Availability to Mechanically Created Gut Board Items, Followed By Constant Product Innovations & Developments to Drive Global Cannabidiol Oil (CBD Oil) Market Over the Forecast Period: Ken Research
Cannabidiol or CBD is a natural remedy used for various common ailments. CBD oil is prepared by extracting CBD from the cannabis plant, diluting it with the oil like hemp seed or coconut oil. CBD is natural botanical concentrate oil with key benefits such as relieving pain, alleviating cancer-related symptoms, reducing anxiety & depression, neuro protective properties, reducing acne, benefit heart health and several other potential benefits (anti-tumor effects, antipsychotic effects, diabetes prevention and substance abuse treatment). The Cannabidiol benefits have progressively made people aware over its value as oil can be, ensuring that it is used on a significant basis. The adoption rate of cannabidiol oil also helps in drug withdrawal.
According to study, “Global Cannabidiol Oil (CBD Oil) Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” some of the major companies that are currently working in the global cannabidiol oil (CBD oil) market are Kazmira, Freedom Leaf, CW Hemp/CW Botanicals, Medical Marijuana, Green Roads, HempLife Today, Folium Biosciences, Pharmahemp, Cannavest, CBD American Shaman, ENDOCA, Select Oil, NuLeaf Naturals, K.I.N.D. Concentrates, Aphria, Canopy Growth Corporation, Whistler, Emblem Cannabis Oils, Absolute Terps, The Lab., Bluebird Botanicals Ltd., Isodiol International Inc., Medical Marijuana Inc., CV Sciences Inc., Canopy Growth Corporation, Elixinol Global Limited, Aurora Cannabis.
Based on product, global cannabidiol oil (CBD oil) market is segmented into hemp-derived CBD oil, marijuana-derived CBD oil and others. These products provide temporary relief of muscle & joint discomfort caused due to regular activities and workouts. Hemp-based CBD oil product has lower delta-9 tetrahydrocannabinol (THC) concentration, while marijuana-derived CBD oil product has a moderately high concentration of THC. Hemp-derived CBD oil is expected to emerge extremely lucrative in over the forecast period owing to increase in demand for the product among patients suffering from chronic disorders, such as diabetes and cancers. Based on distribution channel, market is segmented into E-commerce websites, hospital pharmacies, retail pharmacies and medical marijuana dispensaries. Based on application, market is bifurcated into pain relief, neurological disorders, mood disorders, fibromyalgia (FM) and diabetes etc. In addition, based on end-use industries, market is segmented into food industry, pharmaceuticals industry, cosmetics industry and others.
The market of global CBD oil is primarily driven by availability to mechanically created gut the board items, followed by constant product innovations & developments, growing awareness about health benefits, quickly rising population, and positive repayment strategies in various established locales over the world. Additionally, an increment in responsiveness identified with the available CBD Oil is probably going to stimulate the expansion of the worldwide market.
North America is a primary region in the market on account of increasing prevalence of chronic diseases and rise in geriatric population. Moreover, in U.S., rising incidence of neurological pain is also anticipated to enhance the demand for the oil. Asia Pacific is also likely to emerge one of the promising regions in the market caused by increasingly investing in research & development (R&D) activities. In 2019, the worldwide CBD oil market will be reached at US $270 million and also likely to reached US $2420 million, by 2024. In upcoming years, growing healthcare spending all over the globe is also expected to support market growth.
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Ankur Gupta, Head Marketing & Communications