Hemp Derived CBD Oil Market, Size, Share, Growth, and Industry Analysis by Type (Food Grade and Pharmaceutical Grade) By Application (CBD Nutraceutical, CBD Vapes, CBD Cosmetics, and CBD Medical), Regional Insights, and Forecast From 2024 To 2031

Hemp Derived CBD Oil Market Report Overview

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The global hemp derived CBD oil market size was USD 113.41 million in 2021 and is projected to touch USD 370.86 million by 2031, exhibiting a CAGR of 12.58% during the forecast period.

Hemp derived CBD oil is a plant-based oil. It has potential health benefits. The oil comes from hemp seed without any cannabinoids. They are extracted with the clear purpose of delivering CBD.

Increased demand for CBD oil in manufacturing medicine and the medicine used to reduce body pain. The oil when it reacts with neurotransmitters it becomes an ideal ingredient for anti-depression and anxiety drugs. The oil manufacturer is focused on developing cannabidiol-based skincare, lotions, pet care, and textile products. Further, new development and product launches are ideal to expand the product pipeline. Rise in research and development (R&D) activities and the oil is used to heal nerve-related pain, sleep disorders, inflammatory pain, and depression. Huge demand for oil from the pharmaceutical sector and a huge need for pain-relief medication are estimated to drive market growth in the forthcoming years. Also, increased celebrity endorsement and unique marketing strategies by key players are projected to fuel market growth. An increased health-conscious population and the presence of favorable laws about CBD products are anticipated to accelerate market progress. On the contrary, strict regulations on certain product sales and the high cost of the product are predicted to limit market growth in the forthcoming years.

COVID-19 Impact: Development in Healthcare and Pharmaceutical Sector to Fuel Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with hemp derived CBD oil experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The market witnessed steady growth during the outbreak of the COVID-19 pandemic. Expansion in the healthcare sector and huge investment by market players to drive market growth. Further, huge need for the product among patients to boost the market growth.

LATEST TRENDS

"Huge Need for the Oil among Consumers to Improve Market Growth "

Increased need for the oil among consumers for its health benefits such as anti-depression and anxiety drugs. The oil manufacturer is focused on developing cannabidiol-based skincare, lotions, pet care, and textile products. Further, new development and product launches are ideal to expand the product pipeline. Rise in research and development (R&D) activities and the oil is used to heal nerve-related pain, sleep disorders, inflammatory pain, and depression. These factors are estimated to surge market progress in the forthcoming years. The oil is typically found in organic stores, health food stores, and some regular grocery stores are estimated to drive hemp derived CBD oil market progress.

Hemp Derived CBD Oil Market Segmentation

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• By Type

Based on type, the market is divided into food grade and pharmaceutical grade.

Pharmaceutical grade is expected to be the top part of type segmentation

• By Application

Based on the application, the market is divided into CBD nutraceuticals, CBD vapes, CBD cosmetics, and CBD medical.

CBD nutraceutical is expected to be the top part of application segmentation.

DRIVING FACTORS

"Rapid Progress in Pharmaceutical Sector to Improve Market Growth"

Rapid progress in the pharmaceutical sector and the huge need for CDB oil in food and beverage, personal care, cosmetics, and nutraceuticals are estimated to fuel market growth. Rising awareness among consumers about health and increased disposable income are anticipated to surge market progress. Some products which are made of CBD oil are lip balms and body lotions. Edible food such as coffee, baked goods, chocolate, candies, and gums. Further, the huge adoption of the product to treat aliment, inflammation, and diabetes prevention is predicted to drive market progress in the forthcoming years. 

"Rise in Research and Development Activities to Boost Market Progress"

Rise in research and development (R&D) activities are anticipated to fuel market growth. A strong network online and a high degree of awareness about the benefits of the product are estimated to drive market growth. Also, increased celebrity endorsement and unique marketing strategies by key players are projected to fuel market growth. An increased health-conscious population and the presence of favorable laws about CBD products are anticipated to accelerate market progress. A high need for the product in dietary supplements and several needs for the product is estimated to drive market progress in the upcoming years.

RESTRAINING FACTORS

"Strict Regulations and High Costs to Reduce Market Growth "

Strict regulations on certain product sales and the high cost of the product are predicted to limit market growth in the forthcoming years.

Hemp Derived CBD Oil Market Regional Insights

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"Increased Investment by Market Players in Europe to Drive Market Share "

Europe is estimated to account for the hemp derived CBD oil market share owing to a rise in research and development activities. Increased foreign investment and huge adoption of the product is the estimated to drive market progress. The oil manufacturer is focused on developing cannabidiol-based skincare, lotions, pet care, and textile products. Further, new development and product launches are ideal to expand the product pipeline. Rise in research and development (R&D) activities and the oil is used to heal nerve-related pain, sleep disorders, inflammatory pain, and depression. Huge demand for oil from the pharmaceutical sector and a huge need for pain-relief medication are estimated to drive market growth in the forthcoming years. Also, increased celebrity endorsement and unique marketing strategies by key players are projected to fuel market growth

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

LIST OF TOP HEMP DERIVED CBD OIL COMPANIES

• CV Sciences (U.S.)
• Medical Marijuana Inc. (U.S.)
• Elixinol Global Limited (Australia)
• Charlotte's Web Holdings, Inc. (U.S.)
• Provacan (U.K.)
• Cura Cannabis (U.S.)
• ENDOCA (U.S.)
• Hempura (U.K.)
• CBD American Shaman (U.S.)
• PharmaHemp (U.S.)
• Aphria Inc. (Canada)
• Aurora Cannabis (Canada)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.