CBD Oil Market
Cannabidiol (CBD) oil is a natural botanical concentrate with high CBD compound concentration. CBD is the second most common identified compound from 85 cannabinoids after tetrahydrocannabinol (THC). CBD is found in the Cannabis sativa plant, and CBD oil is derived from its two species i.e.hemp and marijuana. CBD is used in clinical trials for treating cognition, anxiety, pain and depression. Increasing demand of natural ingredients in everyday products by consumers are highly influencing growth of the CBD Oil Market, owing to its various benefits that overweighs its side-effects.
Drivers and restrain factor of the market
CBD oil is majorly in demand, owing to health benefits provided by the oil and rising awareness related to health among major population. CBD oil is highly used to treat chronic pain and inflammation; mental health disorders; and epilepsy treatment is also possible from CBD oil. Over the period, rising awareness about health benefits led to boost the demand for CBD oil globally, that in turn is driving the global CBD Oil Market.
Restraining factors that are hindering the market growth are unwillingness of organizations or players to invest in the Cannabis Industry. Financial organizations, such as banks, private lending organizations, and others in Canada and the U.S. declined to provide loans due to the industrial nature. Hence, lack in easy acceptance of Cannabis as an element for usage in various applications is hindering the market growth during the forecast period.
Major players in the market
Major key players present in the CBD Oil market are Aurora Cannabis (AC), Cannoid, Canopy Growth Corporation, CBD American Shaman, Cronos Group Inc., CV Sciences, Elixinol, ENDOCA, Folium Biosciences, Gaia Botanicals, IRIE CBD, Isodiol, Kona Gold Solutions, Medical Marijuana, NuLeaf Naturals, PharmaHemp and others.
The CBD Oil market has witnessed presence of a few regional and international players in its initial phase of formation. Additionally, major key players present in market are highly focusing on new product developments and investing in R&D activities to gain competitive market edge over the time period.
Recent key development in the market
Companies dealing in CBD Oil are adopting various strategies to create foothold in the market, hence strategies adopted by players include mergers, acquisitions and product launches.
Launch of cannabis products
In October 2018, Medical Marijuana launched its brand ‘Real Scientific Canada’ across Canada through Salvation Botanicals, Ltd. Company is looking forward to work with Salvation Botanicals for invention on innovative and high-quality products forregional consumer.
Pain relief from plant extracts: A strategy by market players
On November 2018, CaliPharms introduced a CBD Muscle & Joint Relief Roll On Gel that consist of natural plant extracts. The product offers temporary relief of muscle and joint discomfort caused due to daily activities or workouts.
Leading region and fastest growing region
North America is dominating the global market, due to rising prevalence of chronic diseases, and increase in number of geriatric populations. The U.S. is playing a crucial role in dominance of the region, owing to cannabis legalization in Canada and in other states of the U.S. for medical use. Moreover, increase in number of neuro patients and neuro related pain in the U.S., and major presence of key companies into the region are some factors driving the market growth over the forecast period.
Asia Pacific is anticipated to emerge asfastest growing regions in the global CBD Oil market. In APAC, China is a major regional contributor, that is responsible for regional market growth. Additionally, countries such as India and Japan and India are significantly contributing to the market growth during the forecast period, owing to technological advancements in this sector.
In this report, the market analysis is done by segmenting the market to limit the scope. The segments are Type, Application, and Distribution Channel. Type segment is sub-segmented into Hemp-Derived CBD Oil Products and Marijuana-Derived CBD Oil Products. Whereas, Application segment is further segmented into Recreational and Medical. On the other hand, Distribution Channel has various sub-segments, in which Hospital Pharmacies will dominate the global CBD Oil market.