Commenting on the report, an analyst from the research team said: ‘The latest trend gaining momentum in the market is health-promoting benefits of cbd oil.’
The publisher has been monitoring the CBD oil market and it is poised to grow by $ 3.05 bn during 2021-2025 progressing at a CAGR of 27% during the forecast period. The report on CBD oil market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
Global CBD oil Market 2021-2025
The publisher recognizes the following companies as the key players in the global CBD oil market: Aurora Cannabis Inc., Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol Global Ltd., Endoca BV, Gaia Botanics, Isodiol International Inc., Medical Marijuana Inc., and NuLeaf Naturals LLC.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the growing millennial population in key cannabis markets and increasing number of new product launches. In addition, growing millennial population in key cannabis markets is anticipated to boost the growth of the market as well.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The CBD oil market analysis includes product segment and geographical landscapes.
On the other hand, the existence of strict regulations and the high cost of cannabidiol products are some of the major factors limiting the growth of the market. In addition, the absence of legalization initiatives in many Asian and African countries is another main factor impeding the market growth.
Furthermore, the use of hemp-derived CBD is increasing rapidly owing to its anti-inflammatory, anti-aging, and antioxidant properties. Various industries such as pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and beverages are developing CBD-derived products for health and wellness purposes. Therefore, the above-mentioned factors would be responsible for this segment’s fastest growth rate over the forecast period.
The hemp segment dominated the market and accounted for the largest revenue share of 59.6% in 2020. The increasing acceptance of refined CBD products combined with the increasing legalization of marijuana and marijuana-derived products for various medical applications is driving the growth of this segment. In addition, the high effectiveness of cannabidiol extracted from marijuana is a key factor for the large share of the market.
Distribution Channel Insights
Companies are entering into multiple partnerships and launching innovative products for increasing their distribution networks and expanding their consumer base.
The pharmaceuticals segment dominated the Cannabidiol (CBD) market and accounted for the highest revenue share of 42.8% in 2020. The segment is anticipated to grow at a lucrative rate over the forecast period. The large share has been attributed to factors such as the increasing number of ongoing trials to study the impact of CBD on certain health conditions is anticipated to drive the demand in the forthcoming years. Furthermore, many companies acquire CBD oils in bulk and manufacture CBD-infused products. These products are used by a large consumer base as a pain and stress management alternative. Thus, most of these products are depicted to be in the growth phase of the market.
The cannabidiol market declined by 6.1% from 2019 to 2020
In 2020, North America dominated the market with a revenue share of 37.3% and will continue to retain its leading position in the market. The presence of large health-conscious people in the region, growing acceptance for CBD-based products, the presence of major manufacturers, and approval of the U.S. Farm Bill in 2020 are some of the major factors driving the growth of the region. North America is known to be the most progressive region for cannabis and its products, including cannabidiol. It has the highest number of CBD companies and lenient laws regarding the utilization of CBD products.
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May 27, 2021 08:40 ET | Source: Proficient Market Proficient Market
[165+ Pages Research Report] This report provides a detailed analysis of the CBD oil market by type (THC dominant, CBD dominant, Marijuana based, Hemp based), by application (Food and Beverage, Personal Care/Cosmetics, Pharma and Nutraceuticals, Industrial Application) and geography (North America, South America, Europe, APAC, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Joy Organics, CBD American Shaman, CV Sciences, Inc., Gaia Herbs, Curaleaf, Diamond CBD, Medical Marijuana, Inc., Emblem CANNABIS Aphira, ConnOils, LLC, Nu Leaf Naturals, LLC, Folium Biosciences, ENDOCA, Irie CBD, PureKana, Canopy Growth, Isodiol International Inc., Elixinol Global Limited, Aurora Cannabis, Kazmira, etc.
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