The global CBD Oil market size is expected to reach USD $3,095.3 million by 2026 according to a new study by Polaris Market Research. The report titled, “CBD Oil Market Share, Size, Trends, Industry Analysis Report By Product (Hemp Based and Marijuana Based), By Application (Pharmaceuticals, Food & Beverages, Cosmetics and Others); By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online, Others); By Regions, Segments & Forecast, 2019 – 2026,” gives detailed insight into current market dynamics and provides analysis on future market growth.
According to the research, the demand for CBD oil is due to a number of reasons, such as flexibility of CBD oil and its benefits, and information on social media platforms and elsewhere. In addition, development of products such as CBD oil-infused honey and aggressive marketing strategies adopted to promote these products is also expected to benefit the overall market growth.
Also a contributing factor to its growth is the fact that in the past, CBD related research was restricted to the treatment of severe diseases such as cancer and epilepsy but today, but today's research has widened, which has led to the usage of the oil not just by health provider brands but by wellness brands as well. Rise in millennial population is also benefiting the market demand. Bath soaps, lip gloss, face creams, lotions, serums, and medicines for curing muscle pains are some of the products that are appealing to this segment of customers.
What's more, the research revealed that North America was the largest market for CBD oil in 2018 and is expected to maintain its dominance over the forecast period, due to a strong presence of companies in the U.S., high awareness regarding CBD oil usage, and availability of a wide variety of products are some of the factors benefitting the regional market demand.