The publisher has been monitoring the CBD oil market and it is poised to grow by $ 3.05 bn during 2021-2025 progressing at a CAGR of 27% during the forecast period.
The market is driven by the growing millennial population in key cannabis markets and increasing number of new product launches.
Global CBD oil Market 2021-2025
The report on CBD oil market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The CBD oil market analysis includes product segment and geographical landscapes.
The cannabidiol market declined by 6.1% from 2019 to 2020
Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation. Due to the increasing adoption of CBD-based products to treat ailments, the global cannabidiol market is anticipated to grow at a lucrative rate over the forecast period.
Source Type Insights
Companies are entering into multiple partnerships and launching innovative products for increasing their distribution networks and expanding their consumer base.
On the other hand, the existence of strict regulations and the high cost of cannabidiol products are some of the major factors limiting the growth of the market. In addition, the absence of legalization initiatives in many Asian and African countries is another main factor impeding the market growth.
However, the COVID-19 pandemic has caused unprecedented lockdowns all around the world, collapsing daily operations and changing consumer behaviors in nearly every industry. As the response to COVID-19 ramps up, retail stores have shut down. The market started experiencing a shortage in supply due to the nationwide shutdown of transportation and manufacturing in major raw material manufacturing countries, such as China and India. In addition, due to supply chain disruptions in the U.S., the supply of other raw materials has been limited, which is disrupting the manufacturing, and in turn, the supply chain of CBD consumer health products.
Key Market Projections
The global CBD market is anticipated to grow at a strong rate over the forecast period owing to the growing adoption of CBD-based products for treating various medical conditions.
Chapter 1 Introduction
Key Topics Covered:
The major operational strategies adopted by key competitors include R&D activities, establishment of joint ventures, collaborations, partnerships, product launches, and mergers and acquisitions. R&D activities and product launches are the topmost strategies to improve market position and brand image. The CBD oil market is a highly competitive market with the presence of many national, regional and local companies. Demand in the market calls for both cost and product differentiation, continuous product development and upgrades to assure and sustain profitability.