The CBD oil and CBD consumer health market has experienced exponential growth, surging from $49.5 billion in 2023 to $62.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 26.1%. This growth in the historical period is attributed to legalization and regulatory changes, evolving societal attitudes towards CBD, the growth of e-commerce, the expansion of retail channels, and celebrity endorsements contributing to increased consumer acceptance. Looking ahead to 2028, the market is anticipated to see exponential growth, reaching $160.45 billion at a CAGR of 26.6%. Anticipated drivers for this growth in the forecast period include international market expansion, consumer education programs, a growing emphasis on sustainability within the industry, healthcare professional recommendations, and an increase in educational initiatives aimed at informing the public about CBD benefits. Notable trends in the forecast period encompass microdosing, the introduction of CBD-infused products for pets, the rise of CBD-infused beverages, integration of CBD into health and fitness routines, and exploration of cannabinoid combinations.
Major Driver In The CBD Oil And CBD Consumer Health Market
The CBD oils and CBD consumer health market experiences growth propelled by growing awareness of the health benefits of CBD-infused products. CBD-infused products, including food and personal care items, are gaining popularity due to their perceived health benefits. CBD oil is increasingly used to alleviate sleep problems, anxiety, pain, stress, and discomfort. Reports from the National Association of Convenience Stores in March 2022 highlighted CBD's benefits, with 67% of millennials citing anxiety relief, 46% claiming it helps with depression, and 41% mentioning improvements in PTSD symptoms. This heightened awareness drives the demand for CBD-infused products, fueling market growth. Market data for 2023, 2024, and 2028 indicate a positive outlook for the CBD oils and CBD consumer health market in line with increasing consumer awareness.
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CBD Oil And CBD Consumer Health Market Competitive Landscape
Tilray Inc., Canopy Growth Corporation, Extract Labs, Aurora Cannabis Inc., Charlotte's Web Holdings Inc., Medical Marijuana Inc., PlusCBD Oil by CV Sciences, Green Roads, CBD American Shaman, Medterra CBD, Endoca BV, Bluebird Botanicals, CVSciences Inc., NuLeaf Naturals LLC, Lazarus Naturals, Isodiol International Inc, Lord Jones, HempMeds, JOY Organics, HempFusion Wellness Inc., Diamond CBD, Mary's Nutritionals, Elixinol LLC, HempLucid, Veritas Farms, Cibdol B.V., Ananda Hemp, Hemp Bombs, Highland Pharms, PharmaHemp
Key CBD Oil And CBD Consumer Health Market Trend
Major companies operating in the CBD oils and CBD consumer health markets are focused on developing innovative products such as premium pure cannabidiol (CBD) gummies to sustain their position in the market. Premium pure cannabidiol (CBD) gummies are edible candies that contain high-quality CBD oil, a chemical present in the cannabis plant. For instance, in May 2022, NextEvo Naturals, a US-based premium supplement brand, launched NextEvo premium pure cannabidiol (CBD) gummies with hemp extract that contain 10 mg of its SmartSorb CBD. It is vegan, non-GMO, and THC-free. These gummies offer rapid and enhanced absorption due to SmartSorb delivery technology that turns oil-soluble CBD into a water-soluble-like emulsion.
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CBD Oil And CBD Consumer Health Market Segmentation
The CBD oil and CBD consumer health market covered in this report is segmented –
1) By Product: CBD Oil, CBD Consumer Health
2) By Application: Anxiety/Stress, Sleep/Insomnia, Chronic Pain, Migraines, Skin Care, Seizures, Joint Pain And Inflammation, Neurological Conditions, Other Applications
3) By Distribution Channel: CBD Oil (B2B and B2C), CBD Consumer Health (Online, Retail Stores, and Retail Pharmacies)
By Geography:The regions covered in the cbd oil and cbd consumer health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the CBD oil and CBD consumer health market share in 2023.
The CBD Oil And CBD Consumer Health Global Market Report 2024 furnishes information about the global cbd oil and cbd consumer health market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
