CBD Oil Market Size to Reach USD 3.78 Billion by 2027 at 32% CAGR – Report by Market Research Future (MRFR)
New York, US, May 13, 2022 (GLOBE NEWSWIRE) — CBD Oil Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “CBD Oil Market Information by Type, Application, and Region – Forecast till 2027”, the market will garner a 32% CAGR from 2020 to 2027, and reach USD 3.78 billion by 2027.
Market Synopsis
CBD oil helps in regulating the endocannabinoid system activity, interacting with the neurotransmitters. This characteristic makes it the perfect ingredient for anti-depression and anxiety drugs. The World Anti-Doping Agency (WADA), in 2018 removed cannabidiol oil from the list of prohibited substances, but the synthetic cannabinoids that have the same effects as THC have been prohibited.
CBD oil developers are focused on creating cannabidiol-based skincare, lotions, textile, and pet care products. Booming sales of an extensive line of CBD-fortified products coupled with new product launches as well as expanding product pipeline will offer attractive opportunities to the players, particularly in developing economies.
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Market Drivers:
Given its healing properties, cannabidiol (CBD) enjoys significant demand and is used for a variety of wellness and health purposes, which fosters market growth. Additionally, the surging acceptance and consumption of products owing to the rise in government approvals can also drive the demand for CBD-infused products.
Among all the cannabinoids, CBD oil or cannabidiol is most extensively utilized for therapeutic reasons owing to the lack of psychoactive effects. With numerous medical uses, cannabidiol oil’s demand is especially high for the treatment of depression and anxiety, diabetes, stress relief, cancer symptom relief, inflammation, and pain relief. Considering the rising use of CBD-based products for the treatment of various ailments, the cannabidiol market can anticipate growth at a lucrative rate in the years to come.
Heightened awareness level about cannabidiol’s therapeutic advantages influences the consumers to buy cannabidiol products, regardless of their cost. Since these have a high-profit margin, leading retailers are focused on offering a variety of cannabis-based products. Several health & wellness retailers are selling CBD-based products, including CVS Health, Walgreens Boots Alliance, and Rite Aid.
Market Restraints:
Market development can be restrained by the toxic effects of cannabis and strict regulatory policies. On top of this, the high prominence of rigid regulations along with the significant costs associated with CBD drugs can also hamper the business growth rate.
Furthermore, the lack of a proper legislative regulatory framework in several African and Asian countries can be a significant challenge for the CBD oil developers in the worldwide market.
Browse In-depth Market Research Report (117 Pages) on CBD Oil: https://www.marketresearchfuture.com/reports/cbd-oil-market-7355
COVID-19 Analysis
The world over, the COVID-19 outbreak resulted in unprecedented lockdown, delayed business operations, and evolving consumer behaviors. With COVID-19 cases rising in number, retail stores had to be shut down. The CBD oil market has witnessed lower supply levels owing to the restrictions on transportation as well as manufacturing in leading raw material manufacturing nations like India. Other than this, owing to disruptions in the supply chain in the United States, the supply of various raw materials has been restricted, which in turn has disrupted the manufacturing, thereby disrupting the supply chain of a variety of CBD oil-infused products.
With that said, extensive research and development of plant-based medications to treat COVID-19-induced anxiety, depression and stress will enhance the market share. To illustrate, in December 2021, the University of Texas at Austin collaborated with SunFlora.Inc and Way West Hemp Inc. to conduct a phase II/III clinical trial to analyze the efficacy and effectiveness of CBD isolate as well as full-spectrum CBD oil in the reduction of COVID-19 induced anxiety, stress, anger, sleep disturbance, and depression.
Market Segmentation
By Type
Hemp-derived CBD oil is the leading segment, which will not only accrue the fastest CAGR but will also hit a strong valuation of USD 2,092.97 million by 2027.
By Application
With a 38.80 % growth between 2020 and 2027, the cosmetic industry is the top application-based segment in the worldwide market. The rise in the legalization and the surge in comprehensive CBD trials and studies have raised the number of use-cases in the cosmetic industry, including cosmetics products containing CBD oil since hemp-derived oils are known for unclogging pores, have anti-inflammatory, and offer hydration.
The pharmaceutical segment can exhibit the fastest growth in the ensuing years, considering the rapid transformation of CBD oil from a herbal preparation to a prescription drug. On top of this, the heightened awareness levels regarding its medical benefits, including its healing properties, will further bolster its demand within the pharmaceutical industry.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
