Cannabis Oil Market Size, Share, Growth Report 2032

Cannabis Oil Market Size

The global cannabis oil market size was worth around USD 21.26 billion in 2023 and is predicted to grow to around USD 71.90 billion by 2032 with a compound annual growth rate (CAGR) of roughly 14.5% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Cannabis Oil market on a global and regional level.

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Cannabis Oil Market: Overview

Cannabis is a budding plant; it has a fibrous stem used for clothing, paper, rope, and building materials. The flowers, leaves, and roots of the plant are used for medicinal purposes, whereas the seeds are used in fuel oil and food. Cannabis flowers and leaves are consumed in different forms, such as dried flower buds, different concentrations, or hard-pressed resin extracted from leaves or flowers through a variety of methods. Cannabis oil is a concentrated extract made from the cannabis plant. Cannabis oil is considered to be effective, safe, and inconspicuous means with powerful healing effects without exposure to potential hazards of cannabis smoking. This, in turn, will help the global cannabis oil market gain a grip in the years ahead. Moreover, the health benefits of cannabis oil are expected further to boost the growth of this market in the future.

The rising legalization of cannabis-based products is a key trend witnessed globally, which is prompting numerous nations to legalize cannabis and its use for medicinal and recreational purposes. This is likely to be the major growth driver of the global cannabis oil market over the estimated timeframe. Thus, the forecasts for the global cannabis oil market look positive as various countries worldwide have begun accepting cannabis products in several applications.

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Cannabis Oil Market: Segmentation

The study provides a decisive view of the cannabis oil market by segmenting it based on type, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By type, the global cannabis oil market is segmented into non-organic cannabis oil and organic cannabis oil.

On the basis of application, the global cannabis oil market is broadly categorized into recreational and medical.

Cannabis Oil Market: Report Scope

Cannabis Oil Market: Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

By geography, North America held a major share of the global cannabis oil market in 2023 and is expected to dominate over the forecast time period as well. This can be attributed to the legalization of cannabis in Canada for recreational purposes in late 2023, which, in turn, is making the major companies operating in the cannabis oil market focus majorly on the Canadian market for investments. Europe anticipates holding the second position in the global cannabis oil market in 2023, due to the growing emphasis on medical programs featuring cannabis by the governments of Germany, Holland, and Italy.

Cannabis Oil Market: Competitive Players

Some key players of the global cannabis oil market are:

• K.I.N.D. Concentrates
• Select Oil
• Absolute Terps
• The Lab
• Whistler
• Canopy Growth Corporation
• Emblem Cannabis Oils
• Aphria

This report segments the global cannabis oil market into:

Global Cannabis Oil Market: Type Analysis

• Organic Cannabis Oil
• Non-Organic Cannabis Oil

Global Cannabis Oil Market: Application Analysis

• Recreational
• Medical

Global Cannabis Oil Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa