CBD (cannabinoid) is extracted from cannabis hemp plant leaves, flowers, and stems using two extraction methods, i.e., by removing the CBD and turning it into an isolate and using full-spectrum CBD. CBD oil offers a wide range of applications, including pain relief and treating arthritis, joint pain, neuropathic conditions, skin conditions, and other medical conditions. Apart from this, it is used in personal care, supplements, textile, and other industries. Due to its curing abilities, the demand for CBD oil for medicinal and health uses is increasing tremendously, and therefore, acting as a major driver to the growth of the market.
The CBD Oil Market is expected to grow at a steady rate of around 28.5% during the forecast period (2022-2028) owing to the rise in the prevalence of chronic pain among individuals. In the last few years, there has been a surge in the adoption of CBD oils for suppressing chronic pain. For instance, according to the Australian Institute of Health and Welfare (AIHW), chronic pain is a common and complex condition characterized by persistent pain experienced on most days of the week, affecting 1 in 5 Australians aged 45 and over.
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According to UnivDatos Market Insights (UMI)’ research report “Global CBD Oil Vehicle Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing number of CBD oil products and their widespread adoption across various industries, including pharmaceuticals, cosmetics, food and beverages, and others.
Based on product type, the market is bifurcated into hemp oil and marijuana oil. The hemp oil segment is expected to grow with high CAGR rates. CBD hemp oil is mainly used for its therapeutic applications and stress relief; however, the healing properties of CBD hemp oil are found to be effective for the regulation of the state of mind. The surge in the prevalence of neurological disorders is also stimulating the overall growth of this segment during the forecast period.
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Based on the application, the market is categorized into pharmaceuticals, food and beverages, cosmetics, and others. Food and beverages held a significant share of the global market. CBD-infused beverages are used for the management of insomnia, inflammation, chronic pain, depression, anxiety, and others. For example, in May 2021, TCV Sciences, Inc launched PLUSCBDTM calm and sleep gummies in May 2021, two flavorful gummies that support healthy stress responses and sleep cycles for people returning to their normal routines.
APAC to witness extensive growth
For a better understanding of the market adoption of the CBD oil industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. The rising legalization and encouraging rules for the use of cannabis and its derivate products in the Asia-Pacific countries are expected to drive the growth of the market. For example, Thailand removed cannabis from its list of controlled narcotics in 2020. Therefore, resulting in the increased consumption of hemp and marijuana in the country. Apart from this, the Australian government established a new cannabis law in 2019 which allows the Australian Capital Territory (ACT) to cultivate and possess marijuana for recreational use in Canberra.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the CBD oil market are ENDOCA; Cannoid, LLC; Medical Marijuana, Inc.; Folium Biosciences; Elixinol; NuLeaf Naturals, LLC; Isodiol International, Inc.; Canopy Growth Corporation; Aurora Cannabis Inc.; Tilary Inc.; and CV Sciences.
“Global CBD Oil Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Product Type (Hemp oil and Marijuana oil)
2. By Application (Pharmaceuticals, Cosmetics, Food Beverages, and Others)
3. By Distribution Channel (Direct and Indirect)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (ENDOCA; Cannoid, LLC; Medical Marijuana, Inc.; Folium Biosciences; Elixinol; NuLeaf Naturals, LLC; Isodiol International, Inc.; Canopy Growth Corporation; Aurora Cannabis Inc.; Tilary Inc.; and CV Sciences.
Key questions answered in the study:
1. What are the current and future trends of the global all-terrain vehicle industry?
2. How the industry has been evolving in terms of type, drive type, and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global all-terrain vehicle industry?
5. What is the customer orientation, purchase behavior, and expectations from the global all-terrain vehicle suppliers across various region and countries?
