The natural hemp market has witnessed tremendous development in recent years, attributed to cannabidiol (CBD) products such as CBD oil’s popularity among wellness enthusiasts. The industry expects that CBD oil products are poised to take the health and wellness market by storm from 2022 to 2030. This is more evident from the sales of CBD oil products in the US, which rose almost 4 folds from 2017 to 2022.
According to to nForming’s “CBD oil market analysis report and forecast to 2030“, the Cannabidiol (CBD Oil) Market is expected to grow at a CAGR of ~28% from 2022 to 2030 owing to various short-term and mid-term market drivers such as CBD awareness campaigns, increasing CBD oil consumption for stress management, and celebrity endorsements are boosting the adoption of CBD products. Further, the CBD oil market may also expand quicker after the CBD sector overcomes two main market growth impediments: a lack of clinical research on its medicinal benefits and the stigma associated with cannabis. In addition, doctors’ recommendations for CBD consumption for health well-being, the trend of pet owners buying CBD for their pets, and the use of CBD in the treatment of alcohol and opioids addictions are expected to provide huge market opportunities to CBD product sellers.
Cannabidiol (CBD Oil) oil Market’s Major Drivers
CBD Awareness Campaigns Are Major Market Boosters
People’s perceptions of CBD have long been influenced by the cannabis industry’s past, giving it a bad connotation. Because of the public and media connection between the two, it was difficult for cannabidiol and its products to be regarded favorably. However, CBD has emerged from the cannabis shadows owing to global awareness initiatives aiming to educate and increase the interest of potential consumers across the globe.
cbdMD hosts National CBD Month in January of each year to educate and increase awareness about CBD health benefits and lifestyle modifications among the general population. Along with this, it also applied for National CBD Day (a national holiday to memorialize CBD), which was further accepted by the National Day Calendar to increase sales, brand awareness, and social media engagement. CbdMD was the inaugural sponsor of National CBD Day, which was held for the first time on August 8, 2018. As a result, the CBD sector witnessed a large growth in US CBD product sales in 2019, later, which further migrated internationally into Europe. As a result of this, the UK, for an instance, has witnessed an increase of 8-11 percent of the population utilizing cannabidiol in recent years.
Moreover, numerous customers promoted CBD products and brought new clients to the market. Thus, in 2020, the demand for CBD products demand rose more rapidly which created product shortages. Further, the sector is expected to continue to witness a considerable demand rise for CBD products such as CBD oil.
Rising CBD Products Adoption for Mental Health Issues such as Anxiety and Stress Management
Though CBD had been an organic substance with effects anti-psychotic and anxiolytic, consumers always avoided consumption of CBD due to cannabis stigma. However, the legalization of the CBD in 2018 along with the right awareness campaigns pressed the adoption paddle of various CBD products for various mental health issues such as anxiety, stress, trauma, and others.
In March 2021, Gold Bee published a result of more than 1,000 people’s survey that had the age range from 18 to 88. This survey result provides the answers to how CBD is being consumed for stress management. According to results, more than one-third (39%) of those polled said CBD was a vital tool for helping them manage stress or anxiety in 2020, with 49 percent of baby boomers, 39 percent of Gen Xers, and 36 percent of millennials saying it was very or very helpful. Another 44 percent of CBD users said that it was moderately useful in reducing their stress, while just 17 percent reported that it was only mildly effective. Cannabidiol users most typically use CBD to relieve stress (62 percent), anxiety (60 percent), and restlessness (42 percent ). While less prevalent, 41 percent of CBD users took it to aid in treating certain symptoms of depression, followed by difficulties falling asleep (39 percent) and anxiety or dread (39 percent) (39 percent ). More, CBD users found it to be the most useful in helping them control their anxiety (65 percent ), difficulty sleeping through the night (63 percent ), and difficulty falling asleep (61 percent ).
More, the pandemic stress also contributed to the adoption of CBD products. The Gold bee study further reveals, that in 2020, 21% stated that they began taking CBD for the first time, and 13% began using CBD primarily because of the epidemic. Further, one in every four persons who had previously used CBD said their intake had increased as a result of the COVID-19 outbreak.
In another study, it was found that 130 out of 141 (~92 percent) respondents reported that cannabidiol helped them manage their stress better. The 2020 CBD survey, also suggests that due to the probable shortages caused by COVID-19, 26% of existing CBD consumers are stockpiling CBD products. Thus, CBD products can be the next big mental health substitute for traditional drugs and other chemical-based treatments.
Celebrity Endorsements to Boost The Adoption of CBD Products
CBD has gained a lot of support from high-profile people including sportsmen, celebrities, and influencers who have started to not only utilize but also advocate CBD. For instance, Seth Rogen is a regular consumer of hemp-derived CBD oil and also spreads awareness about Cannabidiol’s multiple advantages. In addition, he also promotes CBD, particularly the compound’s potential for Alzheimer’s illness. Alessandra Ambrosio stated in an interview with an American magazine that consuming CBD oil has considerably aided her in getting the 8 hours of beauty sleep that she so desperately requires in another instance. Furthermore, celebrities such as Jennifer Aniston, Dakota Johnson, and Whitney Port advocate the use of CBD oil products.
