Global Cannabidiol Oil Market 2023-2030

Global Cannabidiol Oil Market 2023-2030

Global Cannabidiol oil Market Size, Share & Trends Analysis Report Market, By Product Type (Marijuana Based, Hemp Based), By Application (Multiple Sclerosis, Depression and Sleep Disorders, Neurological Pain, Other Application) Forecast Period (2023-2030)

The global cannabidiol oil market is anticipated to grow at a considerable CAGR of 16.3% during the forecast period. The increased awareness about the benefits of cannabidiol and its medicinal properties has driven its demand; which in turn driving the growth of the global cannabidiol oil. Additional, the high adoption of hemp oil in pharmaceutical industries as it reduces the body pain is a positive sign is further contributing to the market growth. The increasing acceptance and use of CBD products due to government approvals is anticipated to boost production and sales, thereby contributing to the market growth. CBD effectively treats conditions, such as anxiety, seizures, and pain.

Moreover, the ongoing R&D activities in finding the utility of CBD oil in therapeutic areas is further creating scope for the market growth. For instance, according to a study from Michigan University published in June 2021, out of 878 patients with fibromyalgia, 72.0% of patients reported using CBD to manage their pain, and CBD helped decrease their pain compared to other drug therapies. Thus, the widespread use of CBD oil-based products, along with changing consumer opinion has been driving the market growth. However, stringent regulatory policies and side effects, and availability counterfeit products are restraining the growth of the global cannabidiol oil market.

Segmental Outlook

The global cannabidiol oil market is segmented based on product type and application. Based on product type, the market is segmented into marijuana based, and hemp based. Based on application, the market is segmented into multiple sclerosis, depression and sleep disorders, neurological pain, and other application.

Hemp Based to Hold Major Market Share

The hemp based CBD oil held major share in the global market in 2022. This segment is projected to exhibit the fastest CAGR during the forecast period. The rising product demand from the pharmaceutical industry and growing consumer awareness about its health benefits is a key contributor to the high share of this market segment. Moreover, legalizing medicinal cannabis and increasing consumer disposable income levels are projected to fuel the demand for hemp based CBD in the pharmaceutical sector.

Regional Outlook

The global cannabidiol oil market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit fastest CAGR in the cannabidiol oil market during the forecast period.

North America Held Significant Share in the Global Cannabidiol Oil Market

North America held significant share in the global cannabidiol oil market. The growing beauty & cosmetic industry of the region, high adoption of CBD oil in several medicines, along with the presence of key market players are key factors driving the growth of the regional market. Moreover, the ongoing R&D activities in finding the utility of CBD oil in therapeutic areas is further creating scope for the regional market growth.

For instance, in March 2021, Advanced Pain and Rehab Specialists, in collaboration with Hemp synergistic, conducted a phase I clinical trial to assess the efficacy of Hemp Oil (CBD) for treating pain, anxiety, insomnia, and reduction of opioid use. Additionally, in June 2021, The Valens Company Inc. completed the acquisition of Green Roads and its manufacturing subsidiary. With this acquisition, Valens Company is anticipated to have one of the largest players in the cannabinoid oil market. The increasing market player’s activities in the region are expected to increase product availability in the region.

Market Players Outlook

The major companies serving the global cannabidiol oil market include Aurora Cannabis, Medical Marijuana, Inc., ConnOils LLC, NuLeaf Naturals, LLC, and Elixinol among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, dealership expansion, and new product launches, to stay competitive in the market. For instance, in February 2023, Multi-platinum entertainer Sara Evans has partnered with Nashville-based CeleBriDy Brands to develop Born to Fly CBD by Sara Evans. The luxurious new product line is available in both an oil tincture and as a topical roll-on for fast, targeted pain relief.

In December 2022, Medterra has announced a national distribution partnership with Gopuff, the innovative, instant delivery platform for customers' daily needs. Medterra officially launched on Gopuff this past Summer in select markets, for residents in Arizona, California, Pennsylvania and Illinois and is now in 26 additional markets with further plans for expansion through 2022 and 2023. Such expansion plans are creating new scope for the market growth in new markets.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global cannabidiol oil market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.