New York, May 13, 2022 (GLOBE NEWSWIRE) — CBD Oil Market Overview
According to a comprehensive research report by Market Research Future (MRFR) “CBD Oil Market Information by type, application and region – forecast to 2027‘, the market will reach a CAGR of 32% from 2020 to 2027 and reach USD 3.78 billion by 2027.
CBD oil helps regulate the activity of the endocannabinoid system and interacts with the neurotransmitters. This property makes it the perfect ingredient for antidepression and anxiety medications. The World Anti-Doping Agency (WADA) removed cannabidiol oil from the list of banned substances in 2018, but the synthetic cannabinoids, which have the same effects as THC, were banned.
CBD oil developers focus on the development of cannabidiol-based skin care, lotion, textile and pet care products. Booming sales of an extensive line of CBD-infused products coupled with new product launches and an expanded product pipeline will present attractive opportunities for players, particularly in developing countries.
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Market Competitive Landscape:
Among the wealthy players in the CBD oil market are
- Aphria Inc. (Canada)
- Leaf Life Sciences (USA)
- Freedom Leaf, Inc. (USA)
- Green Roads of Florida, LLC (USA)
- Charlotte’s Web Holdings, Inc. (US)
- ENDOCA (Netherlands), CBD American Shaman (USA)
- CV Sciences, Inc. (USA)
- Medical Marijuana, Inc. (US)
- 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)
Covered Market USP:
Due to its healing properties, cannabidiol (CBD) is in high demand and used for a variety of wellness and health purposes, fueling market growth. Additionally, increasing product acceptance and consumption due to increasing government approvals may fuel demand for CBD-infused products.
Among all cannabinoids, CBD oil or cannabidiol is the most commonly used for therapeutic purposes due to the lack of psychoactive effects. With numerous medicinal uses, demand for cannabidiol oil is particularly high for the treatment of depression and anxiety, diabetes, stress relief, cancer symptom relief, inflammation, and pain relief. With the increasing use of CBD-based products to treat various diseases, the cannabidiol market can expect lucrative growth in the coming years.
Increased awareness of the therapeutic benefits of cannabidiol is influencing consumers to purchase cannabidiol products regardless of their cost. As these have a high profit margin, leading retailers focus on offering a variety of cannabis-based products. Several health and wellness retailers sell CBD-based products, including CVS Health, Walgreens Boots Alliance, and Rite Aid.
Market development can be hampered by the toxic effects of cannabis and strict regulatory guidelines. Additionally, the high importance of strict regulations along with the significant costs associated with CBD drugs may hamper the company’s growth rate.
Additionally, the lack of a proper legal regulatory framework in several African and Asian countries can pose a significant challenge for the CBD oil developers in the global market.
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Around the world, the outbreak of COVID-19 has led to unprecedented lockdowns, delayed business operations and changing consumer behavior. With the rising number of COVID-19 cases, retail stores have had to close. The CBD oil market saw reduced supply due to the transportation restrictions as well as manufacturing in leading commodity producing nations like India. Apart from that, due to supply chain disruptions in the United States, the supply of various raw materials has been restricted, which in turn has disrupted the manufacturing and therefore the supply chain of a variety of CBD oil-infused products.
Against this background, the extensive research and development of herbal medicines for the treatment of COVID-19 induced anxiety, depression and stress will increase the market share. To illustrate, in December 2021, the University of Texas at Austin partnered with SunFlora.Inc and Way West Hemp Inc. to conduct a Phase II/III clinical trial to evaluate the potency and effectiveness of CBD isolate as well as full-spectrum CBD oil to be analyzed in reducing COVID-19-induced anxiety, stress, anger, sleep disorders and depression.
Hemp-derived CBD Oil is the leading segment, which will not only reach the fastest CAGR, but will also reach a strong valuation of $2,092.97 million by 2027.
With a growth of 38.80% between 2020 and 2027, the cosmetics industry is the application-related top segment in the global market. The rise of legalization and the increase in full-scale CBD trials and studies have increased the number of use cases in the cosmetics industry, including cosmetic products containing CBD oil, as hemp-derived oils are known for their pore-clearing, anti-inflammatory and anti-inflammatory properties offer hydration.
The pharmaceutical segment may boast the fastest growth over the next few years given the rapid transformation of CBD oil from an herbal supplement into a prescription drug. In addition, increased awareness of its medicinal benefits, including its healing properties, will further fuel its demand in the pharmaceutical industry.
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America is the largest market for CBD oil and will retain its lead for years to come. The large population of health conscious people, the willingness to buy CBD based products, an extensive pool of reputable manufacturers and the US farm law in 2020 are the main factors driving market demand in the region. America, particularly the United States, is known for its progressive attitude towards cannabis and related products like cannabidiol.
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In Asia-Pacific, the CBD oil market will travel a significant distance at the fastest pace over the period thanks to the establishment of several hemp production facilities, particularly in China. China is the largest hemp grower in the region, producing nearly half of all hemp. Known for exporting nearly 90% of these products to Germany, the US, the Netherlands, Japan, and the UK, the country now grows hemp for cannabidiol extraction in three major provinces.
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