Global CBD oil Market Size, Share, Growth Analysis, By Source(Hemp and Marijuana), By Product(Full-Spectrum CBD Oil, Broad-Spectrum CBD Oil), By Distribution Channel(Online Retail, and Offline Retail), By Application(Medical, Cosmetics and Personal Care) - Industry Forecast 2024-2031

Global CBD oil Market size was valued at USD 360.40 million in 2022 and is poised to grow from USD 417.70 million in 2023 to USD 1359.99 million by 2031, growing at a CAGR of 15.9% in the forecast period (2024-2031).

The global CBD oil market has experienced robust growth in recent years. The market is influenced by versatile applications worldwide. The market has been driven by increasing consumer awareness of the potential health benefits associated with cannabidiol (CBD) and the expanding product availability in various regions.

As CBD oil is derived from Hemp plant and Marijuana plant, which are good sources of protein and omega-3 fatty acids, that makes CBD oil a more valuable thing in the market.

Factors such as the increasing incidence of chronic diseases, increasing focus on wellness and preventive healthcare, and changing need towards cannabis contribute to the expanding market scope.

The market is categorized by a wide range of products such as full-spectrum, broad-spectrum, and isolate-based oils, which play a valuable role in the market. CBD oil has gained significant attention within the healthcare industry for its potential therapeutic benefits.

However, research suggests that cannabidiol (CBD) derived from the cannabis plants such as Hemp and Marijuana, may influence anti-inflammatory, analgesic, and anxiolytic properties. These properties of CBD oil make it a subject of interest for addressing various health conditions, including anxiety disorders, chronic pain, and epilepsy.

Additionally, ongoing research explores its potential applications in dealing with neurodegenerative diseases, such as Parkinson's and Alzheimer's. The competitive landscape in the market is characterized by the presence of several key players attempting for market position and dominance.