Hemp oil or Cannabidiol (CBD) oil is derived from the leaves, flower clusters, and stalks of mature hemp plants. It is known for medicinal purposes and contains antioxidants, anti-inflammatory compounds, and neuroprotective effects. CBD oil is used for reducing pain, soothing anxiety and stress, reducing inflammation, and promoting better sleep. The global hemp oil market has gained immense popularity due to the awareness about its health benefits.

The global Cannabidiol Market is estimated to be valued at US$ 323.23 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The relaxation in regulations around the production, distribution and sale of hemp oil and its derivatives is expected to drive the market growth. Several countries and regions have legalized the cultivation and use of industrial hemp for commercial use which has opened lucrative opportunities for market players. With more countries and states adopting a lenient policy approach towards medicinal and recreational marijuana use, the cannabidiol market is poised to witness significant growth over the forecast period. This emerging regulatory environment is expected to attract new market entrants and propel innovation. Increased research and development activities around phytocannabinoids will further support the market expansion.

Porter's Analysis
Threat of new entrants: The threat of new entrants is low as Cannabidiol market is consolidated with established brands. Significant capital is required to enter and gain foothold in this market.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative products. Buyers can easily switch to substitutes if product quality or pricing is not up to the mark.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as quality raw materials are required and suppliers have established relationships with key players.

Threat of new substitutes: Threat of new substitutes is high as players are continuously researching and developing new delivery formats like edibles, beverages, topicals etc.

Competitive rivalry: The competitive rivalry is high due to presence of established brands fighting for market share. Players compete on product quality, pricing and innovation.

SWOT Analysis
Strength: Growing research proving medical benefits of Cannabidiol, Increasing legalization leading to rise in adoption.
Weakness: Regulatory uncertainty in some regions, knowledge gap regarding appropriate dosage.
Opportunity: Emerging markets in Asia Pacific and Latin America, New product formats attracting first time users.
Threats: Negative social perception, Strict norms hampering innovation.

Key Takeaways
The global Cannabidiol market is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is $323.23 Mn and market is expected to grow at a CAGR of 4.0% during the forecast period.

Regional analysis: North America dominates the global Cannabidiol market currently due to favourable regulatory environment and growing cannabis legalization measures. The US holds the major market share in the region. Asia Pacific is expected to be the fastest growing region during the forecast period due to initiatives by governments to legalize medical cannabis in countries like Thailand, South Korea, Australia etc.

Key players: Key players operating in the Cannabidiol market are ENDOCA, Cannoid, LLC, Medical Marijuana, Inc., Folium Biosciences, Elixinol, NuLeaf Naturals, LLC, Isodiol International, Inc.,Pharmahemp d.o.o. Players compete on the basis of products quality, consistency, potency and RD investment for new product development.