Cannabidiol (CBD) Oil Market To Reach USD 3213.4 Million By The End of 2029, Growing at a CAGR of 28.3%| Valuates Reports

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Apr 18, 2023, 05:02 ET

BANGALORE, India, April 18, 2023 /PRNewswire/ -- Cannabidiol Oil (CBD Oil) Market is segmented by type (Hemp-derived, Marijuana-derived), by application (Pharmaceuticals, Food, Cosmetics, Other): Global Opportunity Analysis and Industry Forecast, 2023-2029.

Due to the COVID-19 pandemic, the global Cannabidiol Oil (CBD Oil) market size is estimated to be worth USD 551.2 million in 2022 and is forecast to a readjusted size of USD 3213.4 million by 2029 with a CAGR of 28.3% during the forecast period 2023-2029.

Major factors driving the Growth of the Cannabidiol Oil (CBD Oil) Market

The primary factor influencing the Cannabidiol Oil Market is the increased demand for CBD for health and wellness purposes because of its therapeutic characteristics. A significant element that is anticipated to increase the manufacture of CBD-infused goods is the increased acceptance and use of products due to regulatory approvals. Additionally, key businesses in the cannabis sector and the governments of several nations are funding R&D initiatives.

According to multiple scientific investigations, CBD is a beneficial treatment for a number of neurological conditions, including epilepsy. The medicinal advantages of cannabidiol are becoming more widely known, and this has led consumers to purchase cannabidiol products regardless of price.

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TRENDS INFLUENCING THE GROWTH OF THE CANNABIDIOL OIL MARKET

The numerous medical applications for CBD products and the advantageous impacts the organic substance has on our health and well-being are mostly to blame for the rising demand for these goods. Products containing cannabidiol are used to treat conditions like insomnia, anxiety, nausea, illnesses linked to stress, chronic pain, and neurologic discomfort. For example, CBD products lessen the side effects of chemotherapy and replace conventional medications with significant negative side effects. CBD products are becoming more and more important due to the rising number of cancer sufferers worldwide. This factor is expected to drive the growth of the Cannabidiol Oil Market.

One of the product categories with the highest global growth is reportedly the hemp and CBD sector. These recent changes in food policy and the classification of hemp as a legitimate agricultural product as well as the promotion of hemp due to its environmental advantages are a few factors contributing to its explosive growth. One of the major factors favorably affecting the market is the rising demand for wellness beverages among consumers. The demand for the product is fueled by the rising popularity of CBD protein bars among athletes, fitness enthusiasts, and sportspeople. This factor is expected to drive the growth of the Cannabidiol Oil Market.

There has been steady growth in the CBD cosmetics sector, and 2022 was no exception. Growing knowledge of CBD's benefits in skincare and cosmetics is partly to blame for this trend's increasing popularity. This indicates that these products will be more readily accepted by the general public, particularly when it comes to skin diseases like dry skin, eczema, psoriasis, and even acne. This factor is expected to drive the growth of the Cannabidiol Oil Market.

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CANNABIDIOL OIL MARKET SHARE ANALYSIS:

The Cannabidiol Oil Market was dominated by the marijuana industry, which generated about. The segment is being driven by the rising adoption of refined CBD products as well as the rising legalization of marijuana and goods derived from it for a variety of medical uses. The high efficacy of cannabidiol derived from marijuana is another important reason driving the segment's rise.

The market was dominated by the pharmaceuticals sub-segment, which contributed to revenue. Over the projection period, the segment is anticipated to expand at a profitable rate. In the upcoming years, it is projected that the demand for the product will increase due to the growing number of ongoing studies looking at how CBD affects various health concerns. Furthermore, a lot of businesses create CBD-infused items after purchasing CBD oils in bulk.

Key Companies:

Kazmira
CW Hemp/CW Botanicals
Freedom Leaf
Green Road
Medical Marijuana
Folium Biosciences
HempLife Today
Cannavest
Pharmahemp
ENDOCA
CBD American Shaman
NuLeaf Naturals
Select Oil
K.I.N.D. Concentrates
Canopy Growth Corporation
Aphria
Emblem Cannabis Oils
Whistler
The Lab
Absolute Terps

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SIMILAR REPORTS:

- Cannabidiol(CBD) Water Market

- Pet CBD (cannabidiol) Market

- Cannabidiol Gummies Market

- Cannabidiol (CBD) Edibles Market

- Cannabidiol Extract Market

- CBD Balm Market

- Water-soluble CBD Market

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- Hash Oil Market

- CBD Massage Oil Market

- CBD-Infused Beverages Market

- Medical and Recreational Cannabis Products Market

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