Pharmaceutical Grade CBD Oil Market Size, Share, Growth, And Industry Analysis By Type (Full Spectrum CBD Oil, Broad Spectrum CBD Oil) By Application (Anxiety, Fibromyalgia, Diabetes, Others), Regional Forecast To 2031

Updated On: 08 April 2024

Pharmaceutical Grade CBD Oil Market Report Overview

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The Pharmaceutical Grade CBD Oil Market size is expected to grow USD 301 Million in 2021 to USD 2969.1 Million by 2031 at a Compound Annual Growth (CAGR) of 28% from 2022 to 2031.

Due to its numerous therapeutic characteristics that have been scientifically verified, cannabidiol (CBD) has a wide range of applications. The second most common active component in marijuana is cannabidiol (CBD). A phytocannabinoid called cannabidiol can be employed as an active component in a variety of personal care and cosmetic products. Chronic pain from injuries can be effectively treated with cannabidiol (CBD) oil. Moreover, it works well to treat insomnia, anxiety, and inflammation. Together with regulating mood, pain, and memory, it aids in enhancing an individual's physiological and cognitive processes. One of the 113 cannabinoids found in cannabis plants, cannabidiol (CBD) makes up to to 40% of the plant's extract.

Cannabidiol is derived from hemp or cannabis, however hemp may also be used since it contains a significant amount of CBD. Humans frequently confuse this substance with tetrahydrocannabinol (THC), which originates from the same plant but has a different effect. It can aid with pain relief, inflammation reduction, seizure prevention, anxiety treatment, and more. The market is transforming more quickly as more food, pharmaceuticals, and cosmetics industries begin to utilise it. The market has a lot of space to expand as more individuals become aware of what the product can do for them.

COVID-19 Impact: COVID-19 Posed Negative Impact On Market Growth

Unprecedented lockdowns brought on by the COVID-19 epidemic have disrupted daily life and altered consumer behaviour in almost every sector. Retail establishments have closed while COVID-19 reaction efforts intensify. Due to the statewide suspension of transportation and manufacture in significant raw material producing nations like China and India, the industry began to experience a supply deficit. Also, the availability of additional raw materials has been restricted as a result of supply chain disruptions in the U.S., which is impacting manufacturing and, therefore, the supply chain of CBD consumer health products.

Latest Trends

"An Important Trend In Market Growth Is The Expansion Of The E-Commerce Sector"

Online shopping is becoming more and more popular as a result of people's increased use of cellphones and the internet. Online purchasing is particularly popular among millennials due to its ease, security, and time-saving qualities. In their web portals, the online platforms describe in detail the features of the items and provide a variety of discounts. Moreover, the sales of cannabis-infused edible items through online distribution channels are fueled by safe transactions and cash-on-delivery (COD) choices. Hence, the expansion of the online retail industry will aid in the expansion of the market for cannabidiol oil globally.

Pharmaceutical Grade CBD Oil Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Full Spectrum CBD Oil, Broad Spectrum CBD Oil. Full Spectrum CBD Oil is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Anxiety, Fibromyalgia, Diabetes, Others. Anxiety will be the dominating segment.

Driving Factors

"Increasing Understanding Of How To Control Market Supply And Demand"

Small and medium-sized businesses are using cannabidiol more frequently as a result of growing public knowledge of its therapeutic effects. Also, hemp oil is widely used in the pharmaceutical industry since it eases physical discomfort, which is a good indicator. This is supporting the market's expansion in turn. Major drivers driving market revenue growth include variables like increased consumer demand for hemp oil in the food and beverage industry and expanding uses of hemp seed oil in the cosmetics and personal care sector. This substance is renowned for its anti-inflammatory qualities and antioxidant content, both of which are good for the skin. It is a chemical that is sought after to treat skin conditions like eczema, psoriasis, and acne.

"Market Growth Was Impacted By Growth And Expansion"

The direct and indirect growth of this market was aided by the rise and expansion of the personal care and cosmetics industries. This is due to the fact that cannabidiol is useful for treating skin disorders including eczema and psoriasis as well as swelling, discomfort, and redness brought on by ongoing outbreaks. The medicinal advantages of cannabidiol are becoming more widely known, and this has led consumers to purchase cannabidiol products regardless of price. Commercial shops are now concentrating on marketing cannabis-based items as they offer a higher profit margin. Rite Aid, CVS Health, and Walgreens Boots Alliance are just a few of the businesses that sell CBD-based goods. Moreover, Walgreens Boots Alliance has decided to sell topicals containing CBD in 1500 of its U.S. shops, while CVS Health has decided to provide CBD topicals in all of its 800 locations.

Restraining Factors

"Fluctuating Prices And Norms, Standards And Regulations Hindering The Market Growth"

Often debated aspects of this substance, such as its connection to marijuana and its intoxicating qualities, are likely to reduce its use. Also, several regulatory bodies have put a prohibition on its use into effect. For instance, Hong Kong intended to outlaw this content as of June 2022, with use of it punishable by jail. Also, starting of 2022, various restrictions regarding the amount of intoxicant in this substance will apply to industrial hemp-cannabis growing and consumption, according to the U.S. Federal government. As a result, due to the hazy legal boundaries around hemp and cannabis, its use may decline, which would be a constraining factor for market expansion. Strict restrictions and the expensive price of cannabidiol products are two of the main obstacles preventing the industry from expanding. Another significant issue hindering the market's growth is the absence of legalisation measures in several Asian and African nations. Moreover, cannabidiol-based products have become more popular recently as a result of the rising acceptance of a variety of medical ailments. This has allowed for the creation of synthetic medications by illicit producers that do not include cannabidiol but do contain chemical substances that are both toxic to the body and have comparable effects to CBD. These illegal goods are less priced than the originals and assert to contain more cannabidiol, which has therapeutic potential for a range of ailments. For instance, as of February 2020, about 2800 individuals were hospitalised for vaping, e-cigarette, and use-related lung harm, and around 68 people died in the U.S. as a result of consuming synthetic cannabis. The market's demand is being constrained as a result.

Pharmaceutical Grade CBD Oil Market Regional Insights

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"North America Is Anticipated To Be The Leading Region During Forecast Period"

Due to the expanding use by pharmaceutical businesses, North America now dominates the market and will maintain this dominance over the projection period. Nonetheless, Asia-Pacific will record the largest CAGR for development and expansion of hemp-producing plants throughout this time, particularly in the rising economies of India and China. North America led the market in 2021 with a revenue share of over 85% and will keep holding the top spot going forward. Some of the key variables influencing the regional market include the existence of a sizable population of health-conscious individuals, the rising acceptance of CBD-based products, the presence of significant manufacturers, and the ratification of the U.S. Farm Bill in 2020. The most forward-thinking location for cannabis and its byproducts, such as cannabidiol, is North America. The most CBD businesses are located there, and the rules governing the use of CBD products are lax.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Kazmira (U.S.)
• Charlotte's Web (Colorado)
• GL Brands, Inc. (U.S.)
• Green Road (U.S.)
• Medical Marijuana, Inc. (U.S.)
• Folium Biosciences (U.S.)
• HempLife Today (U.S.)
• Cannavest (U.S.)
• PHARM-CBD, LLC (U.S.)
• ENDOCA (U.S.)
• CBD American Shaman (U.S.)
• NuLeaf Naturals (U.S.)
• K.I.N.D. Concentrates (U.S.)
• Canopy Growth Corporation (Canada)
• Aphria (Canada)
• Emblem Cannabis Oils (Canada)
• Whistler (U.S.)
• The Lab (India)
• Absolute Terps (U.S.)

Report Coverage

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