CBD Oil Market Size 2023 Global Industry Share, Top Players, Opportunities And Forecast To 2033
As per the latest market research
conducted by FMI, the global CBD oil
market is expected to record a CAGR of 31% from 2023
to 2033. In 2023, the market size is projected to reach a valuation of US$
389 million. By 2033, the valuation is anticipated to reach US$
5,980.6 million.
The primary reasons propelling
the market’s growth include rising demand and expanding legalization of
cannabis, emerging applications of cannabis in cancer treatment, and the health
advantages provided by products infused with cannabis. In the upcoming years,
there are likely to be considerable development prospects for market
participants due to the inclusion of cannabis in pet food and the rising demand
for beverages with cannabis flavoring.
Cannabis is also the illicit
substance that is grown, transported, and misused the most extensively
worldwide. Broad cannabis use, both for recreational and therapeutic purposes,
has received increasing acceptability across the United States, as indicated by
legislative actions, ballot measures, and public opinion polls. In particular,
a recent Quinnipiac University poll found that 55% of the United States people
surveyed supported cannabis legalization without any new restrictions.
Comparatively, 82% of survey participants supported the
decriminalization of cannabis for medical use. Demand will progressively
rise as legalization continues to spread globally, boosting the expansion
of the CBD-infused products market as a whole.
Information Source: https://www.futuremarketinsights.com/reports/cbd-oil-market
Competitive Background:
The key players operating in
the CBD oil market are investing in mergers and
acquisitions in order to gain a significant market share. The manufacturers are
also investing in research and development, and are introducing innovative
methods to boost production capacity. Product development and market expansion
are significant aspects of the CBD oil market. As a
result, market participants are likely to have a better overall
revenue share in the global CBD oil market.
Key Takeaways:
- The CBD oil market is
anticipated to reach a valuation of US$ 389 million in 2023.
- The high efficacy of CBD produced from hemp for
various medical uses, including developing a therapy for Parkinson’s
disease, is what drives demand for this market.
- The CBD oil market is
predicted to record a CAGR of 31% through 2033.
- The CBD oil market is
expected to surpass US$ 5,980.6 million by 2033.
- The CBD oil for pets market is
being driven by entrepreneurs who are focusing on developing lotions, skin
care, pet care, and textile products using cannabidiol.
Significant Players in the
Market Include:
- CV Sciences
- Medical Marijuana
- Aurora Cannabis
- Canopy Growth Corporation
- Canntrust
- Tilray
- Kazmira LLC
As the CBD oil market is in a
nascent stage, market players are focusing on gaining maximum share by
expanding their product portfolio through new product launches.
Recent Developments:
- CV Sciences Inc. launched “Plus CBD Gummies” at
Natural Product Expo East 2018. These gummies are available in citrus
punch and cherry mango flavors. These products comply with strict
regulatory standards and are gluten-free and vegan-friendly.
- One Leaf, one of the top face mask manufacturers in
China, has started executing social media and online marketplace
promotional efforts for its CBD products.
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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