessity towards possession of certificate of analysis (COA), and emerging use in infused-food and beverage industry are the key trend shaping the CBD oil market.
- What is the Demand Outlook for the CBD oil Market?
CBD oil market will register prolific growth at a CAGR of 31.5% between 2021 and 2031.
- What is the North America CBD oil market outlook?
Demand registered in North America will continue rising, backed by legalization of medical cannabis and increasing consumption of CBD oil from U.S. and Canada, the North America market is anticipated to expand at 30.2% CAGR during the forecast period.
- Who are the leading companies in CBD oil market?
CV Sciences, Medical Marijuana, Aurora Cannabis, Canopy Growth Corporation, Canntrust, Tilray, and Kazmira LLC are the top companies operating in the market.
- What is the cumulative share of top companies in CBD oil market?
Top five companies covered nearly 15% to 20% of the overall CBD oil market in 2021.
- At what rate will CBD oil sales increase in Europe?
CBD oil sales will increase at 35% CAGR in Europe, backed by rising demand of CBD oil in the U.K., Germany, Portugal and other countries.
- Which are the top five countries driving CBD oil market demand?
Leading countries driving demand in the CBD oil market are U.S., China, U.K, India, and Japan.
- What are the key statistics for CBD oil market in South Korea?
In 2021, South Korea holds around 0.8% market share in the East Asia CBD oil market.