CBD
Oil (Cannabidiol Oil) Market: Information by Type (Hemp-Derived &
Marijuana-Derived), Application (Cosmetics Industry, Food Industry,
Pharmaceuticals Industry & Others) and Region (Americas, Europe,
Asia-Pacific and Middle East &Africa) - Global Forecast till 2024
The Global CBD Oil Market Share is expected to grow at CAGR of 38.45% to reach USD 3782.32 Million till 2024. CBD
oil is an extract of cannabis that acts as a natural pain reliever, has
anti-inflammatory properties, and reduces epileptic seizures, etc. According to
a survey by the National Center for Biotechnology Information (NCBI) conducted
between 2017 to 2018, about 62% of the population
used CBD-based products to treat various medical conditions.
CBD
Oil Market Share has been gaining massive traction in the recent years owing to
increased research activities in the field of cannabidiol or CBD that have come
to indicate that the product can prove to be beneficial in easing the symptoms
of a number of ailments. Therefore, CBD oil has come to be used in a plethora
of bodily applications ranging from pain management to anxiety relief to a
sleep aid. CBD Oil Market Share has therefore grown at a prolific rate and has
come to be marketed in a variety of forms that include topical ointments,
capsules, infused honey etc. Medically prescribed CBD oil has been legalized in
many regions of the world.
As
the world awaits the legalization of recreational cannabis, participants in the
CBD Oil Market Share are striving establish themselves to the consumers as the
most reliable names acquiring shelf space and enhancing retail relations. These
companies are most likely to make the largest profits when cannabis is
legalized as they will already have a strong premise to launch their cannabis
business and consumers who will come to buy recreational cannabis would prefer
the same brand they rely on for the CBD oil.
Research
and development in the CBD oil industry has been lending massive impetus to the
CBD Oil Market Share growth and as such the market size is expected to surpass
USD 3782.32 million by 2024 with a CAGR of over 38.45% during the forecast
period. U.S. based National Institutes of Health has been reported to have
doubled its CBD research funding over the past 5 years and in 2019 $20 million
was spent on CBD research compared to only $9 million in 2015. Research on CBD
is extensive and several well-known institutes are showing greater interest in
the matter. For instance, while Johns Hopkins University is studying whether
oral CBD can curb smoking habits, a study is being conducted in Stanford
University to evaluate if CBD can control epilepsy. Increasing research
interest in the prospects of CBD is expected to drive growth for CBD Oil Market
Share in the coming years.
Segmentation:
The
CBD Oil Market Share is segmented on the basis of type which includes
hemp-derived CBD oil and marijuana-derived CBD oil.
Hemp-derived
CBD Oil Market Share is expected to register the highest CAGR and a market size
of USD 2,092.97 million by 2024. Hemp derived CBD Oil Market Share has
apparently gained greater traction when compared to marijuana-derived CBD oil
due to the lower concentration of tetrahydrocannabinol (THC) in the former.
While THC concentration in hemp derived CBD is 0.3%, marijuana-derived CBD
contains 15% to 40% of THC. 0.3% THC is the permitted concentration of the
compound as this renders the formula non-addictive and therefore hemp derived
CBD is legal in most states in the U.S. as well as most parts of the world.
By
application, CBD Oil Market Share is divided into cosmetics, food,
pharmaceuticals and others. The cosmetics CBD oil industry is anticipated to
witness a massive CAGR of 38.80% over the analysis period. Various cosmetic
products are being infused with hemp-derived oils as the benefits of hemp oil
are hailed in the beauty industry for its anti-inflammatory and moisturizing
characteristics.
Regional Analysis:
CBD
Oil Market Share comprises four regional categories namely Americas, Europe,
Asia Pacific and MEA. Owing to increased demand for CBD oil based products, the
CBD Oil Market Share is slated to accrue a significant portion of its revenue
from the business in the Americas. The WHO estimates that 22.2 million
Americans use CBD oil and related products for various reasons.
Competitive Spectrum:
Some
of the prominent participants in the CBD Oil Market Share include, Aphria Inc.,
MedMen Enterprises Inc., Curaleaf Holdings, Inc. CBD American Shaman, Green
Roads of Florida, LLC, ENDOCA, Charlotte's Web Holdings, Inc., Freedom Leaf,
Inc., Pharmahemp, Absolute Terps, Whistler Medical Marijuana Corporation,
Kazmira LLC, Aurora Cannabis, CV Sciences, Inc., NuLeaf Naturals, Canopy Growth
Corporation, HempLife Today, Emblem Cannabis etc.
Industry News:
The
CBD Oil Market Share is benefitting from extensive research activities that are
being conducted to further bring out the multi-faceted benefits of the product.
For instance, Parkinson’s UK is leading a clinical trial that is aimed at
demonstrating the benefits and efficacy of CBD oil in controlling
hallucinations and delusions, two of the most disturbing symptoms of the
disease. Parkinson’s UK is investing £1.2 million and collaborating with King’s
College London for the trial.
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