CBD Oil Market: Snapshot
The latest corporate intelligence studies indicate that the global CBD oil market will foresee an outstanding growth rate of 16.5 % over the forecast years i.e. 2021 to 2026. The increasing medical applications for the products in the global CBD oil market are stimulating high interest for them amongst the global population.
Some of the leading applications for the products and solutions offered by the manufacturers and players working in the global CBD oil market include multiple sclerosis, neurological pain, and depression, as well as sleep disorders, among others.
The manufacturers, suppliers, and other participants in the global CBD oil market offer two distinct types of products to their customers, namely hemp based CBD oils as well as marijuana based CBD oils.
The recent bout with COVID-19 pandemic saw multiple fractures and disruptions in supply chain of the global CBD oil market, slowing down the momentum in the industry for a couple of years.
However, the rising efforts on research and development for developing and producing plant based medications and drug solutions for stress, depression, and anxiety, which was recorded significantly over the period of COVID-19 pandemic, motivated the growth within the global CBD oil market in the past couple of years.
Some other major drivers for the development and growth within the global CBD oil market include the rising need for plant based organic pain relief medication as well as the increasing prevalence of various mood disorders (such as depression) and related neurological disorders may also influence the demand within the global CBD oil market in coming years.
The players in the global CBD oil market are also exploring the usage of CBD oil as effective medications for cancer as well as diabetes. The rising requirement for organic and natural medication solutions for chronic diseases such as these also fuel the demand within the global CBD oil market.
Cannabidiol (CBD) oil is one of the compounds out of many that come under the category of cannabinoids. It is probably one of the most active ingredients of cannabis (marijuana) and the usage of the compounds has been legalized in numerous parts of the U.S., albeit with varying degrees.
A growing body of research world over indicates incredible therapeutic potential of CBD. The large purported health benefits of CBD have conferred the superfood status to CBD oil.
It is emerging as a promising solution for a wide range of ailments and disease conditions in worldwide populations. Most notable of them is perhaps its use in relieving arthritis symptoms. Further, CBD hold promise in treating two types of epilepsy. Stakeholders of this rapidly emerging CBD oil market have been monetizing on several such studies.
However, the studies with substantial findings seem to be few and far between. Also, marketers haven’t been yet able to capitalize on the results, as in most cases the results are touted. Having said this, companies putting their bets on the CBD oil market are working hard to underpin the favorable effects of CBD oil. To this, a growing number of stakeholders harp on extending third-party analysis to assert the safety, efficacy, and potency of CBD in CBD oil. Moreover, they are trying to gain trust of medical fraternity in emerging markets to CBD oil to build credibility. This will provide a noticeable momentum to the future growth trajectories of the CBD oil. As a result, pharmaceuticals in numerous countries are taking some interest in portraying the beneficial effects of CBD in CBD oil.
Global CBD Oil Market: Overview
The report details an exhaustive account of the global CBD oil market along with numerous associated factors. Some of these factors included in the report are drivers, restraints, competitive analysis, latest trends and opportunities, geographical outlook, and many other aspects. The study covered in the report spans a forecast period from 2018 to 2028. From an overall perspective, the report is expected to exist as a valuable insight to businesses which are already operating in the CBD oil market, as well for those who intend to newly establish themselves in this environment.
Global CBD Oil Market: Market Potential and Major Trends
Cannabidiol (CBD) oil mainly includes hemp-based and marijuana-derived CBD oil products. With rapidly growing human population all over the globe, the number of people interested in trying out legal cannabis products is highly increasing. This is one of the most crucial factors driving the global CBD oil market. Even during the forthcoming years, future generations are expected to increasingly try out legal cannabis products, thus proving beneficial to the market’s growth. In addition to this, the medicinal use of CBD oil is quite popular among various demographic groups. This is a key trend being observed since several years, and also is responsible for rampantly driving the global CBD oil market.
CBD oil has several benefits such as ability to offer protection from Alzheimer’s disease, anti-inflammatory properties, and acts as a crucial component during treatment of epilepsy and mental health disorders. Such benefits are gradually making people aware of the how useful this oil can be, thus ensuring that it is used on a large-scale basis. The adoption rate of cannabidiol oil is increasing because it also helps in drug withdrawal. CBD oil is highly recommended because it can suppress the growth of cancer cells to prevent this deadly ailment.
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Global CBD Oil Market: Geographical Outlook
CBD oil products are highly preferred by consumers from the North American region, thus making it rake in maximum revenue. Apart from North America, popular economies from Latin America such as Uruguay, Peru, Chile, Colombia, Brazil, and Argentina have legalized the application of marijuana products for medical purposes. In this way, Latin America too has managed to hold onto a good lead in the global CBD oil market. Owing to registering high revenue values, both these regions are expected to bolster the adoption of CBD products. A large number of leading CBD oil production companies are present in North America. Similarly, numerous hemp producers and manufacturers are present in Canada too. The growing awareness about the health benefits of CBD oil products are further expected to propel growth in the CBD oil market.
Global CBD Oil Market: Competitive Landscape
The CBD oil market depicts a highly fragmented vendor landscape to exist, mainly due to the presence of innumerable companies who offer products that are derived from different species of cannabinoids such as marijuana and hemp. These companies are increasingly competing against each other based on factors such as the product differentiation, distribution, price, quality, and promotion. Vendors are differentiating their products and services through a unique and clear value proposition to survive and succeed in this intensely competitive environment.
ENDOCA, Gaia Botanicals, Isodiol, Medical Marijuana, Aurora Cannabis (AC), Cannoid, CBD American Shaman, Canopy Growth Corporation, CV Sciences, Elixinol, Folium Biosciences, IRIE CBD, NuLeaf Naturals, and PharmaHemp, are key players operating in the global CBD oil market. With several players expected to enter this market during the upcoming years, the competitive intensity is projected to increase at a brisk pace. Mast local players experience a substantial cutthroat competition due to the intimidating presence of larger players operating in the market.
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