NEWARK, Del, Sept. 25, 2023 (GLOBE NEWSWIRE) — 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.
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Cannabis is also the illicit substance grown, transported, and misused the most extensively worldwide. Broad cannabis use 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.
Key Takeaways from the CBD Oil Market Report
- The CBD oil market is anticipated to reach a valuation of US$ 389 million in 2023.
- The high efficacy of CBD from hemp for various medical uses, including developing a therapy for Parkinson’s disease, 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.
- Entrepreneurs focusing on developing lotions, skin care, pet care, and textile products using cannabidiol drive the CBD oil for pets market.
“As the CBD oil market is nascent, market players are focusing on gaining maximum share by expanding their product portfolio through new product launches,” says the Future Market Insights analyst.
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 will likely have a better overall revenue share in the global CBD oil market.
- 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.
CBD Oil Market Analysis Report Scope
|Forecast Period||2023 to 2033|
|Historical Data Available for||2018 to 2022|
|Market Analysis||US$ million for Value & Units for Volume|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa|
|Key Countries Covered||United States, Canada, Brazil, Mexico, Argentina, Rest of Latin America, EU-5, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Denmark, Finland, Iceland, Norway, Sweden), Poland, Russia, Rest of Europe, China, India, Japan, GCC Countries, South Africa, Israel, Türkiye, Iran, Rest of Middle East & Africa, Australia, New Zealand, South Korea, the Philippines, Malaysia, and Thailand|
|Key Segments Covered||By Product Type, By Distribution Channel, By Application, and By Region|
|Key Companies Profiled||CV Sciences, Medical Marijuana, Aurora Cannabis, Canopy Growth Corporation, Canntrust, Tilray, and Kazmira LLC|
|Report Coverage||Market Overview, Market Background, Market Forecast, Segmental Analysis, Regional Profiling and Competition Analysis|
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- Hemp Oil
- Marijuana Oil
- Food & Beverages
- Hospital Pharmacy
- Retail Pharmacy
- Convenience Store
- Online Retail
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
About the Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Have a Look at Related Reports of Food and Beverage
Cannabis Drinks Market: The cannabis drinks market is expected to value US$ 0.4 billion in 2022 and is projected to grow at a CAGR of 37.3% during the forecast period of 2022 to 2032, to reach a value of US$ 8.3 billion by 2032.
Cannabis Beverages Market: The cannabis beverages market size is anticipated to rise from US$ 1,227.3 Million in 2023 to US$ 5,899.5 Million by 2033.
CBD Gummies Market: The global CBD gummies market is expected to reach USD 743.5 million by 2023 and USD US$ 7,524.5 million by 2033, with a steady CAGR of 26% during the forecast period.
CBD Snacks Market: Over the assessment period from 2022 to 2032, global CBD Snacks market are projected to soar at a CAGR of 13.2%, culminating in a market size of US$ 2.5 billion by the end of 2032.
Olive Oil Market: The olive oil market is projected to expand at a CAGR of 2.9%, exceeding US$ 18.35 billion by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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