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The CBD Hemp Oil market is influenced by a myriad of factors that collectively define its growth and dynamics. A significant driver behind the expansion of this market is the increasing acceptance and legalization of cannabis-derived products for medicinal and wellness purposes. The growing awareness of the potential therapeutic benefits of CBD (cannabidiol), a non-psychoactive compound found in hemp, has led to a surge in demand for CBD hemp oil. As regulations evolve to accommodate the legal use of CBD in various regions, the market experiences an upswing due to heightened consumer interest in natural remedies and alternative health solutions.
Technological advancements in hemp cultivation and CBD extraction processes play a crucial role in shaping the CBD Hemp Oil market. Innovations in farming practices, such as the development of high-CBD hemp strains and sustainable cultivation methods, contribute to increased product quality and yield. Additionally, advanced extraction techniques ensure the production of high-quality CBD hemp oil with optimal cannabinoid content, enhancing its efficacy and safety for consumers. These technological developments foster market growth by meeting the rising demand for premium CBD products.
Regulatory considerations are paramount in influencing the CBD Hemp Oil market. The legal landscape surrounding hemp-derived products, including CBD, varies widely across different countries and regions. Changes in regulations, such as the Farm Bill in the United States, have a profound impact on market dynamics by delineating the legality and permissible uses of CBD hemp oil. Regulatory clarity is crucial for market participants to navigate compliance requirements and build consumer trust in the burgeoning CBD market.
Economic factors significantly shape the CBD Hemp Oil market dynamics. Affordability and accessibility of CBD products are influenced by economic conditions and consumer purchasing power. Economic downturns may impact consumer spending on wellness products, while economic prosperity can drive increased investments in health and self-care, positively impacting the CBD Hemp Oil market. The pricing of CBD products, influenced by factors like production costs and market competition, plays a crucial role in market accessibility.
Furthermore, the market is influenced by evolving consumer preferences and trends in health and wellness. The growing interest in natural and plant-based remedies, coupled with a shift toward preventive healthcare, contributes to the increasing adoption of CBD hemp oil as a holistic wellness supplement. Consumer education and awareness campaigns about the potential health benefits of CBD play a pivotal role in shaping market dynamics and expanding the consumer base for CBD Hemp Oil.
Competition within the market is another influential factor. The proliferation of CBD brands and products fosters innovation and product diversification. Market competition encourages companies to differentiate themselves through product quality, formulation, branding, and marketing strategies. This competition benefits consumers by offering a variety of CBD hemp oil options, ranging from full-spectrum to isolate products, catering to diverse preferences and needs.
Market factors are also influenced by ongoing research and scientific developments related to CBD. As scientific understanding of CBD's therapeutic potential expands, new applications and formulations may emerge, impacting market trends and consumer preferences. Research-driven insights contribute to the credibility of CBD as a wellness product, influencing both consumer trust and market growth.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 1.7 Billion |
| Market Size Value In 2023 | USD 1.9 Billion |
| Growth Rate | 17.2% (2023-2032) |
CBD Hemp Oil Market Highlights:
Global CBD Hemp Oil Market Overview
CBD Hemp Oil Market Size was valued at USD 1.9 billion in 2023 and is projected to rise from USD 2.22 Billion in 2024 to USD 7.01 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.41% during the forecast period (2024 - 2032). Growing recognition of the health benefits and demand for the treatment of depression and anxiety amongst people with minimal side effects are the key market drivers fueling the market growth of CBD hemp oil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
CBD Hemp Oil Market Trends
- Growing prevalence of several infectious and chronic diseases to the market growth of CBD Hemp Oil
The rising prevalence of several infectious and chronic diseases like cancer and diabetes and rising health problems like depression, stress, lack of sleep, and mental disturbance, especially in the upcoming generation due to various factors like changing lifestyle, is expected to boost the growth of CBD hemp oil market in coming years. Further, the use of hemp oil in numerous forms like spray, tincture, and vape, especially in developed and developing economies main reason that would help the CBD hemp oil market growth.
