The global cannabidiol (CBD) oil market stands out in the cannabis industry due to CBD's non-psychoactive nature. Derived from hemp or synthesized through decarboxylation, CBD is a 21-carbon terpenophenol with perceived therapeutic benefits. Preclinical studies reveal minimal impact on conditioning or personality stimulation, indicating low abuse liability. Unsuch as THC, CBD doesn't substitute it in animal drug discrimination models, displaying no violence or dependency indications in humans. This highlights CBD's unique pharmacological profile, emphasizing its potential as a therapeutic agent.
Data Bridge Market Research analyses that the Global Cannabidiol (CBD) Oil Market, which was USD 13.70 billion in 2022, is expected to reach USD 189.76 billion by 2030 and is expected to undergo a CAGR of 38.9% during the forecast period of 2023 to 2030.
" Growing acceptance of medicinal uses drive the market growth"
The increasing acceptance of medicinal uses is propelled by the belief in synergistic therapeutic effects from plant-derived components, fostering a surge in herbal solutions. This trend is fueled by efficacy claims, a consumer shift towards natural therapies, renewed interest in herbal remedies, dissatisfaction with traditional medicines, and faith in herbal drugs' effectiveness against specific diseases. Contrary to misconceptions, the rise of plant-based medicine offers an opportunity for the global CBD oil market, aligning with the growing demand for natural and holistic health solutions.
What restraints the growth of the global cannabidiol (CBD) oil market?
" Quality control hamper the market growth"
Inadequate quality control poses a significant threat to the market as subpar-quality products can swiftly erode consumer trust, negatively impacting market performance. Failing to address and rectify issues related to product quality can lead to diminished credibility, increased skepticism among consumers, and a weakened market position, ultimately hindering the growth and sustainability of the industry.
Segmentation: Global Cannabidiol (CBD) Oil Market
The global cannabidiol (CBD) oil market is segmented on the basis of type, product type, product category, application, and distribution channel.
- On the basis of type, the global cannabidiol (CBD) oil market is segmented into THC dominant, CBD dominant, marijuana based, and hemp based
- On the basis of product type, the global cannabidiol (CBD) oil market is segmented into original, and blended
- On the basis of product category, the global cannabidiol (CBD) oil market t is segmented into unflavoured, and flavoured
- On the basis of application, the global cannabidiol (CBD) oil market is segmented into food and beverages, personal care/ cosmetics, pharma and nutraceuticals, industrial application
- On the basis of distribution channel, the global cannabidiol (CBD) oil market is segmented into direct, indirect
Regional Insights: North America dominates the Global Cannabidiol (CBD) Oil Market
North America dominates the global cannabidiol (CBD) oil market, propelled by progressive legalization, robust consumer demand, and a well-established industry infrastructure. The region's favorable regulatory environment and growing awareness and acceptance of CBD products position North America as a key driver in the flourishing CBD oil market, contributing significantly to its sustained growth and market leadership.
Recent Developments: Global Cannabidiol (CBD) Oil Market
- In April 2023, Kelvion expanded its industrial air cooler range to accommodate natural refrigerants such as CO2, ammonia, or propane, facilitating decarbonization efforts. These environmentally-friendly air coolers provide efficient and economical operation, meeting the rising demand for eco-conscious refrigerants. The range includes cubic and dual discharge air coolers, catering to diverse applications in refrigeration plants, distribution centers, and food processing facilities
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-cbd-oil-market
The Prominent Key Players Operating in the Global Cannabidiol (CBD) Oil Market Include:
- Charlotte's Web Holdings, Inc. (U.S.)
- Medterra CBD (U.S.)
- Green Roads (U.S.)
- Bluebird Botanicals (U.S.)
- Canopy Growth Corporation (Canada)
- Elixinol (Australia)
- CBDistillery (U.S.)
- Cannabidiol Life (U.S.)
- Joy Organics (U.S.)
- Endoca (Denmark)
- Aurora Cannabis Inc. (Canada)
- Lazarus Naturals (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global cannabidiol (CBD) oil market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Cannabidiol (CBD) Oil 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.
