Pune, India, May 27, 2021 (GLOBE NEWSWIRE) — Proficient Market Research has published a new research report titled “Global CBD Oil Market – By Type (THC Dominant, CBD Dominant, Marijuana Based and Hemp Based), Product Type (Original and Blended), Product Category (Unflavoured and Flavoured), Application (Food and Beverages, Personal Care/Cosmetics, Pharma and Nutraceuticals and Industrial Application), Distribution Channel (Direct and Indirect) – Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028”
According to the research report, the global CBD oil market is expected to witness a tremendous growth in the following years. As per Proficient Market Research analysis, the global CBD oil market is expected to grow at a CAGR of 38.4% in the forecast period of 2020 to 2027 and expected to reach USD 27,939,481.97 million by 2027.
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Cannabidiol is a natural remedy used for medication purpose as it is proved to be a cure for many ailments. Cannabidiol (CBD) oil, a part of cannabinoid is derived from cannabis (marijuana) plant. It is not a highly toxic chemical like THC which is derived from the same plant. As CBD oil is associated with marijuana, its utilisation has always been a topic of controversy. But, due to its various benefits and growing awareness regarding its heath advantages, CBD oil has a good potential to grow in the coming years. Utilisation of CBD for anxiety relief, its benefits in neurodegenerative disorders, in pain relief for arthritis, chronic pain, muscle pain, spinal cord injuries, etc. may boost its demand and adoption among numerous patients. Researchers are also studying potential of CBD in Alzheimer’s disease, Parkinson’s disease, stroke, etc. CBD oil when extracted from marijuana plant in the form of oil or powder can be mixed into creams or gels for application on body or capsules/ tablets are formed for oral intake. Therefore, as the awareness regarding CBD oil among general public increases, its demand will increase.
Utilization of CBD Oil in Pharmaceutical Industry
In pharmaceutical industry, researchers in many countries are finding out the benefits of CBD oil. Reports say that one in every seven US patient depend on CBD in one way or the other. There have been researches that CBD with its derivative THC can perform well in nausea related to chemotherapy. Also, its utilisation for the therapy in AIDS, treatment for chronic pain and diseases, cure for anxiety are other factors for which CBD is important. Though, there are researches still being performed on numerous chemicals that are present in CBD oil.
Infused Drink Innovations aim to boost the Market
CBD drinks are gaining prevalence due to the on-going stress due to covid-19 pandemic. Cannabis market is one of the rare markets that has witnessed moderate growth during the pandemic. According to well-known manufacturers, consumers are adding it to their drink, for instance, coffee. Many companies such as MEDAHUMAN, Trip, in Europe, Chilled, in France are working towards developing their brands as energy boosters and helping people to relax from their hectic lifestyles. As CBD is legal in almost every part of Europe and US, it is easier to find and purchase it, therefore, growing the sales of CBD oil.
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Side Effects of CBD inhibiting the Market Growth
As mentioned above, researches are still going on regarding the effect of all the chemicals of CBD in human body. Still there are some risk and side effects that can happen due to large consumption of CBD, for instance, liver injury, risk of sedation and drowsiness, diarrhoea, etc. Some people may feel decrease in appetite and feel their concentrating power getting low. Such side effects are the reason why there are controversies for legalising it all over and therefore, may affect its sales in the coming years.
Prominent market players operating in CBD oil market include 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. Companies operating in the manufacturing and extracting CBD oil are producing creams or gels for applying on the body or producing capsule like tablets for its consumption.
North America has been dominating the market since past years with a revenue share in between 30-40%. As North Americans are highly conscious regarding their health and adaptive to beneficiary things, thus, growing adoption and consumption of CBD based products, such as CBD oil in different forms is driving the sales in the region. Also, presence of key manufacturing companies, and highly structured healthcare infrastructure, and no strict law for cannabis are contributing towards its surge during the forecast period.
Asia Pacific market is also projected to observe significant growth in the CBD Oil market with China being world’s largest exporter of hemp. Government Laws supporting the industry in China is another factor why the market can flourish during the forecast period.
Global CBD Oil Market Segmentation
Based on Type
- THC dominant
- CBD dominant
- Marijuana based
- Hemp based
Based on Product type
Based on Product Category
Based on Application
- Food and Beverage
- Personal Care/Cosmetics
- Pharma and Nutraceuticals
- Industrial Application
Based on Distribution Channel
Based on Regional Presence
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Latest Marketing Updates
- Curaleaf in June 2020 launched medical cannabis tablets in Florida which are to consume by the patients. These tablets are refreshing form of medication as they contain mint offering patients convenience, portability, and with its ease of use because of its disintegrating benefits on the tongue. These tablets help the patients to live life well and the company is planning to expand its production in other parts of America.
- HempLab Inc. have launched a hemp/ cannabis testing kit using only 100 mg of biomass in one test. The device is made up of using fluorescent spectroscopy aiming to deliver lab quality results in 20 minutes. The device provides result as low as .1% for both CBD and THC. The device is easy to use, simple and portable helping to prevent human errors.
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