CBD Oil Market is expected to grow at CAGR of 38.45% to reach USD 3782.32 Million till 2024

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Global CBD Oil Market is expected to grow at CAGR
of 38.45 to reach USD 3782.32 Million till 2024
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CBD Oil Market
CBD Oil (Cannabidiol Oil) Market Information by
Type (Hemp-Derived Marijuana-Derived),
Application (Cosmetics Industry, Food Industry,
Pharmaceuticals Industry Others) and Region
(Americas, Europe, Asia-Pacific and Middle East
Africa) - Global Forecast till 2024 The Global
CBD Oil Market is expected to grow at CAGR of
38.45 to reach USD 3782.32 Million till 2024.
CBD oil is an extract of cannabis that acts as a
natural pain reliever, has anti-inflammatory
properties, and reduces epileptic seizures, etc.
According to a survey by the National Center for
Biotechnology Information (NCBI) conducted
between 2017 to 2018, about 62 of the population
used CBD-based products to treat various medical
conditions. CBD oil market has been gaining
massive traction in the recent years owing to
increased research activities in the field of
cannabidiol or CBD that have come to indicate
that the product can prove to be beneficial in
easing the symptoms of a number of ailments.
Therefore, CBD oil has come to be used in a
plethora of bodily applications ranging from pain
management to anxiety relief to a sleep aid. CBD
oil market has therefore grown at a prolific rate
and has come to be marketed in a variety of forms
that include topical ointments, capsules, infused
honey etc. Medically prescribed CBD oil has been
legalized in many regions of the world. Request
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CBD Oil Market
Segmentation The CBD oil market is segmented on
the basis of type which includes hemp-derived CBD
oil and marijuana-derived CBD oil. Hemp-derived
CBD oil market is expected to register the
highest CAGR and a market size of USD 2,092.97
million by 2024. Hemp derived CBD oil market has
apparently gained greater traction when compared
to marijuana-derived CBD oil due to the lower
concentration of tetrahydrocannabinol (THC) in
the former. While THC concentration in hemp
derived CBD is 0.3, marijuana-derived CBD
contains 15 to 40 of THC. 0.3 THC is the
permitted concentration of the compound as this
renders the formula non-addictive and therefore
hemp derived CBD is legal in most states in the
U.S. as well as most parts of the world. By
application, CBD oil market is divided into
cosmetics, food, pharmaceuticals and others. The
cosmetics CBD oil industry is anticipated to
witness a massive CAGR of 38.80 over the
analysis period. Various cosmetic products are
being infused with hemp-derived oils as the
benefits of hemp oil are hailed in the beauty
industry for its anti-inflammatory and
moisturizing characteristics. Browse Complete
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orts/cbd-oil-market-7355
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CBD Oil Market
Regional Analysis CBD oil market comprises four
regional categories namely Americas, Europe, Asia
Pacific and MEA. Owing to increased demand for
CBD oil based products, the CBD oil market is
slated to accrue a significant portion of its
revenue from the business in the Americas. The
WHO estimates that 22.2 million Americans use CBD
oil and related products for various reasons.
Competitive Spectrum Some of the prominent
participants in the CBD oil market include,
Aphria Inc., MedMen Enterprises Inc., Curaleaf
Holdings, Inc. CBD American Shaman, Green Roads
of Florida, LLC, ENDOCA, Charlotte's Web
Holdings, Inc., Freedom Leaf, Inc., Pharmahemp,
Absolute Terps, Whistler Medical Marijuana
Corporation, Kazmira LLC, Aurora Cannabis, CV
Sciences, Inc., NuLeaf Naturals, Canopy Growth
Corporation, HempLife Today, Emblem Cannabis etc.
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