Market Insights
CBD
Hemp oil has developed various medical applications such as pain relief, stress
relief, treatment of anxiety and depression, diabetes prevention, heart health
benefit, acne reduction, cancer symptom relief, and others. CBD hemp oil with
approval is about to accelerate to utilize its medicinal properties. In
addition, rising health spending worldwide is expected to spur the
proliferation of the CBD hemp oil market
size is projected to reach USD 5.1 billion by 2030 at a CAGR
17.20% during the forecasted year 2023-2030.
The
CBD hemp oil market has experienced significant growth in recent years, with
organic CBD hemp oil emerging as a prominent segment within this rapidly
expanding industry. Consumers are increasingly seeking natural and organic
products, driven by a growing awareness of the potential health benefits
associated with such offerings. Organic CBD hemp oil, derived
from organically grown hemp plants, is gaining traction due to its perceived
purity and higher quality compared to non-organic alternatives. As more
individuals prioritize wellness and seek alternatives to traditional
pharmaceuticals, the demand for organic CBD hemp oil continues to surge.
Organic
CBD hemp oil is positioned as a premium product in the market, appealing to
health-conscious consumers who prioritize clean, sustainable, and ethically
sourced ingredients. The emphasis on organic cultivation methods underscores a
commitment to environmental sustainability and consumer health. With stringent
regulations governing organic certification, consumers are assured of a product
that meets rigorous standards for purity and authenticity. As the market for
CBD hemp oil continues to evolve, the organic segment is expected to witness
sustained growth, driven by increasing consumer demand for transparency,
quality, and efficacy in wellness products.
Market Segmentation
The
global CBD hemp oil market is broadly bifurcated based on distribution channel,
product type, and application.
Based
on the type, the global CBD hemp oil market is classified into spray, vape oil
tincture, and others.
The
distribution channel segment is also diversified into retail pharmacies,
medical marijuana dispensaries, hospital pharmacies, and e-commerce websites.
Based
on the application segment, the global CBD hemp oil market is divided into
diabetes, mood disorders, pain relief, neurological disorder, and fibromyalgia.
Major Players
CBD Hemp Oil Companies include NuLeaf
Naturals, Canopy Growth Corporation, Medical Marijuana, Aphria Inc., Aurora
Cannabis, CBD American Shaman, Elixinol, Folium Biosciences, PharmaHemp,
Cannoid, and ENDOCA. New entrants with latest products that sync well with the global
demand based on demographics is estimated to make the market more competitive
for the well-established players.
Regional Insights
North
America has a significant market share and is expected to grow in popularity in
the coming years. Legalizing cannabis sales in Canada has projected the
regional market on an upward path. A considerable increase in cannabis
production is anticipated for the region, which is likely to upsurge the
regional market over the next two years. The US market is also expected to
expand considerably in the coming future. Factors supporting the development of
the market in the region comprise widespread prevalence of chronic diseases,
exponential aging of the population, adoption of oil to reduce neurological
pain, etc.
At
the same time, the Asia Pacific CBD hemp oil market is expected to grow
remarkably soon. Significant growth in domestic markets such as China, India,
and Japan are set to spur market expansion in the region.
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