The global CBD oil market size is projected to expand speedily as evidence supporting the health benefits of cannabidiol (CBD) grows. This information is provided by Fortune Business Insights™ in its report, titled “Cannabidiol (CBD) Market Size, Share & COVID-19 Impact Analysis, By Source (Marijuana and Hemp), Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, and Others), and Regional Forecast, 2020-2027”.
The global cannabidiol market size was valued at USD 2.19 billion in 2019 and is projected to reach USD 39.99 billion by 2027, exhibiting a CAGR of 46.4% during the forecast period.
CBD oil is a derivate of cannabidiol, which itself is derived from the hemp plant. Researchers have been actively investigating the health advantages offered by cannabidiol and the evidence is highly encouraging. For example, a study in the European Journal of Pain revealed that applying CBD oil on the skin can weaken inflammation and lower pain due to arthritis.
In studies conducted to test the efficacy of CBD on childhood seizures caused by epilepsy syndromes, it has been found that CBD successfully reduced the number of seizures and occasionally, stopped them altogether. This led the Food and Drug Administration (FDA) to approve Epidiolex, the first-ever medicine for these conditions derived from cannabis. Spreading awareness of the notable benefits of CBD and its variants will aid the market make substantial gains in the years to come.
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Highlights of the Report
- Elaborative overview of the overall industry outlook;
- Detailed study of the trends, drivers, and restraints shaping the market;
- Quantitative and qualitative analysis of the market segments; and
- In-depth examination of the regional developments and competitive landscape characterizing the market.
Research into CBD-based COVID-19 Treatments May Open New Windows of Opportunity
A few companies and research institutes around the globe are joining hands to study the effects on cannabidiol on the healing process in COVID-19 patients. The Dental College and the Medical College of Georgia at the Augusta University in the US published findings of their study in July 2020 in the journal ‘Cannabis’, which showed that CBD could help COVID patients with respiratory distress avoid interventions such as ventilators and prevent the development of acute respiratory distress syndrome in them.
In Canada, the University of Lethbridge in Alberta and the companies Swysh Inc. and Pathway RX partnered for a study and found that certain Cannabis sativa extracts can be utilized in treatments that can prevent a person from contracting the coronavirus in the first place. Similarly, in April 2020 in Israel, the pharmaceutical company InnoCan Pharma teamed up with the Tel Aviv University to create cell therapy for COVID patients using CBD-loaded exosomes. These research initiatives are generating novel opportunities for the CBD oil market growth by stoking the innovation spirit in market players.
List of the Leading Companies Profiled in the Global CBD Oil Market Report are:
- Isodiol International Inc.
- Medical Marijuana, Inc.
- Endoca BV
- Canopy Growth Corp.
- CBD American Shaman, LLC
- NuLeaf Naturals LLC
- Gaia Botanicals LLC
- Elixinol Global Ltd.
- CV Sciences Inc.
- Aurora Cannabis Inc.
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Conferment of Legal Status to Medical Cannabis to Aid Market Growth in North America
Among regions, North America is expected to dominate the CBD oil market share owing to qualified legalization of cannabis and its derivatives in all 50 states in the US and parts of Canada. The main industry where CBD is legally allowed to be used is the pharmaceutical industry and with the passage of the Farm Bill 2018 in the US, hemp and hemp-derived products have also been legalized.
In Europe, promising prospects await market players as CBD oil is being seen as a novel product and is being increasingly used in personal care products, food and beverages, and pharmaceuticals. However, market growth in Asia Pacific is anticipated to be slow owing to multiple regulatory hurdles and low awareness of the health advantages of cannabidiol.
Strategic Entry into Lucrative Regions by Key Players to Intensify Competition
Key players in this market are adopting different strategies to establish and expand their activities in lucrative regions, where the cannabis business has the most potential. Pursuant to this, companies are collaborating and acquiring smaller players to gain entry into these markets, while some others are introducing novel products to strengthen their position.
Key Industry Developments:
- June 2020: Green Gorilla, a US-based developer of CBD products, launched five novel vegan CBD capsules infused with natural, herbal, and botanical ingredients as well as organic oils. The capsules have been formulated to fight inflammation, restore sense of balance, manage stress, and improve sleep.
- May 2020: Canada-based Aurora Cannabis took over Reliva LLC, a leading provider of hemp-based CBD products in the US. The acquisition will enable Aurora to enter the thriving US cannabis market and allow it to combine its recreational brands with the robust distribution network of Reliva across the United States.
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