The Global CBD Oil Market is projected to reach over $26.72 billion by 2033

From GlobeNewswire: 2024-07-09 20:00:00

The Global CBD Oil Market is projected to grow from USD 4.95 billion in 2023 to USD 26.72 billion by 2033, with a CAGR of 18.36%. Cannabidiol oil, derived from cannabis plants, is being researched for potential treatments for anxiety, chronic pain, and epilepsy. Demand for CBD-infused beauty products is increasing, driving market growth.

The hemp segment is expected to dominate the CBD oil market due to increased demand for pharmaceuticals and growing public awareness of health benefits. Full-spectrum CBD oil, offering combined medicinal benefits, is projected to grow at the fastest CAGR. The pharmaceuticals segment is expected to hold a significant share, driven by research on CBD’s physical effects.

North America is anticipated to lead the CBD oil market, with the US seeing a rise in consumer interest. Europe is expected to grow at the fastest CAGR, thanks to legalization in several countries. Competitive analysis shows major vendors like Aurora Cannabis Inc., Canopy Growth Corp., and CBD American Shaman LLC leading the market. Recent developments include British Cannabis’s acquisition of Goodbody Botanicals Ltd., marking a significant advancement in the wellness industry.

The Global CBD Oil Market is segmented by source (hemp and marijuana), product (full-spectrum CBD oil, broad-spectrum CBD oil, and CBD isolate), application (food & beverages, pharmaceuticals, pet care, cosmetics, and others), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). Analysts predict significant growth in the market through 2033, with increasing acceptance and usage of CBD products worldwide.



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