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Consumer Insights: Understanding Preferences in the CBD Oil Market 2023-2033

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As per the latest market research conducted by FMI, the global CBD oil market is expected to record a CAGR of 31% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of US$ 389 million. By 2033, the valuation is anticipated to reach US$ 5,980.6 million.

The market for CBD Oil is rapidly growing as more people become aware of cannabidiol’s potential medical advantages. As more people become aware of its natural and holistic benefits, CBD oil has become more popular across a range of industries, including healthcare, cosmetics, and wellness. The market is expanding significantly as a result of evolving regulations and rising consumer acceptance.

The primary reasons propelling market expansion include rising demand and greater legalisation of cannabis, inventive cannabis uses in cancer therapy, and the beneficial impacts of cannabis-infused products on consumer health. In the next years, it is projected that the use of cannabis in pet food and rising consumer demand for beverages with cannabis flavours would offer industry participants significant growth prospects.

The unlawful substance that is produced, traded, and used most frequently worldwide is cannabis. According to legislative bills, ballot initiatives, and public opinion surveys, marijuana use in the US is increasing for both recreational and therapeutic purposes. 55% of Americans surveyed in a recent research by Quinnipiac University favoured the full legalisation of cannabis without any additional limitations. However, 82% of respondents supported making medicinal marijuana use less punishable. As legalisation spreads more widely, demand will steadily increase, boosting the market’s overall growth for CBD-infused goods.

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Competitive Background:

The key players operating in the CBD oil market are investing in mergers and acquisitions in order to gain a significant market share. The manufacturers are also investing in research and development, and are introducing innovative methods to boost production capacity. Product development and market expansion are significant aspects of the CBD oil market. As a result, market participants are likely to have a better overall revenue share in the global CBD oil market.

Key Takeaways:

  • The CBD oil market is anticipated to reach a valuation of US$ 389 million in 2023.
  • The high efficacy of CBD produced from hemp for various medical uses, including developing a therapy for Parkinson’s disease, is what drives demand for this market.
  • The CBD oil market is predicted to record a CAGR of 31% through 2033.
  • The CBD oil market is expected to surpass US$ 5,980.6 million by 2033.
  • The CBD oil for pets market is being driven by entrepreneurs who are focusing on developing lotions, skin care, pet care, and textile products using cannabidiol.

Significant Players in the Market Include:

  • CV Sciences
  • Medical Marijuana
  • Aurora Cannabis
  • Canopy Growth Corporation
  • Canntrust
  • Tilray
  • Kazmira LLC

As the CBD oil market is in a nascent stage, market players are focusing on gaining maximum share by expanding their product portfolio through new product launches.

Recent Developments:

  • CV Sciences Inc. launched “Plus CBD Gummies” at Natural Product Expo East 2018. These gummies are available in citrus punch and cherry mango flavors. These products comply with strict regulatory standards and are gluten-free and vegan-friendly.
  • One Leaf, one of the top face mask manufacturers in China, has started executing social media and online marketplace promotional efforts for its CBD products.

Key Segments Covered in CBD oil Market Study

Product Type:

  • Hemp Oil
  • Marijuana Oil

Application:

  • Pharmaceuticals
  • Food & Beverages
    • Gummies
    • Chewing Gums
    • Chocolate bars
    • Candies
    • Beverages
    • Dairy Products
    • Bakery Products
    • Snacks
  • Cosmetics
  • Others

Distribution Channel:

  • Direct/B2B
  • Indirect/B2C
  • Hospital Pharmacy
  • Retail Pharmacy
  • Hypermarkets/Supermarkets
  • Convenience Store
  • Online Retail
  • Others

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

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