Global CBD Hemp Oil Market

CBD Hemp Oil Market Size, Share, Growth Analysis, By Source(Hemp, Marijuana), By Sales(B2B, B2C), By End Use(Medical, Personal Use, Pharmaceuticals, Personal Care Products), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10G2034 | Region: Global | Published Date: April, 2024
Pages: 178 |Tables: 89 |Figures: 68

CBD Hemp Oil Market Insights

Global CBD Hemp Oil Market size was valued at USD 6.66 billion in 2022 and is poised to grow from USD 7.71 billion in 2023 to USD 24.93 billion by 2031, growing at a CAGR of 15.8% in the forecast period (2024-2031).

The CBD hemp oil market is poised for significant expansion, driven by the escalating legalization of hemp-derived products. In response to growing consumer demand, companies are innovatively developing an array of cannabidiol offerings such as edibles, topicals, and beverages. The rise of e-commerce platforms has emerged as a pivotal factor, facilitating companies in reaching broader audiences and boosting sales through online channels. This digital shift has, in turn, exerted a positive influence on the overall growth projections of the CBD industry. As the legal landscape surrounding hemp products evolves and consumer preferences continue to drive market dynamics, the CBD sector is expected to witness a substantial increase in its market size, reflecting the burgeoning opportunities within the industry.

Market Snapshot - 2024-2031

Global Market Size

USD 6.66 billion

Largest Segment

Pharmaceuticals

Fastest Growth

Growth Rate

15.8% CAGR

Global CBD Hemp Oil Market ($ Bn)
Country Share for North America Region (%)

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CBD Hemp Oil Market Segmental Analysis

On the basis of source type, the CBD Hemp Oil (PAD) market is segmented into hemp, marijuana. On the basis of sales type, the CBD Hemp Oil (PAD) market is segmented into B2B, B2C. On the basis of end-use, the CBD Hemp Oil (PAD) market is segmented into Medical, Personal Use, Pharmaceuticals, Personal Care Products. On the basis of region, the CBD Hemp Oil (PAD) market is segmented into North America; Europe; Asia Pacific; Latin America; MEA.

Analysis by Sales

The B2B segment emerged as the dominant force in the market, claiming the largest revenue share in 2023. Projections indicate that this segment is poised for the fastest CAGR over the forecast period. The accelerated growth can be attributed to the increasing prevalence of wholesalers providing CBD oil and the burgeoning demand for CBD oil as a raw material across various industries. Furthermore, the ongoing legalization of CBD products in numerous countries has created a favorable environment, presenting a plethora of opportunities for suppliers within the B2B segment.

Anticipated to undergo substantial growth throughout the forecast period, the sub-segment of hospital pharmacies within the B2C segment is poised for prominence. This trajectory is attributed to the increasing trend of companies strategically partnering with retail pharmacies, aiming to enhance their market exposure and create dedicated spaces for customers to access and purchase CBD products. The market landscape presents abundant opportunities for participants, driven by the expanding inventory of pharmacies stocking CBD products, the formation of exclusive partnerships between companies and retail pharmacies, and a growing number of patients opting for CBD as a treatment option.

Analysis by End-Use

In the B2B end-use category, the pharmaceuticals segment emerged as the dominant revenue contributor in 2023, holding the largest share. Projections indicate significant growth for this segment in the coming years, driven by an increasing number of clinical trials aiming to evaluate the impact of CBD on various health conditions. The surge in demand for CBD products within the pharmaceutical sector is notably attributed to companies engaging in bulk CBD oil purchases, subsequently producing CBD-infused products widely adopted by consumers as alternatives for managing pain and stress. Consequently, these products are anticipated to undergo a phase of substantial growth within the market.

The personal care products segment plays a pivotal role in the CBD hemp oil market, serving as a significant avenue for the integration of hemp-derived products into daily wellness and beauty routines. CBD-infused personal care items, such as lotions, creams, and skincare formulations, have gained substantial traction due to the perceived therapeutic properties of CBD, including its potential anti-inflammatory and antioxidant effects. Consumers are increasingly drawn to these products for their potential to address various skincare concerns, such as inflammation, redness, and dryness.

