Cannabidiol (CBD) Oil Market Analysis: Projected to Grow at a CAGR of 32.5% During 2019 to 2027

SAN JOSE, Calif. - March 2, 2021 - PRLog -- Market Insights

The CBD oil market (https://www.credenceresearch.com/report/cbd-oil-market) is expected to grow at a CAGR of 32.5% during the forecast period from 2019 to 2027, starting from US$ 534.4 Mn in 2018.

"New product launches by top manufacturers support the growth of the market"

Cannabidiol oil is gaining importance due to a variety of oil-related benefits. CBD helps reduce chronic pain, relieves stress and improves heart health. Rising expenditure on healthcare worldwide promotes the growth of the market. In addition, the use of CBD oil as a major ingredient in body and skincare products promotes market growth. As per the research conducted by Hexo Corp in North America suggests that in the year 2018, CBD sales in the U.S. accounts for around US$ 2 billion, the report also suggests that the sales of CBD will increase five times by the year 2025. Additionally, research studies suggest that the U.S. sales of CBD will reach about 1.8 billion by the year 2022, thereby, increases the demand for CBD oil.

Nowadays, consumers are more inclined to use natural and organic products as a result of the development of new CBD oil-based products by manufacturers and the aim of meeting the increasing consumer demand for CBD-based products. For example, PureCBD Factory launched a new product in June 2019. The new hemp CBD oil Tincture is non-GMO (genetically modified organisms) and organic. By the new CBD oil launch, company aims to expand its product portfolio to satisfy the growing demand for Cannabidiol oil in the U.S. market and internationally.

Top manufacturers of Cannabidiol oil are focusing to increase their product portfolio by launching new products in the market.

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Regional Analysis

"Rising number of research and development of CBD in medical treatments drive the market"

North America dominated the Cannabidiol oil market in 2018 and expected to remain dominant in the forecast period. Consumers in the North American region are more likely to use plant-based products. Thereby, increases the demand for CBD oil in the region. Furthermore, Farm Bill law, designed in December 2018, that removed cannabis plants and its derivative containing not more than 0.3% THC from the Controlled Substance Act, increases the demand for CBD oil in the region.