The cannabidiol (CBD) oil extract market is thriving due to its myriad benefits and versatile applications. CBD is renowned for its therapeutic properties, offering relief from pain, anxiety, and sleep disorders while being non-psychoactive. Its uses span across healthcare, cosmetics, and even pet products. Within the market, CBD tinctures and oils are the dominating segments, as they offer precise dosing and easy consumption. As consumers increasingly seek natural remedies, the CBD oil extract market continues to expand, catering to diverse wellness needs.
According to Data Bridge Market Research, the Global Cannabidiol (CBD) Oil Extract Market will exhibit a CAGR of 8.1% for the forecast period of 2022-2029.
“Increased funding and research and development (R&D) boost the market’s growth”
Increased funding and research and development (R&D) efforts are propelling the cannabidiol (CBD) oil extract market. With growing recognition of CBD's therapeutic potential, companies are investing in clinical trials, product innovation, and quality assurance. This leads to the development of more effective and diverse CBD products, expanding its applications and consumer trust. As scientific evidence continues to support CBD's health benefits, the market experiences substantial growth, driven by heightened R&D activities and the pursuit of novel formulations.
What restraints the growth of the global cannabidiol (CBD) oil extract market?
“Issues related to raw material prices and availability restraints the market’s growth”
Issues related to raw material prices and availability serve as a significant restraint in the cannabidiol (CBD) oil extract market. Fluctuations in the cost and availability of hemp, the primary source of CBD, can impact production costs and supply chain stability. Regulatory factors and agricultural challenges further influence the availability of high-quality hemp. These uncertainties can hinder market growth by affecting product pricing and availability, making it challenging for businesses to maintain consistent and competitive offerings in the CBD market.
Segmentation: Global Cannabidiol (CBD) Oil Extract Market
The global cannabidiol (CBD) oil extract market is segmented on the basis of source type, extract type, extraction method, distribution channel, and end use.
- On the basis of source type, the global cannabidiol (CBD) oil extract market is segmented into hemp, and marijuana.
- On the basis of extract type, the global cannabidiol (CBD) oil extract market is segmented into full spectrum extracts, and cannabis isolates.
- On the basis of extraction method, the global cannabidiol (CBD) oil extract market is segmented into solvent based, and non-solvent based.
- On the basis of distribution channel, the global cannabidiol (CBD) oil extract market is segmented into B2B, and B2C.
- On the basis of end use, the global cannabidiol (CBD) oil extract market is segmented into medical, personal use, pharmaceutical, and wellness.
Regional Insights: North America dominates the Global Cannabidiol (CBD) Oil Extract Market
North America's dominance in the cannabidiol (CBD) oil extract market can be attributed to its increasing adoption by pharmaceutical industries. The region has witnessed a surge in pharmaceutical companies exploring the therapeutic potential of CBD in various medications. This growing interest, coupled with favorable regulatory changes, has positioned North America as a leader in CBD research and production. As pharmaceutical applications continue to expand, the region's CBD market remains at the forefront of innovation and market growth.
The Asia-Pacific region is poised for significant growth in the cannabidiol (CBD) oil extract market due to the expansion of hemp production, particularly in emerging economies such as India and China. These countries have seen increased cultivation of hemp plants, driven by changing regulations and growing recognition of CBD's benefits. This trend positions the Asia-Pacific market as a lucrative growth opportunity, as it supplies a growing global demand for CBD products from these abundant hemp sources.
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Recent Developments
- In January 2021, Next Leaf secured a patent from the United States Patent and Trademark Office. This patent contributes to the company's expanding U.S. patent portfolio, focusing on a solventless cannabis concentrate production process.
- In January 2021, Nano Hydrate launched product marketing services utilizing advanced technologies. They aimed to offer natural healing through pharmaceutical-grade cannabidiol (CBD) branding services. Nano Hydrate's plan included the introduction of existing brands to the niche CBD product market and the expansion of cannabis-infused beverage options within the cannabis industry.
The Prominent Key Players Operating in the Global Cannabidiol (CBD) Oil Extract Market Include:
- Canopy Growth Corporation (Canada)
- The Cronos Group (Canada)
- Tilray. (U.S.)
- Hexo (Canada)
- CannTrust (Canada)
- Aurora Cannabis Inc. (Canada)
- GW Pharmaceuticals plc. (U.K.)
- VIVO Cannabis Inc. (Canada)
- Alkaline88, LLC. (U.S.)
- NewAge Inc. (U.S.)
- Cannara. (Canada)
- Dixie Brands (U.S.)
- KANNAWAY LLC. (U.S.)
- The Supreme Cannabis Company, Inc (Canada)
- CANNABIS Aphria (Canada)
- CURA CS, LLC. (U.S.)
- KAZMIRA (U.S.)
- Curaleaf (U.S.)
- CannazALL (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global cannabidiol (CBD) oil extract market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Cannabidiol (CBD) Oil Extract Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
