The global CBD oil market size is expected to reach US$ 4.9 Bn by the end of 2030. According to a report published by Future Market Insights (FMI), between 2020 and 2030 the market will grow at an impressive CAGR of 31.3%. The study also highlights the recent transition observed in global CBD oil market, where brand owners are exploring opportunity beyond pharmaceuticals. The study offers a detailed analysis of the industry, covering key drivers of growth, opportunities, restraints and prevailing trends. Six proprietary analysis frameworks has been included in the report to provide accurate market analysis.
- In 2020, the market is valued at US$ 324.3 Mn. The market is likely to grow exponentially over the course of the forecast period
- Europe and North America the will continue to lead the global market for CBD oil
- Japan and Israel will be the epicenter of growth out of Europe and US
- Pharmaceutical segment is expected to remain dominant, yet new applications will emerge
- In terms of sales channel, the B2C segment has the largest market share in the market
- Key players are likely to focus on business expansion and product launches to compete in the established markets
“The CBD oil market has lucrative prospects for growth in the wellness and medicinal categories. CBD oil has many healing properties, which is the prime factor driving the market. Besides this, widening use of CBD oil in cosmetics, supplements, food and textile poised to provide new dimension to the market in the near future,” said a lead analyst at FMI.
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Increasing Demand for Convenience and Ready-to-Eat Food Product to Boost Application of CBD Oil in Food and Beverage Industry
Demand for convenience food that offer various health benefits is rising as consumers increasingly focus on healthier diet. In addition to this, the demand for healthier versions in ready-to-eat foods, which contain more natural ingredients, will contribute to the growth of the CBD oil market. This trend has become more prevalent as consumers are compelled to stay indoors following the COVID-19 outbreak. As restaurants and hotels remain shuttered the demand for convenience food and ready-to-eat meals is on the rise. However, consumers are more likely to opt for immune boosting solutions. Therefore, the demand for food that offers better convenience and health benefits will accelerate amidst the prevailing scenario. This will create an ideal environment for the growth of the CBD oil market.
Who is Winning?
Some of the key players operating in the CBD Oil market are CV Sciences, Medical Marijuana, Aurora Cannabis, Canopy Growth Corporation, Canntrust, Tilray, Kazmira LLC, Connoils, and Elixinol among others.
Owing to the growing competition, companies are focusing on expanding their product range. In addition to this, they are looking forward to collaborating with reputed regional and local players to expand their geographical footprint. For instance, in October 2018, CannTrust entered into a strategic alliance with Australian-based Company, Cannatrek, for distribution of its products in the Asia Pacific region.
In addition to this there is continued focus on mergers and acquisitions. For instance, Canopy Growth Corporation acquired Mettrum Health Corporation in Canada in 2016 for US$ 430 Mn.
CBD Oil Market Segmentation
The global CBD oil market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Hemp Oil
- Marijuana Oil
- Food & Beverages
- Chewing Gums
- Chocolate bars
- Dairy Products
- Bakery Products
- Hospital Pharmacy
- Retail Pharmacy
- Convenience Store
- Online Retail
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
Get Valuable Insights into CBD Oil Market
Future Market Insights, in its new report, presents an unbiased analysis of the global CBD Oil market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of type, the market can be segmented into hemp and marijuana. Based on applications, the market can be classified into pharmaceuticals, food & beverages, cosmetics and others. Regionally, the market can be segmented into North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.