Global CBD Oil Market size is estimated to balloon to USD 2,177.99 million by 2023, asserts Market Research Future (MRFR). Its value stood at USD 462 million in 2018. Legalization of marijuana and investments by firms to capitalize on the trend owing to its medical benefits are factors likely to bode well for the market. The recent approval of the 2018 Farm bill in the U.S. has been beneficial for marijuana growers. This has led to a spate of investments by firms looking to capitalize on the trend.
Rise in funding towards the medical benefits of marijuana is projected to work in favor of the CBD oil market. To this effect, the National Institutes of Health spent close to USD 140 million on cannabinoid research and development. Synthetic compounds of marijuana have been manufactured in Singapore to explore the therapeutic potential of cannabinoids.
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Global CBD Oil Market: Competitive Landscape
MRFR in its report has profiled some of the key players operating in the global market for CBD Oil, which include:
- CBD American Shaman
- Isodiol International
- Elixinol Global Limited
- Medical Marijuana and more.
Global CBD Oil Market: Segmental Analysis
The CBD oil market is segmented by product, application, and distribution channel.
Product-wise, marijuana-derived CBD oil led the market with 54.9% share in 2017 and followed by hemp-derived CBD oil (45.1%). The marijuana-derived oil segment can touch a value of USD 1,134.33 million, growing at a CAGR of 35.13% CAGR over the forecast period. But the hemp-derived oil segment can expand at a higher CAGR of 37.77% CAGR during the aforementioned assessment period. Factors driving this segment include stress relief, improved immunity, and strong approval by the scientific community.
By application, the neurological disorders segment is expected to exhibit 37.07% CAGR over the forecast period to accrue close to USD 348.76 million for the CBD oil market by 2023. Fibromyalgia can exhibit 36.88% CAGR during the assessment period owing to the inherent property of the oil to mitigate pain and reduce inflammation.
By distribution channel, e-commerce websites accounted for 64.2% share in 2017, followed by retail pharmacies (17.9%), medical marijuana dispensaries (9.2%), hospital pharmacies (5.3%), and others (3.4%). Retail pharmacies are expected to exhibit the highest CAGR of 36.99% during the forecast period to accrue close to USD 401.94 million by 2023. E-commerce websites, on the other hand, can generate USD 1,382.62 million by 2023. This can be attributed to the online medium being a trustworthy source for CBD oil-based products.
Global CBD Oil Market: Regional Analysis
Region-wise, the CBD oil market includes Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). Americas held close to 78.26% market share in 2017, followed by Europe (11.21%), APAC (9.23%), and RoW (1.30%).
The Americas are expected to sustain their position as the market leader owing to demand for several CBD oil-based products. According to the World Health Organization (WHO), close to 147 million individuals consume marijuana in the U.S. Recent legalization of marijuana which can be used in alleviating the pain of several chronic diseases is another driver in the region. Both of these factors can exponentially drive the market growth. It can generate close to USD 1,695.20 million by 2023.
The Europe CBD Oil Market size can inflate to USD 251.20 million by 2023. Legalization of marijuana in Germany and the Czech Republic is expected to bode well for regional growth. In addition, formation of companies to augur cannabis production and rising awareness of clinical applications of the compound will benefit the market.
On the other hand, the APAC region can generate close to USD 203.12 million by 2023. This can be credited to the use of marijuana for treating cases of epilepsy. According to a survey in Australia, nearly 13% of parents used illegal extracts of cannabis for treating seizures in their children. This is expected to widen the scope for CBD oil products in the region upon the passing of legalization of marijuana in the region.
Lastly, the RoW region can accrue USD 28.47 million by 2023. It can experience a tepid growth rate owing to restrictions on marijuana usage, adverse effects of cannabis, and stringent government policies.
To know More Updates Related Report Visit @ https://www.marketwatch.com/press-release/cbd-hemp-oil-market-outlook-up-to-2023-key-regions-with-sales-revenue-market-share-growth-rate-demand-and-country-level-market-segments-2019-04-03
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