CBD Hemp Oil Market Growth Analysis | 2023-2028

Market Insights

The CBD hemp oil market was estimated at USD xx million in 2022 and is likely to grow at a CAGR of 28.2% during 2023-2028 to reach USD xx million in 2028.

Want to know more about the market scope? Register Here.

What is CBD hemp oil?

CBD is one of the many cannabinoids present in cannabis plants. It has been a traditional remedy for many years. CBD is a phytocannabinoid that is obtained from the plant known as Cannabis Sativa. CBD hemp oil is extracted from plants by crushing the plants or seeds. Pure CBD hemp oil has low THC content and a unique nature. The oil contains various nutrients such as amino acids, terpenes, chlorophyll, and phytocannabinoids such as CBCV, CBD, and CBN, among others.

COVID-19 Impact

The COVID-19 pandemic has negatively impacted the CBD hemp oil industry due to collapsing daily operations, strict lockdown measures, and changing consumer behaviors in almost every industry across the globe. The market started witnessing a shortage in supply due to the nationwide shutdown of transportation and manufacturing in major raw material manufacturing countries. Furthermore, owing to supply chain disruptions in the US, the supply of other raw materials has been limited, thus disrupting the manufacturing, and in turn, the supply chain of CBD hemp oil.

Key Players

Some of the major players operating in the market are-

• Aurora Cannabis (Canada),
• Folium Biosciences (The U.S),
• ENDOCA (Denmark),
• Gaia Herbs (The U.S),
• Medical Marijuana (The U.S),
• Elixinol (Australia),
• Canopy Growth Corporation (Canada),
• CBD American Shaman (The U.S),
• Aphria Inc. (Canada),
• NuLeaf Naturals (The U.S), and
• Isodiol (Canada).

Market Dynamics

The market growth is majorly driven due to the rise in the need for plant-based pain relief medication as well as the prevalence of mood-related neurological disorders in the coming years.

• The high prevalence of chronic diseases such as cancer and diabetes is further augmenting the demand for CBD hemp oil.
• Also, strong R&D activities in plant-based medications further offer lucrative growth opportunities to the industry players.
• However, CBD hemp oil can result in side effects such as liver problems, infections, rashes, breathing problems, and others.

Want to have a closer look at this market report? Click Here.

Segment Analysis

By Application Type

The CBD hemp oil market is categorized based on its applications, with segments including multiple sclerosis, depression and sleep disorders, neurological pain, and others.

• The neurological pain segment emerged as the leading market segment in 2022 and is projected to maintain its dominance throughout the forecast period.
• The utilization of CBD hemp oil for the treatment of neurological pain is experiencing a notable surge in popularity among healthcare professionals, commercial users, and domestic consumers.
• These factors are expected to significantly contribute to the growth of the neurological pain segment in the foreseeable future.

By Distribution Channel Type

By distribution channel, the market has been segmented into hospital pharmacies, retail pharmacies, and online pharmacies.

• Under these, the hospital pharmacies segment held the highest market share in 2022 and is likely to register a significant CAGR in the coming years.
• This is mainly attributed to the growing number of hospital pharmacies in emerging countries and an increasing number of incidences such as sclerosis, cancer, diabetes, and others around the globe, thus promulgating segment growth.

Regional Insights

By region, the North American market garnered the largest market share in 2022 and is projected to grow at a healthy CAGR during the assessment period.

• This is mainly attributed to the legalization of marijuana in both the US and Canada coupled with increasing awareness of the benefits of CBD Hemp oil.
• Moreover, the strong presence of companies in the region as well as the availability of a wide range of products, further augments the regional growth.

Know the high-growth countries in this report. Register Here.

Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The CBD hemp oil market is segmented into the following categories.

By Application Type

• Multiple Sclerosis
• Depression and Sleep Disorders
• Neurological Pain
• Others

By Distribution Channel Type

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Click Here, to learn the market segmentation details.

Target Audience

The following is a list of the customers that the CBD Hemp Oil market aims to convert the most:

• CBD Hemp Oil companies,
• CBD Hemp Oil vendors,
• Hospitals,
• R&D centres, &
• Pharmaceutical companies.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the application types by distribution channel type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.