CBD Hemp Oil Market Growth 2023 : What Are The Main Type And Challenges?
CBD
Hemp Oil Market Research Report – Forecast to 2027
CBD Hemp Oil Market Highlights
CBD Hemp oil has developed
various medical applications such as pain relief, stress relief, treatment of
anxiety and depression, diabetes prevention, heart health benefit, acne
reduction, cancer symptom relief, and others. CBD hemp oil with approval is about
to accelerate to utilize its medicinal properties. In addition, rising health
spending worldwide is expected to spur the proliferation of the CBD
hemp oil market in the coming years. Market Research Future
predicted to grow exponentially during the forecast period, 2017-2023.
CBD hemp oil is also widely
used to treat patients with neurological disorders. The growing group of
patients with neurological disorders is also expected to contribute to the
growth of the global market. In addition, delta-9-tetrahydrocannabinol, or THC
present in oil as a major component, helps to improve immunity, which should
stimulate market expansion.
The legalization of cannabis in
various national markets is an essential factor in completing the growth of the
global market. In addition, the innovations and developments introduced by key
players in their product portfolios have revolutionized the market landscape by
increasing sales. CBD Hemp oil is predicted to gain popularity in the coming
years as a dietary supplement and body care product. This, in turn, should
positively influence the CBD hemp oil market growth.
The market currently looks
attractive and should grow in the coming years. Growth is due to the strong
value of the growing health sector. Increased awareness of oil safety and
efficiency is expected to increase the world market over the next two years.
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Market Segmentation
The global CBD hemp oil market
is broadly bifurcated based on distribution channel, product type, and
application.
Based on the type, the global
CBD hemp oil market is classified into spray, vape oil tincture, and others.
The distribution channel
segment is also diversified into retail pharmacies, medical marijuana
dispensaries, hospital pharmacies, and e-commerce websites.
Based on the application
segment, the global CBD hemp oil market is divided into diabetes, mood
disorders, pain relief, neurological disorder, and fibromyalgia.
Regional Insights
North America has a significant
market share and is expected to grow in popularity in the coming years.
Legalizing cannabis sales in Canada has projected the regional market on an
upward path. A considerable increase in cannabis production is anticipated for
the region, which is likely to upsurge the regional market over the next two
years. The US market is also expected to expand considerably in the coming
future. Factors supporting the development of the market in the region comprise
widespread prevalence of chronic diseases, exponential aging of the population,
adoption of oil to reduce neurological pain, etc.
At the same time, the Asia
Pacific CBD hemp oil market is expected to grow remarkably soon. Significant
growth in domestic markets such as China, India, and Japan are set to spur
market expansion in the region.
Major Players
CBD hemp oil market is majorly
driven by NuLeaf Naturals, Canopy Growth Corporation, Medical Marijuana, Aphria
Inc., Aurora Cannabis, CBD American Shaman, Elixinol, Folium Biosciences,
PharmaHemp, Cannoid, and ENDOCA. New entrants with latest products that sync
well with the global demand based on demographics is estimated to make the
market more competitive for the well-established players.
Recent Updates
According to an Israeli food
Analytics Company, Tastewise, the consumers are rapidly shifting their interest
to foods that present superior purpose to mitigate the issues related to better
sleep, weight loss, and stress relief. Various ingredients such as CBD
(Cannabidiol), kefir (fermented milk), hemp oil, and pea protein are majorly
preferred by the population to meet the nutritional needs.
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