Selbyville, Delaware, March 29, 2023 (GLOBE NEWSWIRE) —
Cannabidiol extract market value is estimated to reach a valuation of USD 36 billion by 2032, as per a new research report announced by Global Market Insights Inc.
The changing regulations pertaining to the usage of CBD extracts as a key factor driving industry trends. The ambiguous regulatory status of cannabinoids in numerous countries, particularly regarding their product forms and intended use are prompting governments to pass legislation in order to offer clarity about utilization. For instance, the Farm Bill, which was passed in the U.S. in 2018 to legalize hemp-derived CBD, entailed a rapid surge in product sales. Thus, the evolving regulatory landscape for CBD product approval is likely to be profitable for market growth through 2032.
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Increasing medical applications to foster the CBD oil extracts segment outlook
The cannabidiol extract market from the CBD oil extracts segment was valued at over USD 2.5 billion in 2022 and is foreseen to register notable gains between 2023 and 2032 on account of the mounting adoption of CBD oil for managing a wide array of medical conditions. Moreover, oil can be consumed or applied easily depending on the indication. Furthermore, smooth regulatory pathways and varied benefits offered by CBD oil are expected to impel segment development . The CBD oil extract segment is further classified into CBD full spectrum oil and CBD broad spectrum oil.
Favorable regulatory scenario to aid hemp source segment landscape
The hemp-sourced cannabidiol extract market was worth more than USD 3.5 billion in 2022 and is likely to showcase sizable progress over the next 10 years backed by the smooth regulatory pathways developed for low THC levels. The THC content in hemp plants is negligible and makes the development of 100% CBD-based products possible, which is slated to complement segment expansion. In a recent instance, in March 2023, the House of Representatives in Kentucky approved a bill to regulate the production as well as the sale of the hemp-sourced cannabinoid delta-8 THC in the U.S. state.
Browse key industry insights spread across 280 pages with 301 market data tables & 16 figures & charts from the report, “Cannabidiol Extract Market Size By Type (CBD Oil Extracts {Full Spectrum, Broad Spectrum}, CBD Isolates), Source (Hemp, Marijuana), Application (Pharmaceuticals {Tablets & Capsules, Creams & Roll-ons, Transdermal Patches, Suppository}, Food & Beverages, Cosmetics), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cannabidiol-extract-market
Anti-inflammatory effects to boost product uptake in cosmetic applications
The cannabidiol extract market from the cosmetics application segment is speculated to depict more than 23% CAGR through 2032. CBD extract-infused personal and skincare products possess various benefits viz., skin-soothing, hydrating, antioxidant, relaxing, and anti-inflammatory properties, which aid in treating dry skin and certain inflammatory skin disorders. As a result, the surging product usage in cosmetics is anticipated to fuel industry revenue progression in the coming years.
Approvals of CBD-based medicines to propel Europe industry development
The Europe cannabidiol extract market is estimated to reach a valuation of over USD 9.5 billion by 2032. Availability and adoption of cannabidiol extract products in various countries owing to approvals of CBD-based medications, coupled with the escalating awareness about the benefits of CBD, is forecast to propel regional business demand. Recently, in December 2022, the French Council of State overturned a ban on the sale of CBD flowers in the country stating that the sale of CBD in the form of leaf and flower is not a public health risk.
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Escalating interest in novel cannabinoids to shape the product landscape
Some key firms operating in the cannabidiol extract market include Mile High Labs International Inc., Bedrocan, Green Roads, Global Cannabinoids, Maricann, Inc., Rhizo Sciences, NuLeaf Naturals, LLC, SPARKCBD, and Folium Biosciences, among others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