Global CBD Hemp Oil Market By End-Use, 2022 (%)

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CBD Hemp Oil Market Regional Insights

In 2023, North America asserted its dominance in the CBD hemp oil market, holding a substantial revenue share of 87.4%. This region is poised for significant growth in the CBD market, attributed to various factors contributing to its burgeoning success. The presence of a large population of health-conscious individuals, a widespread acceptance of CBD products, the established foothold of major manufacturers, and the landmark approval of the U.S. The Farm Bill in 2020 collectively contributes to the robust growth anticipated in North America.

The Asia Pacific is poised for notable growth throughout the forecast period, primarily propelled by the establishment of hemp production facilities, notably in China. As the leading hemp grower in Asia, China plays a pivotal role, contributing to nearly half of the world's hemp production. Notably, China has embarked on hemp cultivation in three provinces with a specific focus on CBD extraction. This strategic move positions China to meet the rising global demand for cannabidiol. The country's significance in the hemp industry is further underscored by its substantial exports, with approximately 90% of its hemp products being shipped to key markets such as the U.S., Germany, the U.K., the Netherlands, and Japan.

Global CBD Hemp Oil Market By Region, 2024-2031
  • Largest
  • Fastest

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CBD Hemp Oil Market Dynamics

Drivers

Increasing Understanding to Control Market Demand and Supply

  • The increased public awareness of the therapeutic effects of cannabidiol (CBD) is leading to a more frequent adoption of CBD by small and medium-sized businesses. This heightened awareness stems from a growing acknowledgment of the potential benefits associated with CBD products. Additionally, hemp oil, a prominent source of CBD, finds extensive usage in the pharmaceutical industry, particularly for its ability to alleviate physical pain. The widespread application of hemp oil in addressing physical discomfort serves as a positive indicator for its efficacy, thereby contributing to the expansion of the market.

Restraints

Stringent Government Regulations

  • The market for CBD hemp oil faces challenges stemming from stringent government regulations that slow down the approval process for new products, thereby impeding the industry's growth rate. Additionally, in certain countries, the illegality of cultivating the cannabis crop acts as a barrier, hindering the demand for CBD oil. The market is further affected by fluctuations in the availability of raw materials, impacting industries relying on these inputs.

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CBD Hemp Oil Market Competitive Landscape

The competitive environment of the global CBD Hemp Oil market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.

Top Player’s Company Profiles

  • Aurora Cannabis
  • CV Sciences Inc.
  • ENDOCA
  • Gaia Herbs
  • Hempstrol
  • IRIE CBD
  • Elixinol
  • CBD American Shaman
  • Canopy Growth Corporation
  • NuLeaf Naturals, LLC
  • ConnOils LLC
  • Medical Marijuana, Inc.

Recent Developments

  • In January 2023, Medical Marijuana, Inc. made a significant announcement regarding its subsidiary, HempMeds Brasil, unveiling two new full-spectrum CBD products in Brazil. These products, featuring concentrations ranging from 3,000 to 6,000 mg, are made available in 30 mL and 60 mL jars, reflecting the company's commitment to expanding its product offerings and catering to a diverse consumer base.
  • In October 2022, Medical Marijuana, Inc. demonstrated a commitment to scientific research by revealing a collaboration between its subsidiary, HempMeds Mexico, and esteemed institutions—the Autonomous University of Barcelona, Spain, and the Meritorious Autonomous University of Puebla, Mexico. This collaboration was aimed at conducting a comprehensive study to showcase the potential benefits of CBD in treating Parkinson’s disease. The strategic partnership underlines the company's dedication to advancing the understanding of CBD's therapeutic properties through scientific exploration and aligns with broader industry efforts to explore the medicinal applications of cannabinoids.

