Business

Global Cannabidiol Oil Market Soaks In $1.09 Billion in 2022 Profits

Ever growing acceptance of cannabidiol’s health benefits still driving growth, finds ResearchAndMarkets.com report.

Published

2 years ago

November 21, 2022

Brad Cheng

As part of an agreement with OSHA, Trulieve of Tallahassee, FL will Trulieve will design and implement a temporary information and training program that alerts employees to potential allergic reactions they might experience working with ground cannabis dust in an occupational setting. PHOTO GCT

Dublin-based market research company ResearchAndMarkets.com estimates the global cannabidiol oil market will soak up $1.09 billion in revenue in 2022. Even better news for extracts is sales are expected to reach $3.64 billion in five years, growing at a CAGR of 27.28%.

Based on analysis ResearchAndMarkets.com pinpoints drivers for market growth:

Changing consumer opinion and increasing awareness about the health benefits of cannabinoids
Rise in the demand for cannabidiol from various industries such as food and beverage, personal care and cosmetics
Increasing use of cannabidiol cil and infused products in pharmaceutical products
Advancements in product developments initiated by the companies worldwide
Partnerships, joint ventures, and other strategies to improve the oil industry’s offering

The analysis, published as the online report “Global Cannabidiol Oil Market (2022-2027) by Product, Source, Distribution Channel, Application, and Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis,” discusses continuing constraints to growth, including an analysis of the world’s major regulatory bodies and the rules imposed on the sector — finding increasingly stringent transportation regulations and increased warehousing costs as a constraint to growth.

By geography, the report covers market in the Americas, Europe, Middle East & Africa and the Asia-Pacific. Among the companies mentioned in the report are: Aurora Cannabis, Inc., Canabidol CBD, Canopy Growth Corp., CBD Life UK, CV Sciences, Inc., Elixinol, LLC, Endoca, Folium Biosciences, GW Pharmaceuticals, PLC, Hempura and Isodiol International, Inc.

For more information, visit https://www.researchandmarkets.com/

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