Explosive Growth Projected: US CBD Oil Market Set to Reach US$5,980.6 Million with a Remarkable 31% CAGR by 2033

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 major reasons driving the market's growth include rising demand and widespread legalisation of cannabis, newly developed cannabis uses in cancer therapy, and the health benefits offered by cannabis-infused goods. Because of the incorporation of cannabis into pet food and the growing demand for beverages flavoured with cannabis, industry participants are expected to have considerable growth prospects in the coming years.

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Cannabis is also the illicit substance that is grown, transported, and misused the most extensively worldwide. Broad cannabis use, both for recreational and therapeutic purposes, has received increasing acceptability across the United States, as indicated by legislative actions, ballot measures, and public opinion polls. In particular, a recent Quinnipiac University poll found that 55% of the United States people surveyed supported cannabis legalization without any new restrictions. Comparatively, 82% of survey participants supported the decriminalization of cannabis for medical use. Demand will progressively rise as legalization continues to spread globally, boosting the expansion of the CBD-infused products market as a whole.

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.

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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