Cannabis Oil Market Size, Share, Growth, and Industry Analysis by Type (Organic Cannabis Oil & Non-Organic Cannabis Oil405n), By Application (Recreational & Medical), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

Cannabis Oil Market REPORT OVERVIEW

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The global cannabis oil market size was USD 797.6 million in 2021 and market is projected to touch USD 13266.9 million by 2032, exhibiting a compound annual growth rate (CAGR) of 28.9% during the forecast period.

Cannabis oil is an oleoresin made from cannabis or hashish that has been extracted. It is a cannabis concentrate that includes many of the plant's terpenes and resins, as well as THC, CBD, and other cannabinoids. There are different extraction techniques, and the majority of them involve a solvent like butane or ethanol. Typically, people either smoke, vaporize, or eat cannabis oil. To use with pen vaporizers, this oil may be sold in cartridges.

Depending on the production process and temperature, this oil can be prepared in solid or colloidal form; preparations are typically recognized by their appearance or other characteristics. It has many advantages for treating anxiety, preventing seizures, reducing inflammation, and relieving pain. The market is changing more quickly because the cosmetics, food, and pharmaceutical industries are using it more frequently. As more people learn about the advantages the product has to offer, the market has enormous growth potential.

COVID-19 Impact: Financial Imbalance Causes Market Distortion

The COVID-19 outbreak caused problems for manufacturers of healthcare materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for healthcare. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall healthcare industry. This has partially impacted the cannabis oil market.

LATEST TRENDS

"Adoption of Cannabis in Medical Industry to Boost the Market Growth"

The primary factor fueling market expansion is the widespread societal adoption of cannabis oil products in a variety of sectors, including pet care and beauty. The primary reason for the increased adoption is the shift in consumer attitudes toward products made from cannabis, as well as the variety of uses for cannabidiol products. Following the legalization of cannabis in many nations, demand for various product forms, including tinctures, oils, body lotions, capsules, vaping products, transdermal patches, and other personal care items, has rapidly increased. Due to their many applications, which include potential therapeutic benefits as well as their capacity to calm animals, these products have gained popularity. Thus, a key trend that is opening up potential for the industry to grow is the adoption of cannabis in medical industry. These new developments are mostly to blame for the market's overall growth.

Cannabis Oil Market SEGMENTATION

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• By Types 

Based on type, the market is classified into Organic Cannabis Oil & Non-Organic Cannabis Oil.

• By Application

Based on application, the market is categorized into Recreational & Medical.

DRIVING FACTORS

"Increasing Government Approval that Gives the Market Extra Boost "

Increased approvals for cannabis products are a result of the quick development of treatments, medications, and other consumer goods derived from cannabis and its advantageous health effects. The Food and Drug Administration (FDA) of the United States has acknowledged a number of potential uses for cannabis as well as the potential to incorporate it into both food and non-food applications. However, the FDA is working to safeguard public health and enhance the effectiveness of regulatory processes for bringing appropriate products to market (including cannabidiol acids). The manufacturers are putting more and more effort into finding cannabis to add to food and other products. As a result, industry growth will be aided during the forecast period by the growing dependence on products. As a result, the growth, and the increasing government approval for product will boost the market. It will contribute to the expansion of the healthcare industry and it will improve the overall cannabis oil market growth.

"Use of Product in Recreational Application to Encourage Market Expansion"

Cannabis is frequently used for recreational purposes. For its euphoric effects, the oil is frequently smoked, vaped, or consumed, which is also a key factor in the market's expansion. Additionally, it can be used to create cannabis edibles and other goods. Additionally, it can be found as a component in other goods like creams and tinctures. Therefore, it is anticipated that during the forecast period, cannabis will be used more frequently for recreational purposes. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, the product use in recreational sector will help the market to boost.

RESTRAINING FACTORS

"Duplicate & Synthetic Products to Impede Market Expansion"

Products made from cannabis have become more popular in recent years as a result of increased acceptance for a variety of medical conditions. This has made it possible for illicit producers to create synthetic products devoid of cannabidiol, which is preventing the market from expanding, they also contain chemical compounds that produce the same effects as cannabis but also have adverse effects on the body. These illegal products are allegedly more affordable than the original versions and contain higher concentrations of cannabis, which can be used to treat a variety of illnesses. This poses a significant obstacle to market growth during the projection period. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Cannabis Oil Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for cannabis oil in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the cannabis oil market share is the growing demand of product in recreational & medical industry is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Firms to Increase Product Demand"

The study includes information on the market players and where they stand within the sector. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being acquired and made available. The study on devices offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Select Oil (U.S.)
• Aphria (U.S.)
• K.I.N.D Concentrates (U.S.)
• Whistler (U.S.)
• The Lab (U.S.)  

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost cannabis oil market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.