North America Cannabidiol (CBD) Oil Market – Industry Trends and Forecast to 2029

North America Cannabidiol (CBD) Oil Market, By Type (THC Dominant, CBD Dominant, Marijuana Based and Hemp Based), Product Type (Original and Blended), Product Category (Unflavoured and Flavoured), Application (Food and BeveragesPersonal Care/Cosmetics, Pharma and Nutraceuticals and Industrial Application), Distribution Channel (Direct and Indirect) – Industry Trends and Forecast to 2029.

North America Cannabidiol (CBD) Oil Market Analysis and Size

Cannabidiol (CBD) oil is effective in the treatment of chronic pain. It is also effective against inflammation, anxiety, and insomnia. It aids in the improvement of an individual's physiological and cognitive functions, as well as the regulation of mood, pain, and memory. CBD is one of 113 cannabinoids found in cannabis plants, accounting for up to 40% of the plant's extract.

Data Bridge Market Research analyses that the cannabidiol (CBD) oil market which was growing at a value of 3.63 billion in 2021 and is expected to reach the value of USD 50.88 billion by 2029, at a CAGR of 39.1% during the forecast period.  In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

North America Cannabidiol (CBD) Oil Market Scope and Segmentation

Market Definition

Cannabidiol is a chemical compound found in the cannabis sativa plant that is extracted from hemp or cannabis, with hemp being the preferred source due to its naturally high cannabidiol (CBD) content. Because of its medically proven beneficial properties, cannabidiol (CBD) is used in a wide range of applications. Cannabidiol (CBD) is marijuana's second most common active ingredient. Cannabidiol is an active chemical constituent of cannabis that can be used to manufacture various personal care and cosmetic products.

Cannabidiol (CBD) Oil Market Dynamics

Drivers

• Adoption from personal care industry

The development and growth of the personal care and cosmetics industry's aided this market's direct and indirect growth. This is due to the fact that cannabidiol is effective in treating skin inflammation, pain, and redness caused by existing breakouts, as well as irritation caused by skin conditions such as eczema and psoriasis.

• Medicinal properties

Cannabidiol's medicinal properties and increased awareness of its benefits are driving up demand and application by small and medium-sized businesses. Furthermore, the widespread use of hemp oil as a pain reliever in pharmaceutical industries is a positive sign. As a result, the market's growth is picking up.

Opportunities

• Advancement in extraction technologies

Rising technological advancements in manufacturing technology are driving further market value growth. An increasing number of technological advancements driven by a desire to reduce production costs and waste, combined with increased industrialization, has increased the use of hemp materials for a variety of applications, ensuring a bright future for the market.

• Funding’s and investments

Furthermore, increased public-private funding for targeted research activities, high disposable income, rapid urbanization, changing lifestyles, and rising product innovations and development as a result of global technological advancements will provide profitable opportunities for market participants from 2022 to 2029.

Restraints

• Price volatility

Price fluctuations or volatility in raw materials and machinery equipment pose a significant threat to market growth. Furthermore, the market's growth is being hampered by the uneven availability of raw materials in one location. Increasing competition and supply to meet rising demand and low-quality product development due to insufficient manufacturing equipment will further derail market growth.

This cannabidiol (CBD) oil market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cannabidiol (CBD) oil market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on North America Cannabidiol (CBD) Oil Market Dynamics

COVID-19 had an impact on various manufacturing industries in the years 2020-2021, resulting in the closure of workplaces, disruption of supply chains, and transportation restrictions. Several countries, including China, India, and Brazil, imposed a lockdown in this face, resulting in the shutdown of production and manufacturing facilities. Since January 2020, the food service industry and other food industries, such as the bakery, liquor, and dairy industries, have seen a decline in revenue, negatively impacting the market. Several manufacturing units' supply chains were disrupted during this period, as were several table utilities around the world, resulting in a significant drop in revenues and profits. However, with increasing relaxations, an increase in import and export is expected. Governments are beginning to lift these imposed restrictions, which is a good sign for the market.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In January 2021 Nano Hydrate launched product marketing services that use advanced technologies to provide natural healing via pharmaceutical-grade cannabidiol branding. Additionally, Nano Hydrate aimed to develop a collaborative programme that would allow them to introduce existing brands to the market for niche CBD products while expanding cannabis-infused beverage options for the cannabis industry.
• In January 2021 Next Leaf was granted a patent by the United States Patent and Trademark Office for a process that results in a solventless cannabis concentrate, adding to the Company's dynamic and growing U.S. patent portfolio.

North America Cannabidiol (CBD) Oil Market Scope

The cannabidiol (CBD) oil market is segmented on the basis of type, product type, product category, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• THC Dominant
• CBD Dominant
• Marijuana Based
• Hemp Based

Product type

• Original
• Blended

Product Category

• Flavoured
• Non-Flavoured

Application

• Food and Beverages
• Personal Care/Cosmetics
• Pharma and Nutraceuticals
• Industrial Application

Distribution Channel

• Direct
  Indirect

Cannabidiol (CBD) Oil Market Regional Analysis/Insights

The cannabidiol (CBD) oil market is analyzed and market size insights and trends are provided by country, type, product type, product category, application and distribution channel as referenced above.

The countries covered in the cannabidiol (CBD) oil market report are U.S., Canada and Mexico.

In North America, the United States dominates the market due to rising awareness about the health benefits of CBD oil and the region's growing trend of CBD-infused foods and beverages, which is increasing demand for CBD oil.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Cannabidiol (CBD) Oil Market Share Analysis

The cannabidiol (CBD) oil market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cannabidiol (CBD) oil market.

Some of the major players operating in the cannabidiol (CBD) oil market are:

• 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.)