CBD oil market is predicted to touch USD 3782.32 million at a 38.45% CAGR between 2015-2023
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.
Segment Analysis
Global CBD oil 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.
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List Of Tables:
TABLE 1 PRIMARY INTERVIEWS 16
TABLE 2 GLOBAL HEMP BASED PRODUCTS MARKET, BY REGION 2015-2023 (USD MILLION) 32
TABLE 3 AMERICAS HEMP BASED PRODUCTS MARKET, BY REGION 2015-2023 (USD MILLION) 33
TABLE 4 NORTH AMERICA HEMP BASED PRODUCTS MARKET, BY REGION 2015-2023 (USD MILLION) 33
TABLE 5 EUROPE HEMP BASED PRODUCTS MARKET, BY REGION 2015-2023 (USD MILLION) 34
TABLE 6 WESTERN EUROPE HEMP BASED PRODUCTS MARKET, BY REGION 2015-2023 (USD MILLION) 34
TABLE 7 ASIA-PACIFIC: HEMP BASED PRODUCTS MARKET, BY COUNTRY 2015–2023 (USD MILLION) 35
TABLE 8 REST OF THE WORLD (ROW) HEMP BASED PRODUCTS MARKET, BY REGION 2015-2023 (USD MILLION) 35
