CBD Oil Market to Reach USD 55,791.3 Million by 2028 | With – GlobeNewswire

Pune, India, June 14, 2023 (GLOBE NEWSWIRE) -- The global CBD oil market size is expected to showcase considerable growth by reaching USD 55,791.3 million by 2028 while exhibiting an exceptional CAGR of 47.49% between 2023 and 2028. This information is published by Fortune Business Insights, in a report, titled CBD Oil Market, 2023-2028. The report further mentions that the market stood at USD 2,770.8 million in 2020. Factors such as the increasing product approvals by the FDA and concerned government agencies and the growing demand for CBD amongst health and fitness enthusiasts will bode well for the growth of the market. For instance, according to a report by the Harvard Health Institute in 2018, CBD can be extensively adopted to provide relief from health issues such as anxiety, insomnia, etc.

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The CBD oil market has experienced significant growth in recent years, driven by the increasing awareness of its potential health benefits and the legalization of cannabis in some countries. CBD is a non-psychoactive compound found in the cannabis plant that has been shown to have anti-inflammatory, analgesic, and neuroprotective properties, among others. It is used in a wide range of products, including oils, capsules, edibles, and topicals, and is believed to help with conditions such as chronic pain, anxiety, and epilepsy. The market is expected to continue to grow as more countries legalize cannabis and more research is conducted on the potential therapeutic applications of CBD.

List of Key Players Profiled in the CBD oil market Report:

Report Scope & Segmentation:

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Market Segmentation:

On the basis of source, the market is bifurcated into marijuana and hemp. Furthermore, based on application, the market is segregated into food & beverages, pharmaceuticals, pet care, cosmetics, and others.

On the basis of application, the pharmaceuticals segment is expected to hold the largest global CBD Oil market share during the forecast period. This is owing to the constant focus on developing innovative medical products across the pharmaceutical industry worldwide. Lastly, based on region, the market is categorized into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

What does the Report Provide?

The global CBD oil market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTERs Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2023 and 2028. Our well-revised reports help companies to receive in-depth information about the present scenario of every market so that they can adopt the necessary strategies accordingly.

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DRIVING FACTORS:

Increasing FDA Approvals for CBD Products to Promote Market Growth

The prominent players in the market are focusing on launching novel and advanced products to cater to the high demand for CBD among consumers. The increasing utilization of the product in the manufacturing of medicines and consumer products will create lucrative opportunities for the market. The rising approval grants from government agencies for various CBD products are further expected to favor the growth of the market. Additionally, the proactive focus of the manufacturers towards the incorporation of CBD in a variety of food products is expected to contribute to the global CBD Oil market growth during the forecast period.

REGIONAL INSIGHTS

North America The region stood at USD 1276.7 million in 2020 and is anticipated to hold the highest position in the market in the forthcoming years. This is attributable to the favorable government policies that enable the commercialization of cannabidiol products in countries such as the U.S. and Canada.

Europe The market in the region is anticipated to showcase exponential growth backed by the rising sales of CBD products such as vaping, smoking, and edibles in the region between 2023 and 2028.

COMPETITIVE LANDSCAPE

Major Companies Focus on Partnerships to Brighten Their Market Prospects

The global market for cannabidiol is experiencing healthy competition among key players that are focusing on partnering with other companies to expand their product portfolio and further boost sales revenues. Additionally, the other major companies are striving to maintain their presence by adopting strategies such as merger and acquisition, facility expansion, and collaboration that will bode well for the growth of the market in the forthcoming years.

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Detailed Table of Content:

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Industry Development:

February 2020 - Colgate-Palmolive Company announced the launch of a new product in the U.S. The company reports that the product, CBD Vegan Lip Balm, will help to expand its cosmetics business in the country.

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CBD Oil Market to Reach USD 55,791.3 Million by 2028 | With - GlobeNewswire