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The global cannabidiol oil market was worth US$3.1 billion in 2020 and is expected to grow by US$9.3 billion by 2027 at a CAGR of 20.2% from 2021 to 2027. Cannabidiol is derived from cannabis or hemp, especially hemp, due to its naturally high CBD content. The product is often confused with its psychoactive counterpart, tetrahydrocannabinol, which is derived from the same plant. It has multiple benefits in treating anxiety, inflammation, relieving pain and preventing seizures. The market is developing faster due to its increasing use in food, pharmaceutical and cosmetic industries.

Some of the factors driving the market growth are the need for plant-based pain relievers and the future prevalence of mood-related neurological disorders. In addition, the high prevalence of chronic diseases such as diabetes and cancer is driving the market growth. For example, according to the World Health Organization Facts 2019, depression is a common mental disorder and a leading cause of disability worldwide. A lot of people are affected by depression. The research and development of herbal medicines has also led to significant growth impetus for the CBD oil market.

In addition, increasing penetration of hemp oil on e-commerce websites and advances in technology are expected to bolster the market growth in the future. However, restrictions on the use of CBD in some countries and a strict regulatory infrastructure are expected to hamper market growth.

COVID19 Impact on the Global Cannabidiol Oil Market

COVID-19 is an unparalleled global public health emergency that has impacted every industry, including healthcare. The long-term effects are expected to impact the industry growth. Ongoing research is expanding the research framework to ensure underlying COVID-19 issues and potential avenues for the future are included.

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In addition, the research and development of herbal medicines against COVID-19 led to stress, anxiety and depression and fueled the market growth. For example, in December 2020, the University of Texas at Austin, in collaboration with SunFlora.Inc and Way West Hemp Inc., conducted a Phase II/III clinical trial to evaluate the effectiveness of CBD isolate and full-spectrum cannabidiol oil in reducing COVID-19 19 to rate. 19 induced anxiety, depression, anger, sleep disorders and stress.

Dynamics of the global cannabidiol oil market

driver: Increase in acceptance of hemp oil based products

The increasing acceptance of cannabidiol oil in the treatment of medical conditions and the legalization of cannabinoid plant products in many countries is expected to fuel the growth of the hemp-based cannabidiol oil segment. In addition, the preference for health care and a wide range of applications of CBD hemp oil strengthens the CBD hemp oil segment.

During the evaluation period, this is expected to drive production. Due to the healing effects of Covid-19, demand for cannabis oil (CBD) for medicinal and health purposes is increasing, which is the main driver of the CBD oil market. Additionally, regulatory approvals, increasing product acceptance and usage are other important factors driving the CBD oil market for cannabis oil infused goods. Additionally, the growing awareness of the medicinal benefits of cannabis oil has prompted individuals to purchase CBD-dependent goods regardless of their cost.

limitations: Lack of consumer awareness in several Asian and Middle Eastern countries

CBD-based products are popular with consumers in developed countries like the US, UK, Russia, Canada and others, but not in the developing world, particularly in Asia and the Middle East. The myth associated with the product producing psychoactive effects due to its popularity among consumers for recreational purposes hinders its market performance. Customers are unaware of the benefits, features, and beneficial offers in multiple ways. However, manufacturers are constantly creating consumer awareness and developing informative packaging to convey the consumer’s intention towards the product. Therefore, efforts to increase marketing activities will provide growth opportunities for the global Cannabidiol market.

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scope of the report

The study categorizes the Cannabidiol Oil market based on source and end use on a regional and global level.

According to source Outlook (Revenue, million USD, 20172027)

According to end-user Outlook (sales/Revenue, million USD, 20172027)

  • Medical
    • chronic pain
    • Mental disorders
    • Cancer
    • Other
  • personal use
  • drug
  • wellbeing
    • food and drinks
    • Personal Care & Cosmetics
    • nutraceuticals
    • Other

By Region Outlook (Volume, Thousand Units, Revenue, USD Million, 20172027)

  • North America (USA, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, rest of Latin America)
  • Europe (Germany, Italy, France, Great Britain, 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 & Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)

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

Based on source, the global cannabidiol oil market is segmented into hemp and marijuana. In 2020, the hemp segment had the largest share of the global cannabidiol oil market at 60.0%. Increasing acceptance of refined CBD products coupled with increasing legalization of marijuana and marijuana-derived products for various medical uses is driving the growth of this segment. Additionally, the high potency of cannabidiol extracted from marijuana is a key factor behind its large market share.

It is estimated that hemp-derived cannabidiol will see rapid growth due to increasing demand from the pharmaceutical sector and increasing consumer health awareness. Rising consumer disposable income and the legalization of medicinal cannabis are expected to have a positive impact on demand for cannabidiol in the pharmaceutical sector. Oils, concentrates, capsules, tinctures, topical solutions like slaves, lip balms, lotions, and edibles like baked goods, chocolate, gum, coffee, and candy are some CBD products that are in high demand.

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Asia Pacific will show the highest CAGR over the forecast period

Based on regions, the global cannabidiol oil market has been segmented into North America and AsiaPacific, Europe, South America, and the Middle East and Africa. In Asia-Pacific, the market is expected to witness the fastest growth during the forecast period owing to the build-up of hemp producing facilities, particularly in China. China is the largest hemp grower in Asia, producing nearly half of the world’s hemp.

The increasing legalization and approval of cannabidiol in multiple products presents potential opportunities for multiple manufacturers to enter the market. For example, in 2019 Thailand became the first Southeast Asian country to legalize cannabis for medicinal and research purposes. Manufacturers’ capitalization of consumer awareness and product marketing are some of the key factors driving the market growth.

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Important market participants

The cannabidiol oil market is inherently slightly concentrated with only a 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. Every company pursues its business strategy to get the maximum market share.