CBD Oil (Cannabidiol Oil) Market Valued at USD 7.1 billion in 2023, projected to grow from USD 8.0 billion in 2024 to USD 16.58 billion by 2032, exhibiting a CAGR of 13.20%. during the forecast period (2024 - 2032). Increased adoption of CBD (Cannabidiol) in medical applications, pet care, and health and fitness, and legalization of using CBD in products are the key market drivers enhancing the growth of market.
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
January 2023: Through its wholly-owned subsidiary HempMeds, Medical Marijuana, Inc. announced the release of two new full-spectrum products in Brazil. The concentrations range from 3,000mg to 6,000mg, and jar sizes vary from 30mL to 60mL. The CBD sector in Brazil has experienced rapid ascent to prominence due to its robust regulatory framework, which encompasses pharmacies, medical professionals, and the national health insurance system. The Brazilian market, which is expanding at an accelerated rate, stands to gain significantly from this pricing and market potential.
February 2023: Aurora Cannabis Inc., a Canadian company that is legalizing cannabis globally, and MedReleaf Australia have jointly declared the introduction of CraftPlant, an innovative medical cannabis brand that will be commercially available in Australia in February 2023. Patients in Australia will soon have access to three new premium cultivars of medical cannabis, courtesy of a collaboration between the leading medical cannabis provider in Australia and its Canadian counterpart. They collaborate to provide Australian consumers with dried flowers, oils, and soft gels bearing the Aurora brand. CraftPlant grants physicians access to a wide variety of 27 MedReleaf products for their patients, thereby expanding the options available to assist individuals who are not experiencing alleviation from their existing medications or treatments.
September 2023: Aurora Cannabis Inc., the foremost medical cannabis company in Canada, has announced that its portfolio of CBD derived from hemp will be expanded into Brazil in September 2023. Collectively with Herbarium, the preeminent Brazilian company in herbal medicine, Aurora will introduce its 3% full-spectrum, single-source CBD oil under the Herbarium trademark. As an integral component of their medical treatment, Brazilian patients can now obtain CBD of superior quality from reputable sources, medical personnel.
Market CAGR for CBD is being driven by the acceptance and utilization of CBD products. The rising acceptance of CBD products is owing to government approvals, which is fueling the production and sales, therefore, supporting the market growth. There is growing demand for CBD in health and wellness, fitness, and pet care as it effectively treats the conditions like seizures, anxiety, and pain. The increasing technological advancements in production technology are boosting the market growth of CBD oil ly.
There is a drastic development in the industry throughout the globe due to the advancements in the research of benefits and innovations in the extraction process. The increasing concerns related to several neurological disorders, the legalization of marijuana in different regions, and growing applications of CBD oil in the cosmetics industry in order to treat skin problems like acne are some of the reasons that are anticipated to fuel the growth of market during the forecast period. The rising demand for producing medicines is due to its pain-relieving properties as it regulates the endocannabinoid system (ECS) activity and interacts with neurotransmitters making it an ideal ingredient for anti-depression and anxiety drugs. The market players are aiming to create lotions, skincare, textile items, and pet care items by using cannabidiol, thus boosting the market.
The research has shown that hemp and marijuana-derived CBD Oil (Cannabidiol Oil) Market plants have the capability to minimize tension and anxiety. Thus, several pharmaceutical industries are aiming to include CBD oil in pain-relief medication and launch new products into the market. The legalization of medical claims of CBD oil has been possible by relaxing laws related to cannabis and increasing public knowledge of its advantages. Many celebrities address their sleep problems through the utilization of CBD oil and related products. Thus, driving the CBD Oil (Cannabidiol Oil) Market revenue.
However, the fluctuating costs of the raw materials and machinery equipment is the major factor impacting the growth of the CBD Oil (Cannabidiol Oil) Market. The availability of raw materials is uneven at one particular place, and the rising competition is hampering the growth of the market.
The CBD Oil (Cannabidiol Oil) Market segmentation, based on source, includes hemp and marijuana. The hemp segment dominated the market, accounting for the largest market revenue in the year 2022 due to the increasing requirement for the product from the pharmaceutical industry and increasing consumer awareness about its health benefits. Further, legalizing medicinal cannabis and rising consumer disposable income levels are foreseen to fuel the market growth of CBD in the pharmaceutical section.
The CBD Oil market segmentation, based on sales, includes B2B and B2C. The B2B segment dominates the market, accounting for the largest market revenue in 2022 due to the growth in the number of wholesalers providing CBD oil and the rising demand for CBD oil as a raw material. Additionally, the legalization of CBD products in different countries has created more opportunities for providing these products because of the spreading consumer base. The sub-segment of hospital pharmacies in the B2C segment is foreseen to witness significant growth during the forecast years. This growth is owing to the increase in companies collaborating with retail pharmacies to enhance their subjection and establish a committed space for purchasing CBD products.
Figure 1: CBD Oil Market, by Sales, 2023 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
CBD Oil Regional Insights
By region, the study gives market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American CBD (Cannabidiol Oil) market area dominates the market because of the favorable rules governing the utilization of CBD products and the rising population concerned for their health. Additionally, the presence of major manufacturers increases the acceptance of CBD products, and the region is most advanced in cannabis and its products. The US is the largest contributor to the growth of the market in the North American region.