Figure 1: Prevalence of cancer in US population
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, CBD hemp oil is highly used to make skincare products to treat various face-related problems like acne and wrinkles. A few skincare companies had recently launched a cannabidiol or CBD skincare line in stores. CBD oil is used to cure disorders such as depression and anxiety treatment, diabetes prevention, stress relief, pain relief, cancer symptom relief, and inflammation. Owing to the rising adoption of CBD-based products to treat problems, the market is anticipated to rise at a significant rate over the forecast period.
Additionally, increasing digitalization and various medical applications of CBD hemp oil are major growth-stimulating factors. Rising awareness among the people to balance health and diet is also stimulating the CBD hemp oil market CAGR in the coming years.
However, prohibition for the use of CBD in some countries on a large scale and scarcity of procurement of seeds for agricultural use of hemp are some reasons restraining the growth but to overcome this; market players are coming up with innovative solutions using this opportunity, implants growth of the CBD hemp oil market revenue.
CBD Hemp Oil Market Segment Insights
CBD Hemp Oil Source Insights
In the CBD hemp oil’s market segmentation, the source type is segmented into Hemp and Marijuana. The marijuana segment dominates the market due to the growing acceptance of refined CBD products combined with the rising legalization of Marijuana. Products from Marijuana for various medical applications are driving growth in this segment. Moreover, the high effectiveness of the cannabidiol obtained from Marijuana is a key factor in capturing a large market share with respect to the CBD hemp oil market revenue.
However, the hemp segment to expected to show a significant rise owing to the rising demand from the pharmaceutical sector and increasing awareness among consumers regarding health, Thus it will have a positive impact on the CBD hemp oil.
Figure 2: CBD Hemp Oil Market, by Source, 2023 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
CBD Hemp Oil Distribution Channel Insights
The CBD hemp oil segmentation is based on B2B, B2C, hospital pharmacies, and online and retail stores. The business-to-business segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period owing increase in the number of bulk or wholesale cannabidiol oil providers and an increase in the demand for CBD hemp oil as a raw material. Hence, the rising legalization of CBD products implants for positive impact on the market growth of the CBD hemp oils.
CBD Hemp Oil End User Insights
The CBD hemp oil market data is based on end-users; this market is segmented into medical, chronic pain, mental disorders, and cancer. The mental disorders segment dominated the market in 2022 and is expected to be the faster-growing segment during the forecast period, 2023-2030. CBD helps in reducing various psychiatric symptoms like anxiety and insomnia and medical symptoms such as patients suffering from pain with substance use disorders, showing that CBD may be an effective treatment for opioid addiction.
November 2021: Nextleaf Solutions launched Distilled CBD 100 Oil & Distilled CBD 200 Oil under the Company’s prohibition-era brand Glacial Gold in Canada. This approval has further broadened the growth opportunity for the CBD hemp oil industry.
CBD Hemp Oil Personal Use Insights
Based on personal use, the CBD hemp oil industry has been segmented into pharmaceuticals, wellness, food & beverages, personal care & cosmetics, nutraceuticals, and others. The pharmaceuticals segment is expected to witness the fastest growth over the study period. This instantly progressive transformation of cannabidiol from herbal preparations to prescription drugs is projected to enhance the market growth.
Further, rising awareness regarding the medical benefits of cannabidiol, including its healing properties, is expected to drive product demand in the pharmaceutical industry. And thus contributing to the CBD hemp oil industry.
CBD Hemp Oil Regional Insights
By region, the data provides market insights into North America, Europe, Asia-Pacific, and the rest of the world. The North American market for CBD hemp oils accounted for USD 0.7 billion in 2022 and is expected to show a significant CAGR growth during the forecast period. This is owing to a large number of health-conscious people in the region, increasing acceptance of CBD-based products, the presence of major producers, and a permit from the U.S. Farm Bill in 2020 are few of the major factors enhancing the regional market.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CBD HEMP OIL MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's CBD hemp oil market accounts for the second-largest market share due to the cultivation of hemp in three states for cannabidiol extraction purposes. Further, the German CBD hemp oil market held the largest market share, and the U.K. CBD hemp oil market was the fastest-growing market in the European region.
