Fueling Growth: CBD Hemp Oil Market Anticipated to Exceed USD 5.1 Billion by 2032
Market Insights
CBD Hemp oil has developed various medical applications such as pain relief, stress relief, treatment of anxiety and depression, diabetes prevention, heart health benefit, acne reduction, cancer symptom relief, and others. CBD hemp oil with approval is about to accelerate to utilize its medicinal properties. In addition, rising health spending worldwide is expected to spur the proliferation of the CBD hemp oil market size is projected to reach USD 5.1 billion by 2030 at a CAGR 17.20% during the forecasted year 2023-2030.
The CBD hemp oil market has experienced significant growth in recent years, with organic CBD hemp oil emerging as a prominent segment within this rapidly expanding industry. Consumers are increasingly seeking natural and organic products, driven by a growing awareness of the potential health benefits associated with such offerings. Organic CBD hemp oil, derived from organically grown hemp plants, is gaining traction due to its perceived purity and higher quality compared to non-organic alternatives. As more individuals prioritize wellness and seek alternatives to traditional pharmaceuticals, the demand for organic CBD hemp oil continues to surge.
Organic CBD hemp oil is positioned as a premium product in the market, appealing to health-conscious consumers who prioritize clean, sustainable, and ethically sourced ingredients. The emphasis on organic cultivation methods underscores a commitment to environmental sustainability and consumer health. With stringent regulations governing organic certification, consumers are assured of a product that meets rigorous standards for purity and authenticity. As the market for CBD hemp oil continues to evolve, the organic segment is expected to witness sustained growth, driven by increasing consumer demand for transparency, quality, and efficacy in wellness products.
Market Segmentation
The global CBD hemp oil market is broadly bifurcated based on distribution channel, product type, and application.
Based on the type, the global CBD hemp oil market is classified into spray, vape oil tincture, and others.
The distribution channel segment is also diversified into retail pharmacies, medical marijuana dispensaries, hospital pharmacies, and e-commerce websites.
Based on the application segment, the global CBD hemp oil market is divided into diabetes, mood disorders, pain relief, neurological disorder, and fibromyalgia.
Major Players
CBD Hemp Oil Companies include NuLeaf Naturals, Canopy Growth Corporation, Medical Marijuana, Aphria Inc., Aurora Cannabis, CBD American Shaman, Elixinol, Folium Biosciences, PharmaHemp, Cannoid, and ENDOCA. New entrants with latest products that sync well with the global demand based on demographics is estimated to make the market more competitive for the well-established players.
Regional Insights
North America has a significant market share and is expected to grow in popularity in the coming years. Legalizing cannabis sales in Canada has projected the regional market on an upward path. A considerable increase in cannabis production is anticipated for the region, which is likely to upsurge the regional market over the next two years. The US market is also expected to expand considerably in the coming future. Factors supporting the development of the market in the region comprise widespread prevalence of chronic diseases, exponential aging of the population, adoption of oil to reduce neurological pain, etc.
At the same time, the Asia Pacific CBD hemp oil market is expected to grow remarkably soon. Significant growth in domestic markets such as China, India, and Japan are set to spur market expansion in the region.
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