Technavio has been monitoring the CBD oil market and it is poised to grow by USD 3.52 billion during 2020-2024, progressing at a CAGR of over 32% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global CBD Oil Market 2020-2024 (Graphic: Business Wire)
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Frequently Asked Questions –
- What is a major trend for the market?
- Growing legalization of cannabis-based products is a major growth factor for the market.
- At what rate is the market projected to grow?
- The market will grow at a CAGR of over 32%.
- Who are the top players in the market?
- Aurora Cannabis Inc., Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol Global Ltd., ENDOCA BV, Gaia Botanicals LLC, Isodiol International Inc., Medical Marijuana Inc., and NuLeaf Naturals LLC. are some of the major market participants.
- What is the key market driver?
- The health benefits of CBD oil is the major factor driving the market.
- How big is the North American market?
- The North America region will contribute 37% of market share.
The market is concentrated, and the degree of concentration will accelerate during the forecast period. Aurora Cannabis Inc., Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol Global Ltd., ENDOCA BV, Gaia Botanicals LLC, Isodiol International Inc., Medical Marijuana Inc., and NuLeaf Naturals LLC are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Health benefits of CBD oil has been instrumental in driving the growth of the market.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
About Wellness BioSciences Rx (WBRx)
Wellness BioSciences Rx (WBRx) is a global innovator in the delivery of science-based wellness consumables in partnership with health care providers directly to their respective patient base. Our products specialize in the development of the highest grade 100% USA-grown hemp oil rich in CBD, CBDA, CBG, CBN, CBC, and terpenes. WBRx was founded by Barry Cocheu and Sean Baker.