Global Cannabidiol Oil Consumer Health Market Size Grows Steadily at a CAGR of 28.2%

Introduction

CBD oil for consumer health refers to the usage of CBD oil-containing goods for various health and wellness purposes. CBD, short for cannabidiol, is a chemical constituent obtained from the hemp plant. In contrast to THC (tetrahydrocannabinol), CBD does not induce psychoactive effects and is not associated with addictive properties. It is derived from the hemp plant and is commonly employed in various consumer health commodities, including oils, tinctures, capsules, and topical remedies.

Market Dynamics

Growing Adoption of CBD-Based Products for Treating Various Medical Conditions Drives the Global Market

CBD-based products are gaining popularity in the health and wellness industry as scientific research shows CBD's medicinal qualities. It is used to treat a variety of psychiatric problems, including cancer and arthritis. The use of pharmacological medicines to treat anxiety and depression may result in sleepiness, sleeplessness, sexual dysfunction, and headaches. For instance, benzodiazepines are addictive and may lead to drug dependence. On the other hand, CBD oil is a natural method of treating anxiety and sadness that does not lead to addiction.

Furthermore, CBD has been shown to be useful in lowering the number of seizures. Nausea, vomiting, and post-cancer discomfort are common side effects experienced by cancer patients receiving chemotherapy or radiation therapies. Currently, studies on CBD's additional medicinal advantages are being done. If research is successful, CBD might be used to treat acne, type 1 diabetes, and other malignancies. As a result, the aforementioned aspect will increase demand in the global market.

Growing Legalization of Cannabis-Based CBD Creates Tremendous Opportunities

Cannabidiol is derived from the Cannabis sativa plant's hemp and marijuana. These sources were deemed to have high THC concentrations, which can be harmful to the human body. As a result of the negative consequences of its use, most nations have controlled the cultivation and distribution of cannabidiol. Cannabidiol has been approved in various countries worldwide in recent years for industrial purposes, such as personal care and cosmetics, medicines, and food and beverages, after being shown to be safe for human consumption when eaten in the recommended proportion. Federal law in the United States has authorized the production and distribution of hemp-based CBD due to its medicinal benefits. Most European nations have legalized marijuana cultivation, creating an opportunity for start-ups dealing with marijuana-based products to enter the market.

Regional Analysis

North America is the most significant global cannabidiol oil consumer health market shareholder and is estimated to exhibit a CAGR of 24.2% over the forecast period. North America is often regarded as the most progressive region in terms of cannabis and its derivatives, including CBD. It boasts the biggest concentration of CBD firms and the most lenient legislation governing the use of CBD products. Although CBD usage is allowed in much of North America, restrictions vary from nation to nation. Northern sections of the continent are quite open to the usage of CBD products, cannabis, and hemp.

For instance, CBD is entirely legal in the United States and Canada. They are the worldwide leaders in the cannabis industry. However, the continent's lower areas, such as Central America and the Caribbean, have a different attitude regarding CBD products. They have highly stringent hemp legislation. Regardless of its non-psychoactive properties, hemp has been classified alongside marijuana. As a result, the use of hemp and cannabis-derived goods is still prohibited in the majority of North America's lower areas.

Key Highlights

• The cannabidiol oil consumer health market size is valued at USD 22.3 billion in 2022. It is estimated to reach USD 208.9 billion by 2031, growing at a CAGR of 28.2% during the forecast period (2023–2031).
• Based on product type, the global cannabidiol oil consumer health market is bifurcated into CBD oil, CBD isolate, and synthetic CBD.The CBD oil segment dominates the global market and is projected to exhibit a CAGR of 20.76% over the forecast period.
• Based on distribution channels, the global cannabidiol oil consumer health market is divided into business-to-consumer (B2C) and business-to-business (B2B). The B2C segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.97% over the forecast period.
• North America is the most significant global cannabidiol oil consumer health market shareholder and is estimated to exhibit a CAGR of 24.2% over the forecast period.

Competitive Players

1. CV Sciences, Inc.
2. Medical Marijuana, Inc.
3. Elixinol
4. CHARLOTTE’S WEB
5. ENDOCA; Isodiol
6. NuLeaf Naturals, LLC
7. Joy Organics
8. Kazmira LLC
9. Lord Jones
10. Aurora Cannabis
11. Canopy Growth Corporation
12. IRIE CBD
13. Global Cannabinoids
14. CBD American Shaman
15. BioVectra
16. Bluebird Botanicals
17. Noramco, Inc.
18. CURE Pharmaceutical
19. GW Pharmaceutical
20. CIBDOL
21. CBDepot
22. THC Pharm GmbH

Recent Developments

• May 2023: The FDA authorizes the first CBD-based medicine to treat chronic pain. Epidiolex is a medication that is a refined version of CBD produced from the cannabis plant.
• February 2023: The European Commission authorized the sale of CBD-based drugs to treat two uncommon types of epilepsy. This is a huge step forward for the CBD sector and will likely stimulate demand for CBD products throughout Europe.

Segmentation

1. By Product type
   1. CBD oil
   2. CBD Isolate
   3. Synthetic CBD
2. By Distribution Channel
   1. Business-to-consumer (B2C)
   2. Business-to-business (B2B) segments