The CBD Oil market is expected to grow from US$ 2.42 billion in 2021 to US$ 15.66 billion by 2028. It is expected to grow at a CAGR of 31.2% from 2022 to 2028.
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 2019, Ulta Beauty introduced Cannuka, its first CBD oil-based skincare brand.
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.
The "Global CBD Oil Market Analysis to 2028" 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.
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.
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 2020. Further, a rise of about 25% is observed in anxiety cases during 2020 compared to 2019. 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.
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.
- Medical Marijuana, Inc.
- Nuleaf Naturals, LLC
- Elixinol Global Limited
- CV Sciences, Inc.
- Canopy Growth
- Bluebird Botanicals (Gaia Botanicals LLC)
- 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.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Product Type, Application, Distribution Channel, and Geography
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The List of Companies
1. Aurora Cannabis Inc.
3. Medical Marijuana, Inc.
4. Nuleaf Naturals, LLC
5. Elixinol Global Limited
6. CV Sciences, Inc.
7. Canopy Growth
8. Bluebird Botanicals (Gaia Botanicals LLC)
10. Folium Biosciences
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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