Description
The global cannabidiol oil market was USD 3.1 billion in 2020 and estimated to grow USD 9.3 billion by 2027, at a CAGR of 20.2% from 2021 to 2027. Cannabidiol is extracted from cannabis or hemp, specifically hemp, due to its naturally high CBD content. The product is often mistaken for its psychoactive counterpart, tetrahydrocannabinol extracted from the same plant. It has several benefits in treating anxiety, inflammation, reducing pain, and helping prevent seizures. The market is evolving faster due to its increasing utilization in the food, pharmaceuticals industry, and cosmetics.
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Some of the factors driving the market growth include the need for plant-based pain relief medication and the future prevalence of mood-related neurological disorders. In addition, the high prevalence of chronic diseases such as diabetes and cancer are fuelling the market growth. For instance, as per the World Health Organization 2019 Facts, depression is a common mental disorder and one of the main causes of disability worldwide. A high number of people are affected by depression. Also, research and development in plant-based medications have been leading to the substantial impetus to the growth of the CBD oil market.
Additionally, the rise in penetration of hemp oil in e-commerce websites and advancements in technologies are expected to bolster market growth in the future. However, restrictions in CBD use in a few countries and stringent regulatory infrastructure are expected to hamper the market growth.
COVID–19 Impact on the Global Cannabidiol Oil Market
COVID-19 is an incomparable global public health emergency that has affected every industry, including the healthcare industry, the long-term effects anticipated to impact the industry growth. The ongoing research amplifies the research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward.
Moreover, R&D in plant-based medications for COVID-19 induced stress, anxiety, and depression, boosting market growth. For instance, in December 2020, the University of Texas at Austin collaborated with SunFlora.Inc and Way West Hemp Inc. is conducting a phase II/III clinical trial to assess the efficacy of CBD isolate and full-spectrum cannabidiol oil in reducing COVID-19 induced anxiety, depression, anger, sleep disturbance, and stress.
Global Cannabidiol Oil Market Dynamics
Drivers: Rise in the Acceptance of Hemp Oil Based Products
The rise in acceptance of cannabidiol oil in treating diseases and the legalization of cannabinoid plant-related products in many countries is anticipated to boost the hemp-based cannabidiol oil segment growth. In addition, preference towards preventive healthcare and a wide range of applications of CBD hemp oil is strengthening the segment for CBD hemp oil.
Over the evaluation period, this is expected to drive its production. Because of its curing effects of covid-19, the demand for cannabis oil (CBD) for medicinal and health uses is increased, which is the major driving factor of the CBD Oil market. In addition, regulatory approvals, increasing product acceptance, and usage are other major factors driving the CBD Oil market for goods infused with cannabis oil. Furthermore, the growing awareness of the medicinal advantages of cannabis oil has influenced individuals to purchase goods dependent on CBD, regardless of their cost.
Restraints: Lack of consumers awareness in several Asian and the Middle East countries
CBD-based products are gaining wide popularity among consumers in developed countries such as the U.S., U.K., Russia, Canada, and others but not in the developing economies, especially in Asia and the Middle East. The myth associated with the product delivering psychoactive effects due to its popularity among customers for recreational purposes hampers its market performance. Customers are not well aware of its benefits, functions, and beneficial offerings in several ways. However, the manufacturers are constantly creating consumer awareness and developing informative packaging to clear the consumer’s intention towards the product. Therefore, the efforts to reinforce the marketing activity will offer the global cannabidiol market growth opportunities.
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Scope of the Report
The study categorizes the cannabidiol oil market based on source and end-use at the regional and global levels.
By Source Outlook (Sales, USD Million, 2017–2027)
- Hemp
- Marijuana
By End-Use Outlook (Sales/Revenue, USD Million, 2017–2027)
- Medical
- Chronic Pain
- Mental Disorders
- Cancer
- Others
- Personal Use
- Pharmaceuticals
- Wellness
- Food & Beverages
- Personal Care & Cosmetics
- Nutraceuticals
- Others
By Region Outlook (Volume, Thousand Units, Revenue, USD Million, 2017–2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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The hemp segment is projected to account for the largest market share, by source
Based on the source, the global cannabidiol oil market is divided into hemp and marijuana. In 2020, the hemp segment had the largest share of 60.0% in the global market of cannabidiol oil. The increasing acceptance of refined CBD products combined with the increasing legalization of marijuana and marijuana-derived products for various medical applications is driving the growth of this segment. Furthermore, the high effectiveness of cannabidiol extracted from marijuana is a key factor for the large share of the market.
Cannabidiol derived from hemp is estimated to witness rapid growth owing to increasing demand from the pharmaceutical sector and rising awareness among consumers about health. Increasing consumer disposable income and the legalization of medicinal cannabis are anticipated to positively impact the demand for cannabidiol in the pharmaceutical sector. Oils, concentrate, capsules, tinctures, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, chocolates, gums, coffee, and candies are some CBD products that are in high demand.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global cannabidiol oil market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. In the Asia Pacific, the market is anticipated to witness the fastest growth over the forecast period owing to the setup of hemp-producing plants, especially in China. China is the largest hemp cultivator in Asia, producing nearly half of the world’s hemp.
The increasing legalization and approvals of cannabidiol in several products offer several manufacturers potential opportunities to operate in the market. For instance, in 2019, Thailand was the first Southeast Asian country to legalize cannabis for medicinal use and research purposes. The manufacturers’ capitalization on consumer awareness and product marketing are some of the key factors driving the market growth.
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Key Market Players
The cannabidiol oil market is mildly concentrated in nature, with few numbers global players operating in the market such as Aurora Cannabis, ENDOCA, Gaia Herbs, ISODIOL, IRIE CBD, CV Sciences Inc., CBD American Shaman, Canopy Growth Corporation, Elixinol, NuLeaf Naturals, LLC, ConnOils LLC, and Medical Marijuana, Inc. Every company follows its business strategy to attain the maximum market share.
