Global Cannabidiol Oil (CBD Oil) Revenue Is Nearly 270 Million USD In 2017
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Cannabidiol (CBD) oil is a natural botanical concentrate that is high in the compound CBD. Of the more than 85 cannabinoids so far identified in the cannabis plant, CBD is the second most common after tetrahydrocannabinol (THC).
In the last few years, global market of Cannabidiol Oil (CBD Oil) developed rapidly, stimulated by the increasing demand from North America and Europe. In 2017, global revenue of Cannabidiol Oil (CBD Oil) is nearly 270 million USD; the actual sales volume is about 21954 KG.
Presently, the production of Cannabidiol Oil (CBD Oil) is mainly concentrated in Europe and North America. Many producer of Cannabidiol Oil (CBD Oil) in the industry have formed an integrated industry chain, from the industrial hemp to downstream industries. Most of them can provide various finished products of Cannabidiol Oil (CBD Oil) to customers directly.
Online sales are the most common marketing channel for CBD based products in Europe and North America.
Many medical benefits have been founded in the Cannabidiol Oil (CBD Oil), which stimulated the demand. It is estimated that global market of Cannabidiol Oil (CBD Oil) will keep fast growth and will be worthy of 3028 million USD in 2024, With the CAGR of 41.27% during the period of 2017 to 2024.
Besides, many companies stepped into the industry in the year 2013 or 2014. With more and more new entrants into the Cannabidiol Oil (CBD Oil), the industry competition will be intensified in the coming years.