CBD Oil Market Overview
The CBD Oil Market is expected to grow at a CAGR of 32% and soon reach the amount of USD 3.78 Billion by the year 2027. CBD is present in the cannabis plant which is a cannabinoid. The oil of CBD works like natural pain killer and is rich in anti-inflammatory properties. It can reduce epileptic seizures. The CBD oil market has been driven due to rising research funding that was made in the study period for cannabinoid research.
There had been many governments and private research institutes that had funded and put efforts into studying CBD oil. The cannabinoids production and discovery of their uses in the medicinal field have been funded by the government. There are different medicinal properties that CBD oil offers and by the evaluation period, it is expected to start with production.
Post the Covid 19 outbreak, many government agencies had come up with interventions like lockdown and social distancing to be maintained. It somehow affected the CBD oil market. There had been a significant dropdown in the revenue production for the CBD oil in the food industries like liquor, baker and daily. However, now that CBD oil has got the regulatory approvals, the acceptance of the product and its usage is now slowly starting the oil in the market.
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CBD Oil Market Segmentation
Hemp-derived CBD oil is the leading segment that is expected to reach USD 2,092.97 million during the forecast period. Hemp is used mainly for commercial reasons like medicinal purposes and for recreational activities.
Over a certain projected time, the cosmetic industry has stated the rise of 38.80 percent CAGR in coming years. The rising percentage is based on the legalisation and the studies that prove the use of CBD oil in the cosmetic field such as to offer hydration and provide anti-inflammatory properties.
CBD Oil Market Regional Classification
It is expected that Asia-Pacific which had a 9.16% market share in the year 2018 will soon grow out as the highest CAGR in the forecast phase.
However, America is the dominating country across the globe for the demand for CBD oil. Besides, the growth in this country is entirely growing due to its medicinal use legalisation.
Canada has also authorised the selling and cultivating the THC based Marijuana and CBD for medicinal purposes. That is why; the availability of CBD-based goods can now be seen in the country which is now also promoting CBD oil for market growth.
In the European CBD oil market is divided into Germany, the United Kingdom, France, Italy, Russia and other Europe. Because of its increasing awareness, Europe has now become the second-largest market share, especially in the region of Western Europe.
The top key players in the CBD oil market are
- Aphria Inc. (Canada)
- CV Sciences Inc. (US)
- MedMen Enterprises Inc. (US)
- Folium Biosciences (US)
- Freedom Leaf Inc. (US)
- Green Roads of Florida LLC (US)
- Pharmahemp (Slovenia)
- Charlotte’s Web Holdings Inc. (US)
- ENDOCA (Netherlands)
- CBD American Shaman (US)
- Canopy Growth Corporation (US)
- Medical Marijuana Inc. (US)
- Aurora Cannabis (US)
- Curaleaf Holdings Inc. (US)
- Kazmira LLC (US)
A US-based manufacturer Nano Hydrate has stated that the product marketing services with advanced technologies are now capable to offer the natural healing solution with the help of pharmaceutical-grade cannabidiol.
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Nextlead which is another creation of the cannabis extractor announced the company being rewarded by the United States with the patent for a process to understand the cannabis concentrate solvent-less.
Browse Related Reports at:
CBD Market Research Report – Global Forecast till 2027
Medical Marijuana Market Global Research Report – Forecast till 2027
CBD Hemp Oil Market Research Report – Forecast to 2027
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