In addition, a few celebrities have also taken a step forward and started their own CBD companies. For instance, in 2019, musician Willie Nelson along with his wife Annie Nelson started their own CBD company called “Willie’s Remedy” which sells CBD-based products such as teas, coffees, and CBD oils sourced from American hemp. Further, in December 2019, Lil Wayne (rapper) launched the cannabis brand GKUA Ultra-Premium which sells both marijuana and CBD oil containing almost no THC.
Cannabidiol (CBD Oil) Market’s Major Opportunities
More Doctors May Start Recommending CBD Oil for Health and Wellness
Currently, the only CBD product approved by the Food and Drug Administration is Epidiolex, a prescription oil. It is authorized for the treatment of two kinds of epilepsy. Aside from Epidiolex, state rules on CBD usage differ. While CBD is being researched as a treatment for a variety of conditions such as Parkinson’s disease, schizophrenia, diabetes, multiple sclerosis, multiple sclerosis (MS), HIV/AIDS, cancer, Alzheimer’s disease, dementia, glaucoma, anxiety, research on the drug’s benefits is still limited. On the other hand, many medical practitioners believe in the potential of CBD and are awaited for clinical research results to recommend and prescribe CBD products.
In January 2022 MBG health published views on CBD oil from some prominent medicine practitioners, surgeons, and others. According to, Dr. Will Cole, D.C., CBD oil can be the missing piece of the health puzzle. Where, Carrie A. Diulus, M.D. believes that CBD has a role in a variety of health conditions. However, she feels that recommending CBD is tricky there are no rigorous trials that completely define dosing, interactions, and contraindications.
Thus, with the continued legalization of CBD in various nations and more research being undertaken on the usage and benefits of medicinal cannabis, the industry anticipates an increase in CBD recommendations from doctors beginning in 2022.
Increased Purchasing of CBD Oil for Pet
Apart from human consumption, CBD products are also becoming the preference for pet owners for treating their pet’s inflammation, allergies, anxiety, and other health conditions. However, there has yet to be definitive research on how CBD affects dogs. What scientists do know is that cannabinoids interact with endocannabinoid receptors in the central and peripheral nerve systems, which assist maintain bodily equilibrium and keeping it healthy.
While there is no solid scientific research on using CBD to treat pets like dogs, there is anecdotal evidence from dog owners that it can relieve pain, particularly neuropathic pain, and assist control seizures. According to a Leafreport survey of 1,448 pet owners, 50 percent of owners reported using CBD for their cat or dog, typically based on veterinary prescription. Among the main reasons pet owners pick CBD for their animal friends are the treatment of inflammation, pain, seizures, allergies, and anxiety.
Further, CBD oil can be really helpful to the shelter animals that are continuously under stress and there the industry also has an opportunity from prone to running away, aggression, and trauma. As of 2021 U.S. had more than 3,500 animal shelters, where approximately 6.3 million companion animals are admitted every year. These animals see a significant increase in their stress and anxiety due to caged life and amplified noises. CBD oil may act as an absolute solution for shelters to treat traumatic conditions of their companion pets.
On the other hand, few organizations are researching to develop evidence for the application of CBD in pet animals. For instance, The AKC Canine Health Foundation (CHF) is funding research at Colorado State University’s College of Veterinary Medicine and Biomedical Sciences that will look at the use of CBD in treatment-resistant epileptic dogs. The CHF expects that this will be the first research to collect scientific evidence on the use of CBD in dogs suffering from this illness.
CBD can be used for the Treatment of Alcohol and Opioids Addictions
Cannabidiol (CBD) may help reduce alcohol intake and alcohol-related liver damage, according to research (including preclinical animal and human studies). Mouse research published in 2019 discovered that CBD may reduce alcohol intake. The researchers discovered that CBD medication reduced the mice’s desire to consume ethanol, a component of alcohol. Another research, published in March 2021, with 120 adults who used both cannabis and alcohol, discovered that persons who use CBD may be less likely to consume as much alcohol.
Also, Survey Research: Using CBD to Cope with Stress & Anxiety During Pandemic, by Gold Bee also reported that, when they assessed alcohol and marijuana preferences based on the frequency of CBD usage, they discovered that daily CBD users depended less on alcohol than those who used CBD just rarely. In contrast to alcohol, marijuana use was higher among CBD users, and usage was also similar between daily CBD users and occasional CBD users – indicating that the frequency with which respondents used CBD had no impact on their use of marijuana for stress – in contrast to alcohol, where respondents reported lower consumption of alcohol with more frequent use of CBD. This might imply that cannabidiol has the potential to replace alcohol in the treatment of stress.
A few additional studies also indicate that CBD might be used to assist treat those who are addicted to opioids. In one such trial, researchers gave CBD to persons who had a heroin use issue. CBD dramatically decreased heroin users’ cue-induced cravings, withdrawal anxiety, resting heart rate, and salivary cortisol levels over the course of a week with no major side effects discovered. More, other studies have found CBD to be beneficial in lowering psychological and medical symptoms such as anxiety, sleeplessness, and pain in people with drug use disorders, indicating that CBD may be a viable therapy for opioid addiction. However, more research is required. Thus, CBD will be the next big thing to treat alcohol and opioids addictions.
