[2023-2032] Global Cannabidiol Oil Market and Cannabidiol (CBD) Market are Set to Boom

Dubai, UAE – Cannabidiol (CBD) Oil Market Report 2023-2032:

As per the recent market research report published by Extrapolate, the global Cannabidiol (CBD) Oil Market to generate a revenue of over USD 6.77 billion by 2032 from USD 580 million in 2022 at a CAGR of 31.2% from 2023 to 2032.

As the demand for CBD products rises, the Cannabidiol (CBD) Oil Market is expected to expand rapidly over the next few years. This rapid growth is largely driven by the increasing awareness and acceptance of CBD oil, as well as changing consumer preferences and attitudes toward CBD products. The rising popularity of CBD oil is due to a number of factors, including its potential health benefits. As per Extrapolate, it has been witnessed that CBD oil may further help reduce inflammation, alleviate pain, reduce anxiety and depression, and even help fight cancer. Additionally, CBD oil has been utilized to treat a variety of skin conditions, including acne and eczema.

The market is further fueled by the growing number of CBD-infused products available. From tinctures, capsules, and gummies to lotions, oils, and even pet products—there is a dizzying array of options when it comes to CBD-related products. Furthermore, new and innovative products are constantly being released. In addition to the obvious medical applications, the CBD oil market is also benefitting from the trend of people looking for natural alternatives to traditional medications. Many consumers find CBD oil to be a more palatable option than pharmaceuticals, and this has driven the growth of the industry even further.

The global Cannabidiol (CBD) Oil market is segment as follows:

Segmentation By Type

• Hemp
• Marijuana

Segmentation By End-Use

• Chronic Pain
• Mental Disorders
• Cancer
• Food & Beverages
• Personal Care & Cosmetics
• Nutraceuticals
• Pharmaceuticals

Pharmaceutical Companies to Remain the Largest End-Users in the Cannabidiol (CBD) Oil Market

The current market for CBD oil is primarily dominated by pharmaceutical companies, which account for the majority of sales. Pharmaceutical companies are attracted to the industry due to its low cost of entry, high margins, and potential for growth. Moreover, they have added advantage over other players in the market due to their extensive experience with manufacturing and distributing drugs. This expertise gives them a greater degree of control over production costs, which they can then pass on to consumers with competitive pricing.

The demand for CBD oil is expected to increase over the next few years, driven by the increasing acceptance of CBD as a potential treatment for a number of medical conditions.

Segmentation By Distribution Channel

• B2B
• Hospital
• Online Stores
• Retail Stores

B2B Distribution to Continue Holding Its Dominance over Global Cannabidiol (CBD) Oil Market

In terms of B2B distribution, there is strong demand for CBD oil from major buyers such as distributors, retailers, and medical professionals. It allows for bulk purchasing and wholesale pricing, creating long-term partnerships, and providing access to a wider range of products. Additionally, B2B helps ensure product quality and safety by allowing businesses to access information about the source and production process.

Wherein, distributors play an important role in ensuring that products reach the end consumer in a timely and efficient manner. Retailers provide CBD products to consumers through brick-and-mortar stores and online platforms. Medical professionals are utilizing CBD for therapeutic purposes, which is driving the demand for these products. In addition, businesses in the hospitality industry are rapidly using CBD-infused products for their calming and relaxing effects.

Furthermore, the production of CBD-infused products is increasing as manufacturers take advantage of the growing demand for these products. Companies have started to invest in research and development, as well as marketing, to gain a competitive edge in the cannabidiol oil market. Additionally, there is strong demand for CBD oil from countries such as Canada, the US, and Australia, where the legal status of CBD is more favorable.

Competitve Landscape:

The presence of several large players in the region is also contributing to the growth of the CBD oil industry. Major companies such as Cannoid, LLC, Endoca, and Elixinol are investing heavily in research and development, as well as marketing and production capabilities, in order to capitalize on the growing demand for CBD products.

Key Players in the Cannabidiol Oil Market

• Cannoid, LLC
• Elixinol
• ENDOCA
• Folium Biosciences
• ISODIOL INTERNATIONAL, INC.
• Medical Marijuana, Inc.
• Pharmahemp d.o.o.
• SEPHORA USA, INC.
• Ulta Beauty, Inc.

North America to Remain the Largest Consumer and Revenue Generating Region

North America is expected to remain the largest consumer and revenue-generating region in the global CBD oil market over the forecast period. It is gaining momentum in the region due to the increasing awareness about the therapeutic and medicinal benefits of cannabidiol (CBD). The growing acceptance of CBD as an alternative form of relief from chronic conditions such as anxiety, pain, seizures, and insomnia is driving demand for these products, especially in the US. Furthermore, the increasing popularity of CBD-infused cosmetics and beauty products is also driving the market forward. As more people become aware of the potential health benefits of CBD, the demand is only expected to increase further in the North American CBD Oil Market.

Apart from this, countries such as Canada, Mexico, and Colombia are rapidly legalizing the use of medical marijuana, which is further boosting the market in the region. Some countries even allow CBD products to be sold in pharmacies and other retail outlets. These changes are driving consumer demand, especially among individuals looking for natural alternatives in place of traditional medications.

(This information is primarily sourced from Extrapolate.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).