CBD Oil Market to grow by USD 5.36 billion from 2022 to 2027 | The growing millennial population in key cannabis markets to boost market growth - Technavio

NEW YORK, Sept. 21, 2023 /PRNewswire/ -- The CBD oil market is expected to grow by USD 5.36 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 27.63% during the forecast period. The growing millennial population in key cannabis markets is notably driving the CBD oil market. However, factors such as the Adverse effects of CBD oil products may impede market growth. The market is segmented by end-user (medical, personal use, pharmaceutical, and wellness), product (marijuana-derived CBD oil and hemp-derived CBD oil), and geography (North America, South America, Europe, APAC, and Middle East and Africa). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

Key Segment Analysis

• The market share growth by the medical segment will be significant during the forecast period. CBD oil is widely used in the treatment of various medical conditions, as recommended by doctors. It is taken orally by patients through inhalation or as cannabis-infused edibles or applied topically. Additionally, CBD in prescription form is used to treat seizure disorders (epilepsy). CBD is also used to treat anxiety, pain, dystonia, Parkinson's disease, Crohn's disease, and many other conditions. CBD oil helps reduce inflammation and pain. It may help relieve chronic pain by influencing endocannabinoid receptor function, reducing inflammation, and interacting with neurotransmitters. Additionally, CBD oil helps reduce symptoms of post-traumatic stress disorder (PTSD). CBD oil also helps reduce symptoms of amyotrophic lateral sclerosis (ALS). Hence, these factors are expected to drive segment growth during the forecast period. 

To know additional highlights and key points on various market segments and their impact in coming years, View the PDF Sample Report.

Geographical Market Analysis 

• North America is estimated to contribute 38% to the growth of the global market during the forecast period. The US has been identified as the largest country in the region for CBD oil products, with Canada following. In Canada, CBD oil has been legal since 2020, but only 98.61% of the population is allowed to use CBD oil in the US. The main CBD oil production companies have a significant presence in North America. In this region, most of the hemp farmers and manufacturers are located in Canada. Some of the major suppliers operating in the region are CV Sciences Inc. (CV Sciences), Gaia Botanics, Medical Marijuana Inc. (Medical Marijuana), and Isodiol International Inc. (Isodol). Growing awareness of the health benefits of CBD oil products and more states legalizing the use of cannabis products in the US are key factors that are expected to drive market growth. Hence, these factors are expected to drive segment growth during the forecast period. 

Company Insights 

The CBD oil market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Isodiol International Inc., Kazmira LLC, Medical Marijuana Inc., NuLeaf Naturals LLC, PharmaHemp d.o.o., Silver Shadow Ventures LLC, and Tilray Brands Inc.

View the PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio