Home / Press Release / Global CBD Oil Market Expected to Grow At a CAGR of 32.5% During the Forecast Period

Global CBD Oil Market Expected to Grow At a CAGR of 32.5% During the Forecast Period

The latest market report published by Credence Research, Inc. “ CBD Oil Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the CBD oil market was valued at US$ 534.4 Mn in 2018 and expected to grow at a CAGR of 32.5% during the forecast period from 2019 to 2027.

Market Insights

“New product launches by top manufacturers support the growth of the market” 

CBD oil is gaining its importance due to various benefits associated with the oil. CBD helps to reduce chronic pain, offers stress relief and improved heart health. Rising expenditure in healthcare worldwide supports the growth of the market. Moreover, the use of CBD oil as a major ingredient in body and skincare products supports market growth. As per the research conducted by Hexo Corp in North America suggests that in the year 2018, CBD sales in the U.S. accounts for around US$ 2 billion, the report also suggests that the sales of CBD will increase five times by the year 2025. Additionally, research studies suggest that the U.S. sales of CBD will reach about 1.8 billion by the year 2022, thereby, increases the demand for CBD oil. 

Nowadays consumers are more inclined towards using natural and organic products as a result manufacturers are developing new CBD oil-based products and aim to fulfill the rising consumer's demand CBD based products. For instance, in June 2019, PureCBD Factory launched a new product. The new hemp CBD oil Tincture is non-GMO (genetically modified organisms) and organic. By the new CBD oil launch, company aims to expand its product portfolio to satisfy the growing demand for CBD oil in the U.S. market and internationally.

CBD Oil Market

Browse the full report at https://www.credenceresearch.com/press/global-cbd-oil-market

Top manufacturers of CBD oil are focusing to increase their product portfolio by launching new products in the market.

Industrial Developments 

• In January 2020, Kadenwood, LLC. launched a new line of CBD oil drops. The company launched a new CBD oil drop under its Level Select brand.

• In January 2020, CV Sciences, Inc. launched a newly updated website. PlusCBD oil website is designed to provide a better experience to the customers. By updating the website, the company aims to provide additional value to its customers as e-commerce is the fastest-growing sales channel that accounts for about 21% of the total sales of the company. 

Key Market Movements: 

• Globally, the CBD oil market is rising at a CAGR of 32.5% for the estimated period from 2019 to 2027 

• North America dominated the global CBD oil market in the year 2018 and expected to continue its dominance during the forecast period. The dominance supported by factors such as the presence of top CBD oil product manufacturers in the region. Moreover, rising awareness about health benefits associated with CBD drives the demand of the market in the region. 

• The application segment sub-divided into food & beverage, medical and pharmaceuticals, cosmetic and others. The medical & pharmaceutical industry holds the largest share in 2018 and expected to continue its supremacy during the forecast period. Growing adoption and utilization of CBD based products due to approvals by various government support market growth. 

• The cosmetics industry expected to grow at a considerable rate during the forecast period due to the increasing preference of customers towards CBD based skincare products globally. Moreover, the overall CBD beauty industry expected to reach about US$ 25 billion by the year 2030. Thereby, increasing the demand for the CBD oil market globally.

List of Companies Covered: 

• Canopy Growth Corporation
• CBD American Shaman
• NuLeaf Natural, LLC
• Medical Marijuana Inc.
• CV Sciences, Inc.
• Elixinol Global Limited
• Endoca
• Isodiol International Inc.
• Gaia Botanicals, LLC.
• Folium Biosciences
• Irie CBD
• PharmaHepm
• Aurora Cannabis Inc.
• Pure CBD Factory

The Global CBD Oil Market is Segmented into:

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Million
Segmentation

 By Type (2017–2027; US$ Mn)

 Application (2017–2027; US$ Mn)

 Distribution Channel (2017–2027; US$ Mn)

 Geography Segment (2017–2027; US$ Mn)

*Complete segmentation list is on report page

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