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Cannabidiol Oil Market Growing Geriatric Population to Drive Growth 2030 Market Size, Trends, Scope and Growth Analysis to 2030

The description

the global cannabidiol oil market been $3.1 billion in 2020 and should grow $9.3 billion by 2027at a CAGR of 20.2% from 2021 to 2027. Cannabidiol is extracted from cannabis or hemp, especially hemp, due to its naturally high CBD content. The product is often confused with its psychoactive counterpart, tetrahydrocannabinol extracted from the same plant. It has several benefits in treating anxiety, inflammation, reducing pain, and preventing seizures. The market is changing faster due to its growing use in food, pharmaceutical and cosmetic industry.

Some of the factors driving the growth of the market include the need for herbal painkillers and the future prevalence of mood-related neurological disorders. Additionally, the high prevalence of chronic diseases such as diabetes and cancer is fueling the growth of the market. For example, according to the 2019 facts from the World Health Organization, depression is a common mental disorder and one of the leading causes of disability worldwide. A high number of people are affected by depression. Additionally, the research and development of herbal medicines has given substantial impetus to the growth of the CBD oil market.

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Additionally, increasing penetration of hemp oil in e-commerce websites and advancements in technology are expected to drive the market growth in the future. However, CBD usage restrictions in a few countries and stringent regulatory infrastructure are expected to hamper the market growth.

covid19 Global Cannabidiol Oil Market Impact

COVID-19 is an unparalleled global public health emergency that has affected all industries including the healthcare industry with the long-term effects expected to impact industry growth. Ongoing research is amplifying the research framework to ensure inclusion of the underlying issues of COVID-19 and potential pathways forward.

Additionally, R&D on herbal medicines for COVID-19 induced stress, anxiety and depression, has boosted the market growth. For example, 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 evaluate the efficacy of the CBD isolate and the full-spectrum cannabidiol oil in reducing COVID-19 induced anxiety, depression, anger, sleep disturbances and stress.

Global Cannabidiol Oil Market Dynamics

Drivers: Increased acceptance of hemp oil products

The increase in the acceptance of cannabidiol oil in the treatment of diseases and the legalization of plant-related cannabinoid products in many countries are expected to drive the growth of the hemp-based cannabidiol oil segment. Moreover, the preference for preventive health care and a wide range of CBD hemp oil applications strengthen the CBD hemp oil segment.

Over the evaluation period, this should boost its production. Due to its curative effects of covid-19, the demand for cannabis oil (CBD) for medical and health purposes is increased, which is the major driver of the CBD oil market. Additionally, regulatory approvals, increase in product acceptance and usage are other major factors driving the CBD oil market for cannabis oil infused products. Additionally, growing awareness of the medicinal benefits of cannabis oil has prompted individuals to purchase CBD-dependent products regardless of cost.

Constraints: Lack of consumer awareness in several countries in Asia and the Middle East

CBD products are gaining popularity among consumers in developed countries such as the United States, United Kingdom, Russia, Canada and others, but not in developing economies, particularly in Asia and in the Middle-East. The myth associated with the product delivering psychoactive effects due to its popularity among recreational customers hinders its performance in the market. Customers are not well aware of its advantages, functions and advantageous offers in several ways. However, manufacturers are constantly educating consumers and developing informative packaging to clarify the consumer’s intent towards the product. Therefore, efforts to strengthen marketing activity will provide growth opportunities for the global cannabidiol market.

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Report scope

The study categorizes the cannabidiol oil market based on source and end use regionally and globally.

By source Outlook (Sales, million USD, 20172027)

By end-use outlook (Sales/Revenue, USD million, 20172027)

  • Medical
    • chronic pain
    • mental disorders
    • Cancer
    • Others

  • Personal use
  • Medications
  • Welfare
    • Food and drinks
    • Personal care and cosmetics
    • Nutraceuticals
    • Others

Outlook by region (Volume, Thousand Units, Revenue, USD Million, 20172027)

  • North America (United States, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
  • The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)

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The hemp segment is expected to account for the largest market share, by source

According to the source, the global cannabidiol oil market is divided into hemp and marijuana. In 2020, the hemp segment held the largest share of 60.0% in the global cannabidiol oil market. The growing 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. Moreover, the high efficiency of cannabidiol extracted from marijuana is a key factor for the large market share.

Hemp-derived cannabidiol is believed to be growing rapidly due to growing demand from the pharmaceutical industry and growing consumer health awareness. The increase in consumer disposable income and the legalization of medical cannabis are expected to have a positive impact on the demand for cannabidiol in the pharmaceutical sector. Oils, concentrates, capsules, tinctures, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, chocolates, gummies, coffee, and candies are popular CBD products.

Asia Pacific represents the highest CAGR over the forecast period

On the basis of regions, the global cannabidiol oil market has been segmented into North America, AsiaPacific, Europe, South America, Middle East and Africa. In Asia-Pacific, the market is expected to witness the fastest growth over the forecast period owing to the establishment of hemp production factories, especially in China. China is the largest hemp grower in Asia, producing nearly half of the world’s hemp.

The legalization and increasing approvals of cannabidiol in several products provide several manufacturers with potential opportunities to operate in the market. For example, in 2019, Thailand was the first country in Southeast Asia to legalize cannabis for medical and research purposes. The capitalization of manufacturers on consumer awareness and product marketing are some of the key factors driving the growth of the market.

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Main market players

The cannabidiol oil market is slightly concentrated in nature with few 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.. Each company follows its business strategy to achieve the maximum market share.