Global CBD Hemp Oil Revenue Is Nearly 151.39 Million USD In 2017
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There are many varietals of Cannabis sativa, all of which have different amounts of THC and CBD. Cannabis sativa varietals that have more than 0.3 percent THC are commonly referred to as marijuana. Hemp is any varietal of Cannabis sativa that contains less than 0.3 percent THC.
CBD hemp oil is mainly extracted from industrial hemp with less than 0.3 percent THC.
In the last few years, global market of CBD hemp oil developed rapidly, stimulated by the increasing demand from North America and Europe. In 2017, global revenue of CBD hemp oil is nearly 151.39 million USD; the actual sales volume is about 21783 KG.
Presently, the production of CBD hemp oil is mainly concentrated in Europe and North America. Many producer of CBD hemp 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 CBD hemp 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 CBD hemp oil, which stimulated the demand. It is estimated that global market of CBD hemp oil will keep fast growth and will be worthy of 937.09 million USD in 2024, With the CAGR of 29.75% 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 CBD hemp oil, the industry competition will be intensified in the coming years.