The global CBD Oil market size is expected to reach USD 3,095.3 million by 2026 according to a new study by Polaris Market Research. The report “CBD Oil Market Share, Size, Trends, Industry Analysis Report By Product (Hemp Based and Marijuana Based), By Application (Pharmaceuticals, Food & Beverages, Cosmetics and Others); By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online, Others); By Regions, Segments & Forecast, 2019 – 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Flexibility of CBD oil thus resulting in a wide variety of applications, health benefits such as ability to boost cognitive abilities, anti-inflammatory properties, among others, and information outburst through a variety of platforms including social media are benefitting the CBD oil market demand. Development of novel products such as CBD oil infused honey and aggressive marketing strategies adopted to promote the same is also expected to benefit the overall market growth.
In the past, CBD related research was restricted to the treatment of severe diseases such as cancer and epilepsy and this put limitations on the usage in other avenues such as cosmetics. However, with multinationals taking interest in the product, the research horizon widened and properties such as anti-inflammatory were discovered which led to the usage of the oil not just by health provider brands but by wellness brands as well. This widened usage coupled with the rising preference for preventive healthcare has fueled CBD oil market growth across the globe.
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Rise in millennial population is also benefitting the market demand. Bath soaps, lip gloss, face creams, lotions, serums, medicines for curing muscle pains are some of the products that are appealing to this segment of customers. Furthermore, companies are adopting SEO centric strategies to create online awareness regarding CBD oil products among these millennials. This category of customers is looking to boost their cognitive ability or health functions through usage of novel ways and CBD oil infused products fits this demand perfectly.
North America emerged as the largest market for CBD oil in 2018 and is expected to maintain its dominance over the forecast period. Strong presence of companies in the US, high awareness regarding CBD oil usage, availability of a wide variety of products as well as efficient distribution channels leading to easy availability are some of the factors benefitting the regional market demand. Acquisition of companies having good brand recall and brand awareness by multinationals is a key market scenario in the region.
The key players in the market for CBD oil include ENDOCA, Isodiol, Medical Marijuana, Cannoid., Canopy Growth Corporation, Elixinol Group, Folium Biosciences, Diamond CBD, NuLeaf Naturals, PharmaHemp, Aphria Inc. and Gaia Botanicals among others. Development of distribution channels, novel product development and aggressive marketing campaigning are some of the success factors in the industry.
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Polaris Market research has segmented the CBD oil market report on the basis of product, application, distribution channel and region
CBD Oil Product Outlook (Revenue, USD Million, 2015 – 2026)
- Hempseed Based
- Marijuana Based
CBD Oil Application Outlook (Revenue, USD Million, 2015 – 2026)
- Food & Beverages
CBD Oil Distribution Channel Outlook (Revenue, USD Million, 2015 – 2026)
- Hospital Pharmacy
- Retail Pharmacy
CBD Oil Regional Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
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