Global CBD Oil Market, according to MRFR, is poised to grow at a CAGR of 38.45% to reach USD 3.78 Billion till 2024. The global demand for CBD oil is primarily driven by increasing research funding over the study timeframe for cannabinoid research.

COVID-19 Analysis

The outbreak of COVID-19 and the interventions introduced by a variety of governments, such as social distancing and lockout, have contributed to a deterioration of the market. Since January 2020, the food service industry and other food industries, such as the bakery, liquor and dairy industries, have seen a significant decrease in their revenue production. Several table utilities around the world were disrupted by the lockout and operators were concerned about cash flow and weathering storms.

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Market Dynamics

Drivers

Growing Medical Awareness of Benefits to Drive Market Growth

Growing research and development efforts and financial funding for cannabinoid research from numerous private and government agencies. The discovery and production of cannabinoids for medicinal uses is funded by both private and government agencies. Cannabis has various medicinal properties that can treat different diseases. Over the evaluation period, this is expected to drive its production.

Because of its curing effects, the demand for cannabis oil (CBD) for medicinal and health uses is strong, which is the main factor driving market development. In addition, thanks to regulatory approvals, increasing product acceptance and usage is a major factor projected to fuel the market for goods infused with cannabis oil. In addition, the growing awareness of the medicinal advantages of cannabis oil has influenced individuals to purchase goods dependent on CBD, regardless of their cost.

Opportunities

Rise of Plant-based medicines to Create Growth Avenues for Key Players

As a result of the the number of social media influencers endorsing the benefits of cannabis, awareness campaigns from industry participants, and the application areas, cannabis oil has become the new consumer trend. Subsequently, the food portfolio is widening with growing product choices such as skincare, makeup, haircare, intimate lubricants, pharmaceuticals, gummies, tablets, flavoured drinks and other products. In recent years, plant-based medicine has witnessed considerable development. Moreover, the need for minimally manufactured and chemical-free medication has opened up a lucrative opportunity for the studied market to expand.

Restraints

Lack of legalization initiatives to Impede Market Growth

Business development may be hampered by the toxic effects associated with cannabis and rigid regulatory policies. In addition, some of the key factors limiting the development of the cannabidiol market are the prevalence of tight regulations and the high cost of CBD drugs. In addition, another primary factor hindering the development of the CBD industry is the lack of legalisation initiatives in many Asian and African countries.

Segmental Analysis

By Type

The leading segment, which is rising at the fastest CAGR to hit USD 2,092.97 million by the end of 2024, is Hemp-derived CBD oil. The differing amounts of tetrahydrocannabinol (THC) in hemp and marijuana account for the wide market share of hemp-derived CBD oil. Hemp is used for commercial uses for this cause, while hemp is cultivated for recreational and medical purposes.

By Application

With a 38.80 percent CAGR over the projected period, the cosmetic industry accounts for a large share. Increased legalisation and comprehensive CBD studies are growing their uses in the cosmetic industry, such as cosmetics products infused with CBD oil, as hemp-derived oils are proven to unclog pores, be anti-inflammatory and provide hydration.

Regional Analysis

Presence of Major Players Drives North America

When cannabis-based goods are gradually consumed, the Americas dominate the worldwide demand for CBD oil. Any of the key factors driving the region's development are the growing legalisation of medical cannabis in independent states of the U.S., the liberalisation of federal laws surrounding the same, and a general rise in the approval of cannabidiol for medicinal, health, and personal usage. In addition, for medicinal reasons, Canada has authorised the cultivation and selling of both CBD and THC potent marijuana. Therefore, the country's availability of CBD-based goods also promotes market growth in the field.

Germany to Drive Europe Market Growth

The European market for CBD oil has been divided into France, Germany, Italy, the United Kingdom, Russia and the rest of Europe. Due to the growing awareness of the medicinal uses of cannabis, Europe holds the second largest market share in the Western Europe region.

Rising Cosmetic Industry to Drive APAC

Asia-Pacific accounted for 9.16 percent market share as of 2018 and during the projected timeframe it was predicted to show the highest CAGR. The Asia Pacific market is expected to experience the fastest growth in the forecast period due to the establishment of hemp manufacturing plants, especially in China. China is Asia's biggest hemp producer and cultivates about half of the world's hemp output. In addition, players in end-use sectors such as personal care and cosmetics are striving to increase their profitability and revenue in developing economies. Therefore, the the attention of producers of cannabidiol-based products in Asia-Pacific countries and the the legalisation of cannabis for medicinal purposes in those countries are some of the key factors driving demand growth.

MEA to Witness Gradual Growth

Due to strict government policy, harmful effects associated with cannabis and the illicit use of marijuana, the Middle East & Africa is expected to see limited development.

Competitive Landscape

Mergers and Acuisitions to Remain Primary Focus of Market Players

There are many players competing in the global market for CBD Oil. Owing to the presence of a significant number of local and multinational firms, the global CBD oil market is heavily crowded. A vast variety of items on the market are available. The majority of businesses concentrate on cost-effective goods, while others have embraced merger tactics and strategic partnerships for business expansion. Any of the major companies, taking advantage of their good position and presence in the number of countries and regions around the world, have gained a large share of the global market.

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