The size of the North American CBD oil market is expected to grow at a remarkable CAGR of 36.9% between 2020 to 2025 and worth USD 2.01 Billion by the end of 2025.
Increasing usage of cannabidiol oil in North America is a key driving factor for the market to grow. The legalization of the cultivation of cannabis in these regional countries and growing awareness over the health benefits of cannabidiol oil are greatly influencing the demand of the market. On-going research on developing innovative medical purposes using different resources available naturally and increasing chronic disease occurrences further elevate CBD oil demand in North America.
The growing prevalence of organic-based medicinal products and the rise in the number of people suffering from epilepsy and sleep disorders are expected to favor the market to grow further. Besides, creating awareness through digital advertisements is enhancing the demand for this market eventually. In recent studies, it was declared that cannabidiol oil has several advantages in curing the cancer tumor cells effectively, which is gaining traction over the market growth.
However, the illegalization of the cultivation of marijuana or hemp in some areas is slightly hindering the growth rate of the market in North America. Lack of complete knowledge on crop cultivation to yield high production is also hampering the market demand. Also, stringent rules and regulations by the government in approving the new products is a factor restraining the market’s growth. High complexity in developing new products due to increasing risk factors impedes the CBD oil market demand in North America.
COVID 19 impact on the North American CBD oil market:
COVID 19 cases are surging, and there is no sign of slowing down until the vaccine is supplied to all the people across the world. Many researchers are working to develop a drug or vaccine and try various resources to know which one will be more effective. As of now, government organizations are approving some drugs only for emergency case-patients. To lower the risk of the insidious virus impact, medicinal cannabidiol oil plays an effective role in treating the mild symptoms of the COVID 19. In fact, the CBD oil-based medicines are lowering the severity of the symptoms on the patients. For 80% of the population, the coronavirus shows mild symptoms like fever, cold, and cough, but for some people, the severity is worst. Due to the anti-inflammatory properties of the CBD oil, it has a high potential to treat the symptoms of the COVID 19. Hence, the demand for the CBD oil market in North America has grown faster during this pandemic.
This research report on the North American CBD oil market has been segmented & sub-segmented into the following categories:
By Distribution Channel:
By End Users:
Geographically, North America held the dominant shares of the market for the past few years and expected to grow at a higher rate in the forecast period. Increasing investments in the development of drugs or vaccines in healthcare are majorly fuelling the market demand in this region. The rise in the demand for effective product launches from the public is greatly influencing the growth rate of the market.
The U.S. CBD oil market is the highest contributing country for the market. The rise in the consumption of cannabidiol oil for various purposes in industries is likely to promote the market's demand. Easy availability of CBD oil-based products online is promoting the growth rate of the market.
The Canadian CBD Oil market is next to the US is dominating the shares of the CBD oil market. Increasing awareness and growing funds in healthcare by private and public sectors are outraging the market demand in this country. Besides, the increasing prevalence of CBD oil from the food industry elevates the demand of the market.
Companies such as Pharmahemp d.o.o, ENDOCA, NuLeaf Naturals LLC, Folium Biosciences, Elixinol, Cannoid LLC, Medical Marijuana Inc., and Isodiol International Inc currently dominating the North American CBD oil market.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 CBD Oil Market, By Source Type
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 CBD Oil Market, By Distribution Channel
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 CBD Oil Market, By End-Use
6.3.1 Personal Care & Cosmetics
6.3.2 Food & Beverages
6.3.4 Market Size Estimations & Forecasts (2019-2024)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 CBD Oil Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Source Type
7.2.3 By Distribution Channel
7.2.4 By End-Use
8. Key Player Analysis
8.1 Pharmahemp d.o.o
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 NuLeaf Naturals LLC
8.4 Folium Biosciences
8.6 Cannoid LLC
8.7 Medical Marijuana Inc
8.8 Isodiol International Inc
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures