Report: CBD Oil Market Valued at $2.42 Billion, to Grow to Over $15 Billion by 2028

According to a new report by Insight partners, the market for cannabidiol (CBD) oil has grown to $2.42 billion, and is expected to surpass $15 billion within the next six years.

The CBD Oil Market report found that the CBD oil market size is expected to grow from USD 2.42 billion in 2021 to USD 15.66 billion by 2028; it is expected to grow at a compound annual growth rate (CAGR) of 31.2% from 2022 to 2028.

“Aurora Cannabis Inc.; Endoca; Medical Marijuana, Inc.; Nuleaf Naturals, LLC; Elixinol Global Limited; CV Sciences, Inc.; Canopy Growth, and Folium Biosciences are the leading market players profiled during the study”, states the report. “Several other major companies were also analyzed during the course study to get a holistic view of the global CBD oil market.”

The report says that “CBD Oil has a wide range of applications in medical and healthcare sectors as it is utilized to relieve pain. It is also being deployed in the prevention of anxiety and depression.”

Moreover, “advanced technologies, such as machine learning, artificial intelligence, and genetic engineering, have transformed the cannabis industry. Artificial Intelligence is a huge splash in the cannabis market. With the help of AI, players can optimize for environmental modifications and genetically modify the strains of the product. They can also adapt to the required CBD level and alter the genetic makeup of the plants to produce the types of strains that sell best.”

The report notes that “The healing benefits of cannabidiol also provide opportunities for demand in health and wellness objectives and, therefore, are driving the global CBD oil market growth. Furthermore, the rising acceptance of cannabis among the population is also boosting the demand for cannabis-infused consumable products. The increasing popularity of recreational marijuana has led to the development of CBD-infused products, including confectionary and bakery products. The oil in the edible had the maximum demand due to customer preference. Customers mostly prefer sophisticated, discrete, and appealing methods of consuming their CBD supplements, creating many options to sell CBD edibles in various formats, such as beverages, gummies, and chocolate.”

Based on distribution channel, “the global CBD oil market is segmented into online distribution, pharmacies, and food & grocery stores. The offline distribution channel segment registered a majority of business share in 2021 and is estimated to grow at a lucrative market pace during the forthcoming years.” This is mainly due to increased consumer confidence in offline purchases compared to online channels. Moreover, “offline channels are mostly preferred by consumers with the increase in the penetration of counterfeit products. As the market is in its infancy, the offline distribution channel is expected to account for a larger proportion throughout the forecast period.”

Below is the Global CBD Oil Market Report Scope, Segmentations, Regional & Country Scope: