Global CBD Oil Market Report and Forecast 2024-2032

Global CBD Oil Market Outlook

The global CBD oil market size was valued at USD 11.9 billion in 2023, driven by the increasing legalization of cannabinoids in various countries. The market size is anticipated to grow at a CAGR of 32.4% during the forecast period of 2024-2032 to achieve a value of USD 143.9 billion by 2032.

Global CBD Oil Market Overview

CBD oil has various therapeutic benefits, and it is widely used to reduce symptoms related to mental health disorders, including depression, anxiety, and schizophrenia. Researchers, through evidence-based studies and clinical trials, are increasingly exploring the benefits of CBD oil to relieve acute pain, treat digestive disorders and insomnia, and reduce symptoms associated with Parkinson’s disease, among others.

One of the significant CBD oil market trends is the growing legalization of cannabinoids in various countries. As countries like Austria, Canada, the United States, Germany, Switzerland, and the United Kingdom, among others, have legalized cannabinoids, and thus the recreational and personal uses of CBD oil are likely to surge in the forecast period.

The CBD oil market demand is being fueled by the growing awareness regarding the benefits of CBD, the rising trend of health and wellness, and the development of CBD oils with minimal THC levels.

Market Launches for Innovative Products

Rare Cannabinoid Company is thrilled to announce the launch of their groundbreaking product, THC + THCV Uplift Gummies. This new addition to their product line combines the dreamy feel of Delta-9-THC with the energizing, appetite-controlling effects of THCV, creating a one-of-a-kind experience for hemp and cannabis enthusiasts.

THCV (tetrahydrocannabivarin) is a natural, stimulating cannabinoid. The brand emphasized that the THC + THCV Gummies were designed to offer the positive benefits of Delta-9-THC without overwhelming sleepiness or hunger. The availability of these gummies in different flavors, keeping in mind the diverse preferences of individuals, and manufacturing them as a vegan product may trigger competitors to develop more products while including the diverse preferences of the consumers. This can further boost the global CBD oil market demand during the forecast period.

Rising Funding Activities to Aiding the Market

The market is anticipated to be influenced by several factors including funding activities to support market growth. In November 2023, Medicinal cannabis brand Cannarma raised undisclosed investment in a pre-seed round led by Praveen Kaushik (founder -Zero to One Fund) at a pre-money valuation of Rs 17 crore (USD 2.04 million).

Additionally, Amity Innovation Incubator has also backed the startup in this round. This funding is expected to play a crucial role in the market expansion of Cannarma products. Cannarma is a research and development organisation licensed by the Department of Ayush to manufacture and sell Ayurvedic goods such as CBD oil, hemp seed oil, and medicinal cannabis, among others. The brand claims to manufacture high-quality items with the use of natural ingredients only. The funding will enable the brand to increase engagement with existing customers, increase market reach, and develop technology. The firm plans to expand its presence in over 10,000 medical stores, clinics, and hospitals across India, propelling the CBD oil market growth.

The backing from investors, including Amity Innovation Incubator, may enhance the credibility and legitimacy of the brand in the market which may further contribute to stable reliability among consumers and stakeholders, which is crucial in the emerging market of medicinal cannabis and CBD products.

Strategic Collaborations between Market Players

The market is expected to be driven by increasing strategic moves by market key players to fill crucial gaps in unmet needs in the domain. For instance, In October 2023, Cantourage Group SE (hereinafter “Cantourage,”), a leading European company for the production and distribution of medical cannabis, signed a long-term supply agreement for medical cannabis with the Swiss cannabis company Astrasana. Based on this agreement, Cantourage will make a selected range of a total of four high-quality medical flowers with a high THC content available starting immediately. Patients in Switzerland will be able to obtain medical cannabis flowers from the growers LOT 420, Green Karat, and Breathing Green from Canada.

The focus of Cantourage Group SE on producing cannabis-based medicinal preparations and drugs and this collaboration with Astrasana may play a crucial role in the CBD oil market. Due to the recent legalization of medical cannabis in Switzerland Astrasana is now open to a wide range of opportunities including the development of a range of CBD products including CBD oils. Origin of Cantourage which is Canada may also make this collaboration expand their goals and work on market reach expansion during the forecast period, bolstering the CBD oil market demand.

CEO of Astrasana showed excitement about partnering with Cantourage which will enable them to bring high-quality medical cannabis flowers with a high THC content to the Swiss market. This collaboration has marked a significant milestone for Astrasana in the supply of medical cannabis in Switzerland. With this collaboration, it is expected to fill a crucial gap of unmet medical needs and increasing demand for high-quality medical products.

Global CBD Oil Market Segmentations

Market Breakup by Type
 

• THC Dominant

• CBD Dominant

• Marijuana Based

• Hemp Based

Market Breakup by Product Type
     

• Original

• Blended

Market Breakup by Product Category

• Unflavored

• Flavored

Market Breakup by Application

• Pharmaceuticals

• Food and Beverages
  • Gummies
  • Chewing Gums
  • Chocolate Bars
  • Candies
  • Bakery Products

• Cosmetics

• Others

Market Breakup by Distribution Channel
 

• Direct/B2B

• Indirect/B2C

• Hospital Pharmacy

• Retail Pharmacy

• Supermarkets 

• Convenience Store

• Online Retail

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global CBD Oil Market Regional Analysis

North America is expected to dominate the global market for CBD oil during the forecast period of 2024-2032. The regional market is greatly influenced by the increasing prevalence of insomnia and other sleep disorders. The increasing legalization of cannabis in the region, robust consumer demand, and established industry infrastructure also contribute to the market growth. The increasing focus of market players on developing and introducing new cannabis products made out of medicinal cannabis is poised to bolster the CBD oil market growth during the forecast period.

For instance, In August 2023, Tilray Brands, Inc. ("Tilray" or the "Company") (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis and consumer packaged goods company, debuted two new ready-to-drink carbonated beverages by its premium cannabis wellness brand, Solei. Introducing Mango Passionfruit and Dragonfruit Watermelon Sparkling CBD Beverages, Solei’s fresh and convenient offerings feature the non-intoxicating effects and key benefits of CBD with a mild dose of THC, alongside a burst of tropical flavors. Solei is a cannabis brand that designs products based on consumers’ needs for sensorial experiences.

Global CBD Oil Market: Competitor Landscape

In October 2023, Medterra, a leading provider of high-quality Hemp-Derived CBD products, announced its official launch on Amazon, the world's largest online marketplace. This strategic move marks a significant milestone for Medterra and opens new avenues for customers seeking premium Hemp products.

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Charlotte’s Web

• Medterra CBD

• Green Roads

• Elixinol Wellness Limited

• Canopy Growth Corporation

• CBDistillery

• Cannabidiol Life

• Joy Organics

• Endoca

• Aurora Cannabis Inc.

• Lazarus Naturals

• Bluebird Botanicals

• Medical Marijuana, Inc.

• Nuleaf Naturals, LLC

• PharmaHemp

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report