The global sales of CBD oils are expected to total US$ 284.2 Mn in 2021. Future Market Insights (FMI) has projected the CBD oil market to grow at an exponential compound annual growth rate (CAGR) of 31.5%. Increasing use of CBD oil in production of animal feed and emerging scope for application in food and beverage industry are the key trends shaping CBD oil market.
Awareness regarding multiple health and medical benefits of cannabidoil (CBD) oil like treating neurological disorders has fueled the demand for CBD oil in pharmaceutical industry. In November 2021, the World Health Organization’s expert committee concluded that pure state CBD with no Tetrahydrocannabinol (THC) is unlikely to have potential harm on human health.
CBD oil application in skincare products also is increasing a due to its several medical benefits and healing properties. Antioxidant and anti-inflammatory properties of CBD assist in treating various skin problems. This will boost the market growth through 2031.
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Besides this, use as key ingredient in the cosmetic industry will create opportunities for growth. As per FMI, favorable regulatory policies in Latin America have created ideal condition for CBD oil market growth. The region is witnessing a spurt of business initiatives and product launches containing CBD oil.
Key Takeaways from FMI’s CBD oil Market Study
- The global demand of overall CBD oil market exhibited year-on-year growth of 35.9% in 2021 to total 125,655 kg.
- North America will lead the CBD oil market due to legalization of CBD products and high production of hemp and marijuana oils in U.S. and Canada. The market is expected to grow at prolific 30.2% CAGR during the forecast period.
- Europe CBD oil market is forecast to grow at 35% CAGR, backed by favorable climatic conditions for growth of cannabis and rise in export of CBD oils from U.K. and Germany.
- China will dominate the East Asia CBD oil market from 2021 and 2031. Adoption of CBD extracts in cosmetic and skincare industry along with favorable government policies regarding sales of CBD oils will drive growth in the country.
- South Korea CBD oil market is forecast to account for less than 0.8% of global market share in 2021, owing to lack of awareness among people and stringent policies in the country.
- Anti-inflammatory, anti-aging, and antioxidant properties of hemp oil will drive the sales of CBD oils during the forecast period.
“Extensive research aimed at developing high quality medical grade CBD oils and growing awareness regarding health benefits of CBD will boost the sales of CBD products in upcoming years,” says the FMI analyst.
Who Is Winning?
In order to expand their geographical footprint, top market players are focusing towards diversifying the product portfolio and are offering wide range of options such as CBD products. They are actively collaborating with regional companies to capitalize on growth opportunities offered by emerging economies.
For instance, in March 2021, Tilray Inc, a global pioneer in CBD oil and derived products market, received the required regulatory approvals from New Zealand’s Ministry of Health and the Medicinal Cannabis Agency to launch its medical cannabis products across the country.
In 2018, CannTrust joined hands with Australian-based Company, Cannatrek for distribution of CannTrust’s products in Asia Pacific region.
In 2020, Colgate announced to launch a collection of CBD oral care products through its Hello Products LLC exclusively at Ulta Beauty.
There is an additional focus on strategic merger and acquisition among market players. For instance, Canopy Growth Corporation acquired Mettrum Health Corporation in Canada in 2016 for US$ 430 Mn.
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Prominent players operating in the CBD oil market are:-
- CV Sciences
- Medical Marijuana
- Aurora Cannabis
- Canopy Growth Corporation
- Kazmira LLC.
More Insights on the Global CBD oil Market
In its latest report, FMI offers an unbiased analysis of the global CBD oil market, providing historical data for the period of 2019-2029 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of basis of product (hemp oil and marijuana oil), distribution channel (direct/B2B, indirect/B2C, hospital pharmacy, retail pharmacy, hypermarkets/supermarkets, convenience store, and online retail), and application (pharmaceuticals, food and beverages, and cosmetics), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa)