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.
CBD hemp oil is
also widely used to treat patients with neurological disorders. The growing
group of patients with neurological disorders is also expected to contribute to
the growth of the global market. In addition, delta-9-tetrahydrocannabinol, or
THC present in oil as a major component, helps to improve immunity, which
should stimulate market expansion.
The legalization
of cannabis in various national markets is an essential factor in completing
the growth of the global market. In addition, the innovations and developments
introduced by key players in their product portfolios have revolutionized the
market landscape by increasing sales. CBD Hemp oil is predicted to gain
popularity in the coming years as a dietary supplement and body care product.
This, in turn, should positively influence the CBD
hemp oil market insights.
The market
currently looks attractive and should grow in the coming years. Growth is due
to the strong value of the growing health sector. Increased awareness of oil
safety and efficiency is expected to increase the world market over the next
two years.
Major Players
CBD
hemp oil market players are 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.
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.
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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