According to Technavio Research Report “CBD Oil Market by product (marijuana-derived CBD oil and hemp-derived CBD oil), and by region (the Americas, EMEA, and APAC) is witnessed to grow USD 1.9 billion, at a CAGR of 31% from 2018 to 2022”.
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Technavio has published a new market research report on the global CBD oil market from 2019-2023. (Graphic: Business Wire)
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Global CBD oil market: expanding millennial population worldwide
Millennials comprise the key demographic cohort among whom the medicinal use of CBD oil is quite popular. Also, the millennials are relatively more open to new experiences than the older generations, and therefore, are more likely to try out legal cannabis products like CBD oil. Thus, the rising millennial population around the globe is an encouraging sign for the global CBD oil market as they form the largest demographic group that consumes CBD oil-based products.
According to a senior analyst at Technavio for research on food, “Factors such as growing E-commerce, along with the growing population of millennials is boosting the growth of the overall CBD oil industry. Studies show that E-commerce accounted for nearly 12% of the global retail trade in 2016.”
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Few Major Players for the CBD Oil Market are:
- CV Sciences
- ENDOCA
- Gaia Botanicals
- Isodiol International
- Medical Marijuana
Segmentation analysis – CBD Oil Market
The global CBD oil market research report provides market segmentation by product (marijuana-derived CBD oil and hemp-derived CBD oil), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 78% share, followed by the EMEA and APAC respectively. One of the key factors contributing to the increased sales of CBD oil in all these regions is a rise in the demand for CBD oil products due to growing awareness of their health benefits.
Growing legalization of cannabis-based products
The growing legalization of cannabis-based products is one of the major trends being witnessed in the global CBD oil market 2018-2022. Legalization of marijuana has emerged as a rising trend, which is influencing many nations to decriminalize cannabis and legalize the use of marijuana for recreational and medicinal purposes. Therefore, the prospects for the global CBD oil market look bright as many countries worldwide have begun accepting cannabis-based products and the demand for these products is increasing at a rapid pace.
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