The CBD oil market is anticipated to witness rapid growth due to approvals by some major reputed international organizations. This, in turn, is widening its applications over diverse sectors. The global CBD oil market is expected to record a CAGR of over 30% during 2020-2030. In 2019, the CBD oil market size was less than US$ 200 Mn, FMI in its recent report indicates that the market is providing an incremental prospect of over US$ 200 Mn.
Unlike other sectors where the market share of online sales is slated to rise during the forecast period, the CBD oil market will record a paradox trend. The market demand in the short-term assessment period might foresee a modest shift to brick and mortar.
New Developments and Product Innovations
FDA acknowledges the potential prospects that cannabis or cannabis-derived compounds might offer and recognizes the considerable interest in these possibilities. Though FDA is aware that a few market players are marketing products comprising cannabis and cannabis-derived compounds in manners that breach the FD&C Act (Federal Food, Drug, and Cosmetic Act) and that might put the safety and health of customers at risk. Committed to protecting the public health, FDA sends warning letters to companies for illegally selling CBD products that claimed to treat, diagnose, prevent, or cure severe ailments, such as cancer.
COVID-19 Impact Analysis
The COVID-19 outbreak has lead companies to face a significant reduction in consumption in addition to supply chain disruption. However, at-home consumption has increased, which historically generates the highest margin.
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Key Takeaways of the Market Study
In terms of application, the non-pharmaceutical sectors are poised to grow at 1.5 times higher than the average sector growth over the assessment period
In the beauty sector, one-tenth of CBD oil would be utilized for skincare product formulation by 2030 end.
Consumers in Europe and North America predominate CBD oil consumption with more than ¾ of CBD oil produced globally, either in direct, ingredient, or supplemental form. Apart from Europe and North America, Asia presents lucrative prospects, yet only a few companies are legally open for production, marketing, and sales of CBD based products counting CBD oil.
Japan is identified as one of the potential nations exhibiting prospects for nations eying market development outside of Europe and North America. In the MEA Region, Israel came out as a promising market intended for the above-average growth rate, globally.
The CBD oil market is mainly lead by well-established companies. The companies are focusing on obtaining certifications such as clean- Label, and Possession of Certificate of Analysis (COA) claims to gain a competitive edge. With various key participants trying to make CBD oil more available and focusing on becoming certified by international organizations, FMI expects the market to expand exponentially during the forecast period.
Moreover, the majority of the companies providing CBD oil such as CBD one Ltd., Pure Kana, and Premium Jane are making their products accessible via e-commerce websites to reach more customers.
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