In 2022, the CBD oil market size stood at USD 5,230.9 million, which is projected to witness a 20.8% CAGR during 2022–2030, reaching USD 23,720 million by 2030, as per P&S Intelligence.
CBD is a chemical found in the cannabis Sativa plant and removed from cannabis or hemp. Hemp is a more popular feedstock since it contains more CBD. Because of its beneficial properties, the need for CBD in the wellness and health industry is growing. Furthermore, the mounting use of CBD-rich items because of government approvals for recreational, medical, and R&D purposes is the main reason projected to fuel their production.
The marijuana category is projected to surge at a CAGR of around 22% during the forecast period and is also estimated to continue its dominance in the future as well. The growing acceptance of purified CBD products and the rising legalization of marijuana-resulting items for numerous research and medical purposes are the main factors contributing to the growth of the market in this category. For example, cannabis was used in ancient Indian Ayurvedic procedures as a vital element in medicine for the betterment of blood pressure and digestion.
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The demand is also snowballing due to cannabidiol products’ requirement mounting in numerous industries, including cosmetics, health and wellness, and food and additives, and the medications sector has amplified the need of businesses to procure cannabidiol precursor materials for their products in bulk.
North America held the largest revenue share, of above 84%, and it is also projected to continue its dominance in the coming years. This is credited to the authorization of cannabidiol for therapeutic and research purposes in the region. The position of the item as a natural phytocompound, its robust promotion by companies as a lifestyle and wellness item, the introduction of cannabidiol-based medicines including Sativex and Epidiolex, and the extensive availability of numerous products comprising this compound are further projected to surge the sale of cannabidiol oil in the continent in the future.
