"Trends for CBD beauty and edibles are expected to drive the market."
The CBD oil market is expected to grow at a CAGR of 32.5% during the forecast period from 2019 to 2027, starting from US$ 534.4 Mn in 2018.
CBD oil-based products are gaining popularity, and consumers nowadays are becoming more inclined toward using CBD oil-based products for treating a number of health problems such as insomnia, chronic pain, and anxiety, among others. Moreover, the younger generation is more interested in trying new and buzzy trends, and CBD beauty is one of that trends. Accordingly, CBD beauty has the potential of larger growth. As per the research studies, it is estimated that the CBD beauty industry will reach about US$ 25 billion by 2030. Moreover, CBD skincare will account for about 15% of the total skincare industry by 2030. In addition, it is estimated that about 67% of gen z and 62% of the millennial population is interested in CBD makeup.
On account of emerging consumer interest in CBD-based products, manufacturers are developing new and innovative CBD-based products in the market. For instance, in February 2020, Vita Hemp Oil, a Colorado-based company that manufactured CBD oil, launched a new product. The CBD Gummies are 100% natural and a great source of vitamin C and aim to increase immunity. Moreover, the gums also help to reduce stress and anxiety. Furthermore, in December 2019, Canopy Growth Corporation USA, LLC launched a new product line. The First & Free is a hemp-derived CBD product line that includes oil drops, soft gels, and creams. Thereby increasing the demand for CBD oil.
Market Synopsis
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Application Analysis
"Introduction of Farm Bill by the U.S. Government drives the market growth."
The medical & pharmaceuticals segment dominated the CBD oil market in 2018 and is expected to continue its dominance during the forecast period. Due resurge in patients' interest in using CBD for treating a variety of conditions such as cancer pain, depression, chronic pain, and neurological disorders drive the market growth. Moreover, research and development by various government organizations of CBD in medical fields also support market growth. For example, the National Institute on Drug Abuse (NIDA) is an agency that researches cannabis-based products. Moreover, in 2017, the National Institute of Health (NIH) reinforced around 300 projects on the research and development of cannabinoids and spend around US$ 140 million. Additionally, in 2018, the first CBD-based drug, Epidiolex, was authorized by the U.S. Food and Drug Administration. Since then, the demand for CBD-based medicine is increasing, supporting market growth.
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Regional Analysis
"Rising number of research and development of CBD in medical treatments drive the market."
North America dominated the CBD oil market in 2018 and expected to continue its dominance during the forecast period. This is because consumers in the North American region are more inclined toward using plant-based products. Thereby increases the demand for CBD oil in the region. Furthermore, the Farm Bill law, designed in December 2018, that removed cannabis plants and its derivative containing not more than 0.3% THC from the Controlled Substance Act increases the demand for CBD oil in the region.
"Asia Pacific is projected to grow at a considerable rate during the forecast period."
Asia Pacific is expected to grow at a noticeable rate during the forecast period due to various funding-based research projects on treatments, including CBD. For instance, Singapore, the world's most stringent drug law country, is funding research on various medical treatments containing synthetically-derived compounds of the marijuana plant. Thereby, is one of the key factors supporting the growth of the market.
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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
Key Industry Developments:
- In January 2020, Avon launched a new facial oil infused with CBD. The new Green Goddess Facial Oil is extracted from hemp and contains vitamins A, D, and E. The oil helps to relieve skin irritation and reduces redness. The Goddess Facial Oil is produced from 99% natural ingredients and is suitable for sensitive skin.
- In January 2020, Super Natural Botanicals launched a new product line of CBD products in its portfolio. The company offers a new CBD product line through its e-commerce platform. The new CBD product line includes various products such as drops, oil, creams, and vape juice.
- In February 2020, Colgate Palmolive entered in hemp and CBD-based products by acquiring Hello Products LLC. Colgate announced acquiring Hello Products LLC and launched a new collection of CBD oral care products. Hello Products LLC recently launched various CBD-based products such as Lip balms and CBD mouthwash.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.Segmentation
By Type (2017–2027; US$ Mn)
- Hemp-derived
- Marijuana-derived
Application (2017–2027; US$ Mn)
- Food & Beverage Industry
- Medical & Pharmaceutical Industry
- Cosmetics Industry
- Others
Distribution Channel (2017–2027; US$ Mn)
- Retail Stores
- Pharmacies
- Online
- Others (Supermarket & Hypermarkets, etc.)
Geography Segment (2017–2027; US$ Mn)
- North America (U.S. and Rest of North America)
- Europe (U.K., Germany, France, and Rest of Europe)
- Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
- Rest of World (Middle East & Africa (MEA), Latin America)
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall CBD oil market. In addition, the global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
