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Cannabidiol (CBD) Oil Market Trends

Report ID: GMI8545
Published Date: Mar 2024
Report Format: PDF

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Cannabidiol (CBD) Oil Market Trends

Increased research activities accelerated the demand for CBD-based products, driving market expansion. For instance, a research study published in August 2022 in EurekAlert highlighted the efficacy of cannabidiol (CBD) in reducing treatment-resistant anxiety among young individuals. The study indicated a significant reduction in anxiety severity and impairment after 12 weeks of CBD treatment.
Similarly, ongoing R&D activities, such as a study from Michigan University published in June 2021, showcasing CBD's effectiveness in managing pain among fibromyalgia patients, are expected to further enhance the acceptance of CBD oil-based products. Thus, the rising research activities by expanding therapeutic applications of CBD-based products is expected to exhibit opportunities for the expansion of the CBD oil market.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global cannabidiol (CBD) oil industry size was valued at USD 5.2 billion in 2023 and is expected to reach USD 24.7 billion by 2032, due to the growing acceptance and legalization of cannabis-derived products for medicinal and therapeutic use

The hemp source segment is set to grow at 18.9% CAGR between 2024 – 2032, owing to their adaptability, eco-friendliness, and legal status for facilitating broad cultivation and extraction.

The original product type segment recorded 62.2% of the CBD oil market share in 2023, due to the rising need for catering to the increasing consumer demand for natural remedies.

North America held 59% of the cannabidiol oil industry share in 2023, led by increasing adoption for treating psychological disorders along with the growing legalization of hemp and marijuana.