CBD Oil Market Global Value 2019, Size Estimation, Share Analysis, Price Trend, Industry Research, Top Manufacturers and Demand Forecast to 2023
By 2023, the Worldwide CBD Oil Market scope is likely to return USD 2,177.99 million. In 2018, the market worth was USD 462 million. Investments by businesses coupled with the legalization of marijuana is expected to fuel the market growth.
CBD is found in the cannabis sativa plant that does not create the intoxication or euphoria like its cousin composite, THC. THC is widely recognized as an effective source for altering the mind. Although, CBD is not psychoactive. This implies that CBD does not affect the user’s state of mind. However, it is known to initiate crucial changes in the body and are claimed to be having medical and health benefits. Increase in investments towards the medicinal benefits of marijuana is expected to positively influence the CBD oil market. CBD often finds application in relieving chronic pain and swelling, sleep issues, and anxiety.
Increased prevalence of fatal ailments such as cancer, need pain-relieving solutions. CBD meets this need and hence is considered as an effective form of treatment. CBD can ease the consequences of chemotherapy treatment and can be consumed orally through drops or foods. This property of CBD strongly encourages the CBD Oil Market Growth.
The Global CBD Market is dominated by players such as IrieCBD (U.S.), CBD American Shaman (U.S.), ENDOCA (The Netherlands), Isodiol International Inc. (Canada), Medical Marijuana Inc. (U.S.), Elixinol Global Limited (Australia), Bluebird Botanicals Ltd. (U.S.), CV Sciences Inc. (U.S.), Canopy Growth Corporation (Canada), and Aurora Cannabis (Canada).
The CBD Oil Market is segmented by Distribution Channel, Product, and Application.
Major Distribution Channels implemented in developing the CBD Oil Market include retail pharmacies, e-commerce websites, marijuana medical dispensaries, and hospital pharmacies.
Products in the market include hemp-derived CBD Oil and marijuana-derived CBD Oil.
Key Market Applications of CBD Oil include pain relief, diabetes, mood disorders, neurological disorders, and fibromyalgia.
Based on Region, the CBD Oil Market is segmented into the Americas, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW). In 2017, the Americas represented a market share of 78.26% followed by Europe (11.21%), APAC (9.23%), and RoW (1.30%). The Americas are likely to maintain their rank as the market leader pertaining to requirement for numerous CBD Oil-Based Products. World Health Organization (WHO) states that almost 147 million people intake marijuana in the U.S. Marijuana consumption has been legalized recently. It finds wide application as pain relievers for certain chronic ailments. Both the factors are likely to fuel the CBD Oil Market in the region. By 2023, the market has the potential to generate an estimated USD of 1,695.20 million. By 2023, the CBD Oil Market in Europe is likely to generate almost USD 251.20 million. Legalization of marijuana in the Czech Republic and Germany is anticipated to favor the regional growth. Additionally, increasing awareness about the clinical applications of CBD coupled with the introduction of new players, makes it a promising market for CBD Oil products. By 2023, the APAC region is estimated to yield USD 203.12 million. The growth is owing to the various applications of marijuana for curing ailments such as epilepsy. A survey conducted in Australia stated that almost 13% of parents took help of illicit extracts of cannabis for healing seizures in their kids. This is projected to extend the scope for CBD Oil products in the Asia-Pacific market. By 2023, the RoW region is expected to generate USD 28.47 million. It can witness a rapid progress rate owing to ill effects of cannabis, strict administrative policies, and restraints on marijuana usage
CBD Market Could Reach $20 Billion By 2024, Says New Study
Affecting industries as diverse as cosmetics, food and beverage and pharmaceuticals, the exploding CBD (cannabidiol) market has generated considerable headlines, providing fodder to umpteenth analysis and forecasts. The latest one, by leading cannabis researchers BDS Analytics and Arcview Market Research, projects that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024. Interestingly, this figure is a slight increase from than the recent forecast made by New York-based investment bank Cowen & Co, which estimated that the market could pull in $15 billion by 2025.
D.C. for adult use), the BDS prognostication makes perfect sense.
But sales will continue from other distribution channels. In fact, BDS Analytics is predicting an compound annual growth rate of 49 percent by 2024 across all distribution channels. Also, they expect that the CBD market, combined with THC products, will create a total market of $45 billion for cannabinoids by 2024.
Other findings from the new study include:
- CBD product sales in dispensaries since 2014 have grown at an even faster rate than overall sales in dispensaries;
- 66 percent of hemp-derived CBD consumers in the U.S. agree with full federal legalization of cannabis, with 90 percent believing that marijuana has medical benefits; and
- CBD consumers are an average age of 40, have higher education, and are more likely than non-consumers to be employed full time.Jessica Lukas, vice president of consumer insights at BDS Analytics, explained how the Boulder, Colorado-based firm cast this latest forecast. “We had to look at the landscape today, and then assess and predict where the market will go,” she said. “THC and CBD are very different with different functionality. Product forms that make sense and are very successful for THC do not necessarily transfer to CBD. Additionally, we had to strongly consider the interaction between the general market channels and the dispensary channel in assessing whether or not the availability of CBD products in the general market is incremental to purchases in dispensaries, will replace dispensary purchases, and/or will drive greater penetration and acceptance of legal cannabis.”
Estimating the size of the market by channel and category was a challenge in the data-gathering process. “Most products being sold in the general market today are in untracked channels of distribution,” said Lukas. Yet even with this problem, she is expecting many categories (food, candy, beverages, beauty, skin, etc.) will generate substantial volume across many channels of distribution. “While dispensaries and ecommerce drive the majority of cannabinoid sales today in the U.S, this shifts versus the next five years,” she added