The Asia-Pacific CBD hemp oil Market is expected to rise at the fastest CAGR from 2024 to 2032. This is because of the setup of hemp-producing plants. Moreover, China's CBD hemp oil market held the largest market share, and the Indian CBD hemp oil market was the fastest-growing market in the Asia-Pacific region.
CBD Hemp Oil Key Market Players & Competitive Insights
Major market players are spending a lot of money on research and development to boost their product lines, which will further assist the CBD hemp oils rising even more. Competitors are also taking a variety of strategic initiatives to grow their worldwide trace, with key market developments such as the new launch of products, partnerships, mergers and acquisitions, increased investments, and collaboration with other companies. Participants in the CBD hemp oil industry must offer cost-effective items to enlarge and survive in the highly competitive and rising market environment.
One of the primary business strategies adopted by producers in the CBD hemp oil industry to benefit clients and capture the market sector is to produce locally to reduce costs. In recent years, the CBD hemp oil industry provided oils with some of the most significant benefits. The CBD hemp oil markets’ major players, such as ENDOCA and NuLeaf Naturals LLC and others, are working to capture the market demand by investing in R&D activities.
In 2014, NuLeaf Naturals was formed by a group of health-conscious plant medicine aficionados. It is one of America's great pioneering cannabinoid wellness companies. Their vision is to open the way for a line of CBD wellness products that promote a healthy body and mind. The ultimate purpose is to help people and their loved ones have a happier and healthier life.
Endoca was founded in 2010, and it was one of the world's first CBD oil companies to start selling CBD products online. They believed that their premium products and extensive hemp plant knowledge enabled them to provide the world with great hemp extracts that harness the goodness found directly in nature. For instance, in August 2021, Endoca, the leading organic CBD oil company, made an announcement to title sponsorship of a Times Square takeover on National CBD Day, presented by Sublime Communications powered by Five Tier, Inc.
Key Companies in the CBD Hemp Oil market include
- ENDOCA
- Medical Marijuana Inc.
- Folium Biosciences
- Elixinol
- NuLeaf Naturals LLC
- Isodiol International Inc.
- Freedom Leaf Inc. (US)Green Roads of Florida LLC (US)
- Charlotte's Web Holdings Inc. (US)
- ENDOCA (Netherlands), among others
CBD Hemp Oil Industry Developments
January 2021: Nano Hydrate has unveiled marketing services leveraging advanced technologies to provide natural healing through branding services of pharmaceutical-grade cannabidiol (CBD). Furthermore, Nano Hydrate aims to create a collaborative program that would allow them to introduce existing brands to the market for niche CBD products while enlarging options for cannabis-infused beverages to the cannabis industry.
January 2021: Next leaf has been allowed a patent by the U.S. Trademark and Patent Office for a process that contributes to the Company's dynamic and growing U.S. patent portfolio resulting in a solventless cannabis concentrate.
September 2021: Aurora Cannabis Inc. introduced Bidiol, the medical cannabis oil in Uruguay that is wholly produced domestically. The CBD oil is available in 3% and 10% concentrations and comes in 10mL and 30mL bottles, available in pharmacies across the country.
CBD Hemp Oil Market Segmentation
CBD Hemp Oil Source Outlook
- Hemp
- Marijuana
CBD Hemp Oil Distribution Channel Outlook
- B2B
- B2C
- Hospital Pharmacies
- Online
- Retail Stores
CBD Hemp Oil End-User Outlook
- Medical
- Chronic Pain
- Mental Disorders
- Cancer
CBD Hemp Oil End User Outlook
- Pharmaceuticals
- Wellness
- Food & Beverages
- Personal Care & Cosmetics
- Nutraceuticals
CBD Hemp Oil Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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