Cannabidiol Oil Market Size

Cannabidiol Oil Market size was valued at USD 5.1 billion in 2023 and is expected to reach USD 24.7 billion by 2032 growing at a CAGR of 18.6% over the analysis period. The market has experienced significant growth driven by the growing acceptance and legalization of cannabis-derived products for medicinal and therapeutic use.

As more countries legalize the use of cannabis for medical use, there is a growing demand for CBD oil due to its potential health benefits, including pain relief, anxiety reduction, depression, and anti-inflammatory properties. According to data from the Global Health Data Exchange (GHDx) in 2019, it was estimated that 3.8% of the global population experiences depression, with 5% of adults affected (4% among men and 6% among women), and 5.7% of adults over 60 years old. Hence, the surge in demand for CBD products to address anxiety & depression solutions is expected to create significant opportunities for CBD oil-based products, thereby driving market growth.

Cannabidiol (CBD) oil refers to a concentrated extract sourced from cannabis plants, particularly strains abundant in CBD and minimal in tetrahydrocannabinol (THC), the psychoactive compound associated with marijuana. CBD oil is typically obtained through various extraction methods, such as CO2 extraction or solvent extraction, to isolate CBD and other beneficial cannabinoids, terpenes, and flavonoids from the plant material.