The global cannabidiol oil market size was US$ 3.57 billion in 2021. The global cannabidiol oil market is forecast to grow to US$ 16.3 billion by 2030 by registering a compound annual growth rate (CAGR) of 21.2% during the forecast period from 2022 to 2030.
Cannabidiol oil is extracted from cannabis or hemp, which has major applications in treating anxiety, and inflammation, relieving pain and curing seizures.
Factors Influencing the Market
The growing demand for plant-based products is the primary factor expected to drive the demand for cannabidiol oil in the coming years. Moreover, the fact that cannabidiol oil cures anxiety will fuel the growth of the overall market dur to growing cases of anxiety and depression.
The growing prevalence of diabetes and cancer will also benefit the cannabidiol oil market. Moreover, the oil is also used to treat seizures, inflammation, relieve pain, etc. As a result, the growing awareness about the medicinal advantages of the oil will drive its demand during the study period.
Additionally, the growing number of e-commerce platforms offering efficient hemp oil will increase awareness among the general public. Thus, it will contribute to the growth of the market. On the contrary, stringent regulatory infrastructure may limit the growth of the cannabidiol oil market during the forecast period.
COVID-19 Impact Analysis
The sudden onset of the COVID-19 surged the rate of anxiety cases across the globe. This was majorly due to the disruptions in the lives of people caused by the pandemic, such as job loss, health-related problems, and others. The demand for cannabidiol oil witnessed increased in the past few years due to this health emergency. Furthermore, R&D activities in plant-based medications also surged to cure stress, anxiety, depression, etc. For instance, the University of Texas, in collaboration with, SunFlora.Inc and Way West Hemp Inc. conducted II/III clinical trial in 2020, majorly to evaluate the effectiveness of CBD isolate and full-spectrum cannabidiol oil for treating COVID-19 induced anxiety, anger, depression, and other issues. Thus, growing R&D activities will benefit the market even in the coming years.
Regional Analysis
Based on region, the Asia-Pacific cannabidiol oil market is forecast to emerge as the largest market, owing to the presence of various hemp-producing plants. China is expected to be the largest contributor to the cannabidiol oil market as it is one of the largest hemp cultivators in Asia, which develops half of the world's hemp. Furthermore, favourable legalization approving the use of cannabidiol will benefit the manufacturers. For instance, Thailand became the first Southeast Asian country in 2019 that permitted the use of cannabis for medicinal applications. Thus, such factors are expected to benefit the Asia-Pacific cannabidiol oil market during the study period.
Competitors in the Market
Market Segmentation
The global cannabidiol oil market segmentation focuses on Source, End-Use, and Region.
By Source Outlook
By End-Use Outlook
By Regional Outlook
