CBD hemp oil has developed various medical applications such as mitigation of pain, stress relief, treatment of anxiety & depression, diabetes prevention, beneficial for heart health, acne reduction, alleviation of cancer symptoms, etc. The adoption of CBD hemp oil is poised to accelerate for capitalizing on its medicinal properties. Additionally, the rising healthcare expenditure across the world is expected to favor the CBD hemp oil market proliferation in the coming years.
CBD hemp oil is also extensively used for treating patients with neurological disorders. The increasing patient pool of neurological disorder is also projected to aid the growth of the global market. Furthermore, Delta-9 tetrahydrocannabinol, or THC present in the oil as a primary constituent helps in boosting immunity, which is anticipated to drive the market expansion.
The legalization of cannabis in many country-level markets is a major factor responsible for complementing the growth of the global market. Additionally, the developments and innovations introduced by the key players in their product portfolios have revolutionized the market scenario by boosting sales. CBD hemp oil is likely to gain popularity as a nutritional supplement and body care product ingredient over the next few years. This, in turn, is estimated to influence the growth of the market positively.
At present, the market looks attractive and is forecasted to gain momentum in the coming years. The growth can be ascribed to the strong value maintained by the thriving healthcare sector. Increasing awareness about the safety and efficacy of the oil is projected to augment the global market over the next couple of years.
MRFR’s report offers a detailed segmental analysis of the market based on product type, application, and distribution channel. By product type, the CBD hemp oil market has been segmented into spray, tincture, vape oil, and others. By application, the market is segmented into mood disorders, neurological disorder, diabetes, fibromyalgia, pain relief, and others. By distribution channel, the market has been segmented into retail pharmacies, hospital pharmacies, medical marijuana dispensaries, e-commerce websites, and others.
The CBD hemp oil market, by region, has been segmented into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. North America holds a substantial share of the market and is likely to gain more traction in the coming years. The legalization of cannabis sale in Canada has catapulted the regional market on an upward trajectory. A substantial increase in the production of cannabis is projected for the region, which is prognosticated to augment the regional market over the next couple of years. The market in the U.S. is also anticipated to exhibit significant expansion in the foreseeable future. The factors favoring the growth of the CBD hemp oil market in the region include the wide prevalence of chronic diseases, exponential aging population, adoption of the oil for reducing neurological pain, etc. Meanwhile, Asia Pacific CBD hemp oil market is projected to thrive saliently in the foreseeable future. The considerable growth of the country-level markets such as China, India, and Japan are poised to drive the expansion of the market in the region.
Some of the key players operating in the CBD hemp oil market include Cannoid, Elixinol, Folium Biosciences, Gaia Botanicals, Canopy Growth Corporation, PharmaHemp, ENDOCA, Medical Marijuana, NuLeaf Naturals, CBD American Shaman, Aphria Inc., Isodiol, and Aurora Cannabis.
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