Global CBD Oil Market Insights Forecasts to 2033

• The Global CBD Oil Market Size was Valued at USD 4.95 Billion in 2023
• The Market Size is Growing at a CAGR of 18.36% from 2023 to 2033
• The Worldwide CBD Oil Market Size is Expected to Reach USD 26.72 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The CBD Oil Market Size is Anticipated to Exceed USD 26.72 Billion by 2033, Growing at a CAGR of 18.36% from 2023 to 2033.

Market Overview

CBD oil is also known as cannabidiol oil. (CBD), which is extracted from cannabis plants including marijuana and hemp, could possess analgesic, anti-inflammatory, and anxiolytic effects. Because of these qualities, CBD oil is being studied as a potential treatment for several illnesses, including epilepsy, chronic pain, and anxiety disorders. Manufacturers are launching products enhanced with cutting-edge components like CBD oil. The cannabidiol oils have taken over several businesses, including food, health and beauty, pharmaceuticals, and others. For instance, worldwide agri-product maker BASF SE unveiled ComfortBD, a skincare product infused with cannabidiol, in August 2022. The new product is made from industrial hemp farmed in the United States and certified organic. Additionally, the lotion is intended to reduce the appearance of red and irritated skin. As a result, customer demand for these CBD products is growing to preserve a healthy balance in their everyday lives. Consumers' increasing tendency towards natural and extensive skincare treatments can be seen in the surge in demand for beauty and skincare products that contain CBD. To address concerns like acne, inflammation, and ageing, CBD which is well-known for its possible anti-inflammatory and antioxidant qualities is being added to skincare formulas on a growing basis. Thus, such factors are boosting the market growth in the forecast period.

Report Coverage

This research report categorizes the market for the CBD oil market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the CBD oil market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the CBD oil market.

Driving Factors

The significant benefits and advantages of cannabidiol oil are being recognized by the quickly expanding pharmaceutical sector on a global level. One of the main components of cannabis that the pharmaceutical industry has embraced to provide health safety assurance over a variety of diseases is CBD. Its qualities include being naturally derived from plants and providing a healthy substitute for several pharmaceuticals that are heavily promoted to producers and customers globally. As a result, governments across several states and nations are endorsing its applicability in medications and other medical treatments, which is anticipated to grow and boost these product sales and distribution throughout the projection period.

Restraining Factors

To make it apparent what the consumer's objectives are with the products, the manufacturers, still continually attempt to raise consumer awareness and develop informative packaging. Therefore, there will be possible possibilities for the worldwide cannabidiol market from the efforts to support the marketing activities.  

Market Segmentation

The CBD oil market share is classified into source, product and application.

• The hemp segment is expected to hold the largest share of the CBD oil market during the forecast period.   

Based on the source, the CBD oil market is categorized into marijuana, and hemp. Among these, the hemp segment is expected to hold the largest share of the CBD oil market during the forecast period. Hemp is the ideal source for CBD extraction due to its low THC level, allowing the creation of CBD products with little to no psychoactive effects. In addition, growing hemp is frequently permitted in many nations and areas, which facilitates the commercial manufacturing of CBD. The market for cannabidiol derived from hemp is expected to grow significantly due to rising demand for pharmaceuticals and growing public awareness of health issues. The pharmaceutical sector anticipates a spike in demand for cannabidiol as consumer disposable income rises and it becomes legal.

• The full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the product, the CBD oil market is categorized into full-spectrum CBD oil, broad-spectrum CBD oil, and CBD isolate. Among these, the full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the forecast period. Full-spectrum CBD oil offers several benefits, one of which is the accompaniment effect. This phenomenon shows that cannabinoids, terpenes, and other plant components act together to increase CBD's medicinal effects. It indicates that the combined effects of several substances might be more advantageous than those of CBD alone. Full-spectrum CBD oil is thought to provide greater therapeutic advantages than CBD isolation because of the entourage effect. Better relief from symptoms like pain, inflammation, anxiety, and more may be felt by individuals.

• The pharmaceuticals segment is expected to hold a significant share of the CBD oil market   during the forecast period.

Based on the application, the CBD oil market is categorized into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Among these, the pharmaceuticals segment is expected to hold a significant share of the CBD oil market during the forecast period. The pharmaceutical industry is an essential sector that continues to push for improvements, new product releases, and R&D operations in the marketplace. The major businesses have discovered that CBD has a significant impact on the manufacture of their products because of its many benefits, including its immunomodulatory properties and ability to reduce pain, among others. The increasing number of pharmacological trials looking at the physical effects of CBD on specific health problems. A sizable, well-informed and conscious consumer base uses these products as an alternative to reduce anxiety and mental stress.

Regional Segment Analysis of the Global CBD oil market 

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the CBD oil market over the forecast period.

North America is projected to hold the largest share of the CBD oil market over the forecast period. Due to a growing legal structure that permits legal production and distribution of cannabis-related products, North America currently maintains a significant market share. The United States has experienced a notable increase in consumer interest and tolerance towards CBD, which has had a substantial impact on the region's market share and position. As a result of ongoing development, pre-existing infrastructure, and rising public awareness of the potential advantages of CBD, North America is currently the largest market region. 

Europe is expected to grow at the fastest CAGR growth of the CBD oil market during the forecast period. Increasing governmental support for CBD products and consumer acceptance of CBD throughout the region. The legalization of cannabis in several European nations has opened up new markets for CBD products, which will draw capital and spur the development of new products. Furthermore, the emergence of CBD-infused products in sectors including wellness, food and beverage, healthcare, and beauty supports European market expansion and establishes the continent as a major CBD oil market in the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the CBD oil market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Aurora Cannabis Inc.
• BIOTA Biosciences LLC
• CannazALL
• Cannoid LLC
• Canopy Growth Corp.
• CBD American Shaman LLC
• CV Sciences Inc.
• Elixinol
• Avicanna
• Endoca BV
• Folium Biosciences
• Gaia Botanics
• Green Roads Inc.
• Happie Hemp Pvt. Ltd.
• Kazmira LLC
• Medical Marijuana Inc.
• Others

Key Market Developments

• On January 2024, British Cannabis, a CBD industry leader, is excited to announce the purchase of Goodbody Botanicals Ltd, which marks a significant step forward in our wellness and industry leadership. This acquisition is more than just the union of two businesses; it signifies a major growth in our capacity for production and an increase in our listing on the UK Food Standards Agency's (FSA) list of approved products.
• In January 2023, HempMeds Brasil, a subsidiary of Medical Marijuana, Inc., just introduced two new full-spectrum products in Brazil. These products meet the increasing demand for premium CBD products in the Brazilian market by offering doses ranging from 3,000 to 6,000 mg and coming in 30 mL and 60 mL jars.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the CBD oil market based on the below-mentioned segments: 

Global CBD Oil Market, By Source

• Marijuana
• Hemp

Global CBD Oil Market, By Product

• Full-Spectrum CBD Oil
• Broad-Spectrum CBD Oil
• CBD Isolate

Global CBD Oil Market, By Application

• Food & Beverages
• Pharmaceuticals
• Pet Care
• Cosmetics
• Others

Global CBD Oil Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa