Cannabidiol is a chemical compound that is found in the cannabis Sativa plant and is extracted from hemp or cannabis. It has a wide range of therapeutic applications, such as stress relief, pain relief, diabetes prevention, depression treatment, and others. In recent years, the demand for CBD oil has increased tremendously owing to an increase in awareness of individuals regarding the health benefit of CBD oil and its enhanced efficacy in pain management and other diseases. For instance, according to a recent study by Michigan University in 2021, about 72% of fibromyalgia patients used CBD to release their pain. Therefore, the widespread adoption of CBD products along with the changing consumer opinion is also driving the growth of the market during the forecast period.  

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The CBD Oil Market is expected to grow at a steady rate of around 28.5% during the forecast period (2022-2028) owing to the rise in demand for CBD-infused food and beverages and the high demand for pain and sleep medication. The companies have also entered strategic alliances, including collaboration, partnership, or acquisitions to maintain the strategic edge in the global market. For instance, in 2021, First Crop collaborated with BeeHex to integrate First Crop’s CBD oils into BeeHex’s subscription-based personalized nutrition products.  

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Based on product type, the market is segmented into hemp oil and marijuana oil. The hemp oil segment is expected to grow with high CAGR rates due to the high efficiency of hemp-derived CBD products in the management of Parkinson’s disease. Further, the increased demand for hemp oil in the pharmaceutical industry is due to rising consumer spending on healthcare and the legalization of medical cannabis in Europe and North America.

Based on application, the market is categorized into pharmaceuticals, food and beverages, cosmetics, and others. The cosmetic segment held the maximum share of the market in 2020. The launch of innovative products, the rising use of online platforms to shop for CBD-infused cosmetics products, and the increasing awareness among individuals for organic products are expected to propel the growth of this segment during the forecast period.

Based on the distribution channel, the CBD oil market has been classified into direct and indirect. The indirect segment is expected to offer lucrative opportunities during the forecast period, which is mainly due to the increase in customer confidence in online channels. Various CBD oil manufacturers sell their products majorly with e-commerce websites to target more consumers and create a loyal customer base.

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For a better understanding of the market adoption of the CBD Oil industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of E