According to BlueWeave Consulting,
Global CBD Oil Market is expected to reach USD 28.67 billion by 2026 from
USD 3.87 billion in 2019, at a compound annual growth rate of 33.12% during the
projection period 2020-26. CBD oil market is primarily driven by its demand for
wellness benefits and recreational use. Besides, growing state approvals in
favor of CBD Oil industry and its usage as an essential ingredient in various
products fuel the market growth. It is extensively used in the manufacturing of
pharmacy, personal care (skincare & Hair-care) products, beverages and
intimate lubricants. It is available in the form of tincture, concentrates,
capsules, topical and edibles such as candies, gums, chocolates, coffee and
other baked products. Besides, marketing initiatives by industry players and
social media influencers also induce the demand for CBD oil and CBD oil
containing products by spreading awareness about its effectiveness in various
conditions.
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CBD Oil is extracted from two sources
of cannabis Sativa plants viz., hemp and marijuana. The moderate use of CBD oil
relieves the chronic pain and anxiety of a person. It also mitigates the
symptoms of diabetes and cancer as well as reduces acne. CBD oil was subject to
many regulations as a controlled substance previously. However, its healing
properties and wellness benefits are increasingly recognized by the people and
the medical industry, escalating its demand for different physical and mental
conditions. The health and wellness retailers are increasingly allotting shelf
space for CBD oil products due to its recognized health benefits and higher
profit margins.
CBD Oil Market is divided into three
segments based on its Source (i.e., Hemp and Marijuana), Distribution channels
(i.e., B2C and B2B) and End-use (i.e., Medical Treatment and
Pharmaceuticals). B2C distribution channel consisting hospital pharmacies
and retail outlets predominantly involved in the direct distribution of CBD Oil
to customers.
The CBD oil extracted from Marijuana offers various health
benefits and is widely used for treatment in various conditions of epilepsy,
cancer, diabetes, depression and chronic pain caused by them. It is useful in
destroying cancer cells and is available in convenient forms such as tincture,
topical, concentrate, oil etc. for treatment purpose. Its growing adoption
among medical practitioners and patients expand the market share and reach. It
is anticipated to retain its market dominance during the projection period.
However, skincare and cosmetics brands will push the use of hemp-derived CBD
oil by offering CBD oil containing food & beverages, personal care
products, pharma and nutraceutical products.
“The key growth drivers of the CBD
Oil Market are Legalization of CBD Oil Consumption and Rising Awareness about
its health benefits.”
The developed countries such as the
US, Canada, Uruguay and some others have legalized the medicinal use of CBD
Oil. Some states of the US have even allowed its recreational use in the form
of vapes. More and more government-approved stores, dispensaries and pharmacies
are allocating shelf-space to the CBD Oil-based products. The legalization of
CBD oil consumption, trade and production has opened up tremendous market
opportunities for the market players.
Besides, people have become more
aware of its medical benefits in various conditions of cancer, anxiety,
diabetes and others. CBD oil is beneficial for the skin due to its
anti-inflammatory, antioxidant and anti-ageing properties. Many healthcare companies
use it as a USP in their medicinal or other products. More and more patients
are inclined to use it for medicinal purpose, growing its market in a big way.
“North America leads the CBD oil
market with a major share of revenues.”
North America is the foremost player
in the CBD oil market and will continue to lead due to its growing legalization
and acceptance in healthcare. The CBD Oil market has evolved tremendously in
terms of product variations, production facilities and distribution network. CBD
oil has found various applications, leading to its market growth in future.
However, Asia-Pacific will also notice substantial growth because of the
established facilities for hemp-based CBD oil production in China.
However, the complexity of guidelines
and regulations about CBD oil remains a challenge for the medical practitioners
and industry players.
“The leading players” in the market are Isodiol
International Inc., ENDOCA, Medical Marijuana Inc., Cannoid LLC, NuLeaf
Naturals LLC, Pharmahemp d.o.o., Canopy Growth Corporation, Elixinol, Folium
Biosciences, Aurora Cannabis and others.
The in-depth analysis
of the report provides information about growth potential, upcoming trends, and
statistics of Global CBD Oil Market size & forecast. The report promises to
provide state-of-the-art technology of CBD Oil and industry insights which help
decision-makers to make sound strategic decisions. Furthermore, the report also
analyzes the growth drivers, challenges and competitive dynamics of the market.
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