New York, USA, May 13, 2022 (GLOBE NEWSWIRE) – CBD oil market overview
According to a comprehensive Market Research Future Research Report (MRFR), “CBD oil market Information by type, application and region: forecast until 2027“, the market will get a CAGR of 32% from 2020 to 2027 and will reach $ 3.78 billion in 2027.
Market synopsis
CBD oil helps regulate the activity of the endocannabinoid system, interacting with neurotransmitters. This feature makes it the perfect ingredient for anti-depressant and anti-anxiety drugs. The World Anti-Doping Agency (WADA) in 2018 removed cannabidiol oil from the list of banned substances, but synthetic cannabinoids that have the same effects as THC have been banned.
CBD oil developers focus on creating skin products, lotions, textiles and cannabidiol-based pet care. The boom in sales of a broad line of CBD-enriched products, along with the launch of new products, as well as the expansion of the product portfolio, will offer attractive opportunities to players, especially in developing economies.
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Competitive market landscape:
Rich sellers in the CBD oil market include
- Aphria Inc. (Canada)
- Folium Biosciences (USA)
- Freedom Leaf, Inc. (USA)
- Green Roads of Florida, LLC (USA)
- Charlotte’s Web Holdings, Inc. (USA)
- ENDOCA (Netherlands), CBD American Shaman (USA)
- CV Sciences, Inc. (USA)
- Medical Marijuana, Inc. (USA)
- Canopy Growth Corporation (USA)
- Aurora Cannabis (USA)
- MedMen Enterprises Inc. (USA)
- Curaleaf Holdings, Inc. (USA)
- Kazmira LLC (USA)
- HempLife Today (USA)
- Pharmahemp (Slovenia)
- Whistler Medical Marijuana Corporation (Canada)
- Absolute Terps (USA)
- NuLeaf Naturals (USA)
- Emblem Cannabis (Canada)
USP market covered:
Market drivers:
Given its healing properties, cannabidiol (CBD) has a significant demand and is used for a variety of wellness and health purposes, which favors market growth. In addition, increased acceptance and consumption of products due to increased government approvals may also drive demand for CBD-infused products.
Among all cannabinoids, CBD oil or cannabidiol is used more widely for therapeutic reasons due to the lack of psychoactive effects. With numerous medical uses, the demand for cannabidiol oil is especially high for the treatment of depression and anxiety, diabetes, stress relief, relief of cancer symptoms, inflammation and pain relief. Given the growing use of CBD-based products for the treatment of various diseases, the cannabidiol market can predict growth at a lucrative pace in the coming years.
Raising awareness about the therapeutic benefits of cannabidiol influences consumers to buy cannabidiol products, regardless of their cost. Because they have a high profit margin, major retailers focus on offering a variety of cannabis-based products. Several health and wellness retailers sell CBD-based products, such as CVS Health, Walgreens Boots Alliance, and Rite Aid.
Market limitations:
Market development can be hampered by the toxic effects of cannabis and strict regulatory policies. In addition to this, the high prominence of rigid regulations along with the significant costs associated with drugs with CBD can also hinder the rate of business growth.
In addition, the lack of an adequate legislative framework in several African and Asian countries can be a major challenge for CBD oil developers in the global market.
Explore the in-depth market research report (117 pages) on CBD oil: https://www.marketresearchfuture.com/reports/cbd-oil-market-7355
COVID-19 analysis
All over the world, the outbreak of COVID-19 caused an unprecedented blockade, a delay in commercial operations and the evolution of consumer behaviors. With the increase in the number of COVID-19 cases, retail stores have had to close. The CBD oil market has witnessed lower supply levels due to transportation and manufacturing restrictions in major commodity manufacturing nations like India. Apart from this, due to supply chain disruptions in the United States, the supply of various raw materials has been restricted, which in turn has interrupted manufacturing, thus interrupting the supply chain of a variety of products with CBD oil infusion.
That said, extensive research and development of herbal medicines to treat COVID-19-induced anxiety, depression and stress will improve market share. To illustrate, in December 2021, the University of Texas at Austin collaborated with SunFlora.Inc and Way West Hemp Inc. to conduct a phase II / III clinical trial to analyze the efficacy and effectiveness of CBD isolate as well as full spectrum CBD oil. in reducing COVID-19-induced anxiety, stress, anger, sleep disturbances, and depression.
Market segmentation
By Type
Hemp-derived CBD oil is the leading segment, which will not only accumulate the fastest CAGR, but will also reach a strong valuation of $ 2,092.97 million in 2027.
By Application
With a growth of 38.80% between 2020 and 2027, the cosmetics industry is the leading application-based segment of the global market. Increased legalization and increased CBD trials and studies have increased the number of use cases in the cosmetics industry, including cosmetics containing CBD oil, as hemp-derived oils are known. to unclog pores, have anti-inflammatory and provide hydration.
The pharmaceutical segment may show the fastest growth in the following years, given the rapid transformation of CBD oil from an herbal preparation to a prescription drug. In addition to this, higher levels of awareness about its medical benefits, including its healing properties, will further strengthen its demand within the pharmaceutical industry.
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Regional knowledge
America is the largest CBD oil market and will maintain its leadership in the coming years. The large population of health-conscious people, the willingness to buy CBD-based products, the broad group of reputable manufacturers, and U.S. agricultural law in 2020 are the main factors driving up market demand in the region. America, especially the United States, is known for its progressive position on cannabis and associated products, such as cannabidiol.
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In Asia Pacific, the CBD oil market will cover substantial ground at the fastest pace during the review period, thanks to the establishment of several hemp-producing plants, especially in China. China is the largest hemp grower in the region, generating almost half of the total hemp. The country is known to export almost 90% of these products to Germany, the US, the Netherlands, Japan and the UK, and now cultivates hemp for cannabidiol extraction to three main provinces.
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