Further, the major countries studied in the market report are the US, Canada, France, German, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.
Figure 2: CBD OIL MARKET SHARE BY REGION 2023 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe market accounts for the second-largest market revenue due to the increasing influence of tobacco-free products on consumers and the rising demand for such products in this region. Further, the German market held the largest market revenue, and the UK market was the fastest-growing market in the European region.
The Asia-Pacific CBD Oil (Cannabidiol Oil) Market is expected to grow at the rapid CAGR from 2023 to 2032. This is due to the rising approval and legalization of CBD utilization in different products in this region. Moreover, China’s CBD Oil (Cannabidiol Oil) Market held the largest market share, and the Indian market was the fastest-growing market in the Asia-Pacific region.
CBD Oil Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the market grow even more. Market players are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, CBD (Cannabidiol) industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the CBD industry to benefit clients and increase the market sector. In recent years, the CBD (Cannabidiol) industry has offered some of the most significant advantages to medicine. Major players in the CBD Oil (Cannabidiol Oil) Market, including Jazz Pharmaceutical plc., Elixinol Wellness Limited, ENDOCA, Medical Marijuana Inc., Nuleaf Naturals LLC, Isodiol International Inc., Pharmahemp doo, Folium Biosciences, Cannoid LLC, and others are trying to increase market demand by investing in research and development operations.
Jazz Pharmaceuticals plc, a company of biopharmaceutical based in Ireland, founded in 2003, is the company emphasizes identifying, developing, and marketing products that fulfill medical needs. One of the considerable products of the company is the drug Xyrem approved by the United States Food and Drug Administration (FDA). In February 2021, the company acquired GW Pharmaceuticals, which is a leading cannabis pharmaceutical sector. This acquisition will help Jazz Pharmaceuticals to diversify its product portfolio and position itself as a worldwide leader in the field of neuroscience. This acquisition will also assist in accelerating the development of cannabidiol-based pharmaceuticals recently in the pipeline and can be utilized to treat diseases like Autism, Schizophrenia among others.
Elixinol Wellness Limited is an Australia-based hemp company involved in marketing and selling hemp-derived nutraceutical, food, and cosmetic products. The operation of the company emphasizes different markets for marketing and selling Elixinol branded hemp and other plant-based nutraceutical and skin care products in different countries. In the UK, Elixinol branded products are present for customers through exclusive distribution and trademark and Know-How Licensing Agreements. In America, since 1991, based in Colorado, based company has been a leader in the industrial hemp industry. In January 2022, the launch of two innovative CBD products was announced by the company. The product is the Sleep Rapid Rest Liposome and Sleep gummies, which emphasizes providing support for sleep. The former consists of a customized formula of CBN (cannabinol), chamomile, CBD, and lemon balm. Further, this Sleep Gummy has 2mg CBN and 15mg CBD.
Key Companies in the CBD Oil market include
CBD Oil Industry Developments
January 2023: Medical Marijuana Inc. declared that its subsidiary HempMeds had launched two new full-spectrum products in Brazil. The concentration provided is 3,000-6,000mg and is present in 30mL and 60mL jars.
October 2021: The launch of multi-cannabinoid products was announced by the subsidiary of High Tide Inc., NuLeaf Naturals, in Ontario, Canada. The products for sale included Full Spectrum Hemp Multicannabinoid oil and plant-based soft gels with delta-9 tetrahydrocannabinol, cannabidiol, cannabichromene, and cannabidiol.
September 2020: A distribution agreement was signed between Isodiol International and SalesBird LLC in order to help start the internal sales operations of Isodiol. In addition, it will spread the market penetration of the company to conventional physical retailers and also enhance Isodiol’s efforts to operate efficiently in the online space.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 7.1 Billion |
| Market Size 2024 | USD 8.0 Billion |
| Market Size 2032 | USD 16.58 Billion |
| Compound Annual Growth Rate (CAGR) | 13.2% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Source, Sales, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, The UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil |
| Key Companies Profiled | Jazz Pharmaceutical plc., Elixinol Wellness Limited, ENDOCA, Medical Marijuana Inc., Nuleaf Naturals LLC, Isodiol International Inc., Pharmahemp doo, Folium Biosciences, Cannoid LLC |
| Key Market Opportunities | Rapid advancement in technology and legalization to use CBD in products. |
| Key Market Dynamics | Increase adoption of CBD oil in health and fitness, medical applications, and pet care. |
CBD Oil Market Highlights:
Frequently Asked Questions (FAQ) :
The CBD Oil (Cannabidiol Oil) market size was valued at USD 7.1 Billion in 2023.
The market is foreseen to grow at a CAGR of 13.2% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are Jazz Pharmaceutical plc., Elixinol Wellness Limited, ENDOCA, Medical Marijuana Inc., Nuleaf Naturals LLC, Isodiol International Inc., Pharmahemp doo, Folium Biosciences, Cannoid LLC.
The hemp category dominated the market in 2022.
The B2B had the largest share in the market.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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