CBD Hemp Oil Key Market Trends

  • The global CBD hemp oil market has witnessed notable transformations in recent years, and significant shifts are anticipated in the near future, driven by alterations in production sources, evolving consumer preferences, and adjustments to market parameters. Hemp oil, widely utilized in the food and beverage industry and personal care products globally, continues to play a pivotal role in diverse applications. Moreover, the substantial investments in research and development, coupled with an increasing number of aggressive marketing strategies employed by major hemp oil manufacturers, emerge as crucial factors expected to sustain the market's expansion in the coming years. These dynamic forces collectively contribute to the ongoing evolution of the hemp oil market, reflecting a landscape responsive to changing production dynamics, consumer choices, and strategic initiatives by industry leaders.

CBD Hemp Oil Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global CBD Hemp Oil marketplace analysis exhibits a dynamic marketplace with some of standout developments and problems. The escalating interest in the potential health benefits associated with cannabidiol has spurred a notable surge in investments dedicated to research and development. This investment aims to gain a deeper understanding of the effects of CBD and foster the creation of novel products. Consequently, the CBD market is undergoing heightened competitiveness, marked by an influx of new companies entering the market and introducing comparable products. This increased competition is proving to be a driving force behind the expansion of the global CBD market size.

Report Metric Details
Market size value in 2022 USD 6.66 billion
Market size value in 2031 USD 24.93 billion
Growth Rate 15.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Source
    • Hemp, Marijuana
  • Sales
    • B2B, B2C
  • End Use
    • Medical, Personal Use, Pharmaceuticals, Personal Care Products
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Aurora Cannabis
  • CV Sciences Inc.
  • ENDOCA
  • Gaia Herbs
  • Hempstrol
  • IRIE CBD
  • Elixinol
  • CBD American Shaman
  • Canopy Growth Corporation
  • NuLeaf Naturals, LLC
  • ConnOils LLC
  • Medical Marijuana, Inc.
Customization scope

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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on CBD Hemp Oil Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on CBD Hemp Oil Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the CBD Hemp Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the CBD Hemp Oil Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the CBD Hemp Oil Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the CBD Hemp Oil Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

CBD Hemp Oil Market size was valued at USD 6.66 billion in 2022 and is poised to grow from USD 7.71 billion in 2023 to USD 24.93 billion by 2031, growing at a CAGR of 15.8% in the forecast period (2024-2031).

The competitive environment of the CBD Hemp Oil market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Aurora Cannabis', 'CV Sciences Inc.', 'ENDOCA', 'Gaia Herbs', 'Hempstrol', 'IRIE CBD', 'Elixinol', 'CBD American Shaman', 'Canopy Growth Corporation', 'NuLeaf Naturals, LLC', 'ConnOils LLC', 'Medical Marijuana, Inc.'

The increased public awareness of the therapeutic effects of cannabidiol (CBD) is leading to a more frequent adoption of CBD by small and medium-sized businesses. This heightened awareness stems from a growing acknowledgment of the potential benefits associated with CBD products. Additionally, hemp oil, a prominent source of CBD, finds extensive usage in the pharmaceutical industry, particularly for its ability to alleviate physical pain. The widespread application of hemp oil in addressing physical discomfort serves as a positive indicator for its efficacy, thereby contributing to the expansion of the market.

The CBD hemp oil market has witnessed notable transformations in recent years, and significant shifts are anticipated in the near future, driven by alterations in production sources, evolving consumer preferences, and adjustments to market parameters. Hemp oil, widely utilized in the food and beverage industry and personal care products globally, continues to play a pivotal role in diverse applications. Moreover, the substantial investments in research and development, coupled with an increasing number of aggressive marketing strategies employed by major hemp oil manufacturers, emerge as crucial factors expected to sustain the market's expansion in the coming years. These dynamic forces collectively contribute to the ongoing evolution of the hemp oil market, reflecting a landscape responsive to changing production dynamics, consumer choices, and strategic initiatives by industry leaders.

In 2023, North America asserted its dominance in the CBD hemp oil market, holding a substantial revenue share of 87.4%. This region is poised for significant growth in the CBD market, attributed to various factors contributing to its burgeoning success. The presence of a large population of health-conscious individuals, a widespread acceptance of CBD products, the established foothold of major manufacturers, and the landmark approval of the U.S. The Farm Bill in 2020 collectively contributes to the robust growth anticipated in North America.

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Global CBD Hemp Oil Market

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