Increased demand for plant-based pain relief medications and the incidence of mood-related neurological illnesses in the future are some of the factors driving the market's expansion. Furthermore, the increased frequency of chronic disorders including diabetes and cancer is propelling the industry forward. According to the 2019 Facts from the World Health Organization (WHO), depression is a prevalent mental condition and one of the leading causes of disability globally. Depressive disorders impact an estimated 264 million people worldwide. Furthermore, significant expansion in the CBD oil market has been fueled by research and development in plant-based pharmaceuticals.

 Data Bridge Market Research analyses that the CBD Oil Market is expected to grow at a CAGR of 38.4%in the forecast period of 2020 to 2027 and is expected to reach USD 27,939,481.97 thousand by 2027. The worldwide CBD oil market is primarily driven by rising research funding for cannabinoid research over the study period.

Key Findings of the Study

• The CBD oil market is anticipated to reach a value of USD 27,939,481.97 thousand by 2027, with a CAGR of around 38.4%during the forecast period from 2020 to 2027.
• North America dominated the CBD oil market in 2020 due to the increasing level of healthcare expenditure and growing awareness about the treatment of sleep disorders and depression among patients in this region.
• Asia Pacific is expected to register lucrative growth over the forecast period of 2020 to 2027 due to the setup of hemp-producing plants in China.
• The unflavoured segment accounted for the largest share in 2020 at 91.52%. The rising usage in the unflavoured for the recreation of the new product is expected to boost the CBD oil market growth.
• The CBD oil market was negatively impacted by COVID-19 outbreak. The emergence of COVID-19 and government initiatives such as social distance and lockout have all contributed to a decline in the CBD Oil market.

Rise in the Medical Awareness about the Benefits Associated with CBD Oil is Expected to Drive the Market's Growth Rate

Numerous private and government agencies are increasing their research and development efforts and financial support for cannabis research. Both private and government agencies finance the development and manufacture of cannabinoids for medical purposes. Cannabis possesses a wide range of therapeutic qualities that can be used to treat a variety of ailments. This is projected to drive its output during the evaluation period.

Report Scope and Market Segmentation

Segment Analysis:

The 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 CBD oil market is segmented into THC dominant, CBD dominant, marijuana based and hemp based. In 2020, CBD dominant segment is estimated to dominate the market with 69.21% market share due to growing utilization in the medical and pharmaceutical industries.
• On the basis of product type, the global CBD oil market is segmented into original and blended. In 2020, the blended segment is estimated to dominate the market with 84.73% market share because of increased CBD use due to product modification to meet the needs of the end consumer.
• On the basis of product category, the global CBD oil market is segmented into unflavoured and flavoured. In 2020, unflavoured segment is estimated to dominate the market with 91.52% market share due to rising usage in the unflavoured for the recreation of the new product.

In 2020, the Unflavoured Segment is Projected to Hold the Largest Share of Distribution Channel Segment in the CBD Oil Market

In 2020, the unflavoured segment is anticipated to hold the largest share of global CBD oil market due to the rising usage in the unflavoured for the recreation of the new product. The unflavoured segment is growing with a CAGR of 38.5% in the forecast period of 2020 to 2027.

• On the basis of application, the global CBD oil market is segmented into food and beverages, personal care/cosmetics, pharma and nutraceuticals and industrial application. In 2020 pharma and nutraceuticals segment is estimated to dominate the market with 65.04% market share due to high adoption of CD products in various medicines.
• On the basis of distribution channel, the global CBD oil market is segmented into direct and indirect. In 2020, direct segment is estimated to dominate the market with 89.87% market share growth due to increasing number of platform for the advisement of the product dominates the segment in the region.

In 2020, the Direct Segment of Application Segment is Anticipated to Dominate the CBD Oil Market

In 2020, the direct segment of this market will dominate the CBD oil market owing to the surging number of platform for the advisement of the product. The direct segment is expected to reach the highest CAGR of 38.5% in 2020-2027.

Major Players

Data Bridge Market Research recognizes the following companies as the major CBD oil market players in CBD oil market are NuLeaf Naturals, LLC (U.S.), Emblem CANNABIS Aphria (Ontario), CBD American Shaman (US), Medical Marijuana, Inc (U.S.), and Gaia Herbs (North Carolina).

Market Development

• In September 2021, Aurora Cannabis, Inc. had announced the launch of first medical cannabis oil named Biodiol. CBD oil is available in 10mL and 30mL bottles and is available in pharmacies around the country in doses of 3% and 10%. Uruguay's Ministry of Public Health has approved CBD oil for the treatment of refractory epilepsy in children and adolescents. Aurora is working on expanding its CBD oil product line in Uruguay, with plans to do so in the next months.
• In October 2021, PAGO had confirmed the Monday marketing launch of first CBD product targeting USD 100 billion market. PAOG anticipates substantial revenue growth following the launch of its first CBD nutraceutical product, as the company has follow-on items planned to complement the first, increasing overall sales potential. PAOG is using this intellectual property to create pharmaceutical and nutraceutical treatments.
• In January 2021, Nano Hydrate, a US-based company, has launched product marketing services that use innovative technology to give natural healing via pharmaceutical-grade cannabidiol (CBD) branding. Nano Hydrate wanted to create a partnership programme that would allow them to connect well-known brands to niche CBD products while also expanding into the cannabis industry to provide alternatives for cannabis-infused drinks.
• In January 2021, The United States Patent and Trademark Office has granted Nextleaf a patent for a technique that results in a solventless cannabis concentrate, adding to the Company's active and growing U.S. patent portfolio.
• In Novemebr 2021, VIVO Cannabis(T.M.) had announced the launch of Beacon Medical (T.M.) high dose CBD oil and compassionate pediatric care program. Beacon Medical 2:100 high-dose CBD oil is a cannabis distillate that contains 100 mg CBD and less than 2 mg tetrahydrocannabinol (THC). The complete line of Beacon Medical oil products is made with a non-GMO, food-grade medium-chain triglycerides (MCT) carrier oil, which results in a product that is both odourless and tasteless.

Regional Analysis

Geographically, the countries covered in the CBD oil market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the Dominant Region in CBD Oil Market during the Forecast Period 2020 - 2027

North America maintains a large market share for CBD oil in 2020, and this trend is expected to continue in the projected period. North America will continue to dominate the CBD oil market in terms of market share and market revenue. This is due to the increasing level of healthcare expenditure and growing awareness about the treatment of sleep disorders and depression among patients in the region. Because CBD is readily available in the United States and the rest of North America, the market for CBD oil is booming. Due to the factors such as marijuana legalization in many U.S. states and growing knowledge of CBD oil benefits, the North American area is predicted to account for the greatest proportion.

Asia-Pacific is Estimated to be the Fastest Growing Region in CBD Oil Market the Forecast Period 2020 - 2027

Asia-Pacific is expected to grow during the forecast period due to the setup of hemp producing plants mainly in China. China is Asia's greatest hemp producer, generating roughly half of all hemp worldwide. Because of the growing usage of CBD oil in pharmaceuticals to treat anxiety and depression, Japan dominates the Asia-Pacific market.

COVID-19 Impact Analysis

The emergence of COVID-19 and government initiatives such as social distance and lockout have all contributed to a decline in the CBD Oil market. The food service business and other food industries such as bakery, liquor, and dairy have suffered a major drop in income generation since January 2020. The lockout impacted a number of table utilities around the world, and operators were concerned about cash flow and weathering storms.

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