Cannabidiol Hemp Oil (CBD Hemp Oil) is made from a compoundknown as cannabinoids present in the cannabis plant. CBD is a phytocannabinoid which is majorly used for therapeutic usage. Hemp is the least processed form of Cannabis plant that is used medicinally by people. The oil contains nutritious materials such as chlorophyll, as omega-3 fatty acids, amino acids, terpenes, and phytocannabinoidssuch ascannabidivarian(CBCV), cannabinol (CBN), cannabichromene (CBD), and others. Researches are working to find the best possible therapeutic uses of CBD. The CBD hemp oil have several benefits that drive further research activities and boost the demand of the CBD hemp oil. The global CBD hemp oil market is expected to witness significant growth during forecast period,majorly due to benefits provided by CBD hemp oil thatcomprise of pain relief, treat cancer symptoms, reduce depression and lessen anxiety. It provides therapeutic benefits like stress relief, improving the immune system and others.CBD hemp oil is available in various options including edible options, to make consumption easier.
Drivers and restrain factor of the market
The global CBD Hemp Oil market is witnessing high growth owing to high incidences of chronic diseases, increasing healthcare expenditure, and rising awareness related to psychiatric disorders such as depression, sleep disorder and others. Benefits of cannabis and its related compounds has boosted interest in increased acceptance ofTetrahydrocannabinol (THC) and CBD, globally.
Increased prevalence of chronic diseases such as cancer, diabetes, and others are driving the demand for alternatives such as CBD hemp oil that provide relief. Additionally, young age group of population is registering high prevalence of depression and anxiety, along with rising number of neurological diseases that demand the increased usage of CBD hemp oil in treatment. Moreover, CBD hemp oil is widely adopted to treat topical skin diseases like acne. CBD hemp oil is widely used as a therapeutic composition; when approved by the FDA and used in appropriatequantity. However, side effects of CBD Hemp oilis expected to restrict the market growth during the forecast period.
Major players in the market
Aphria Inc., Aurora Cannabis, Canopy Growth Corporation, Cannoid, CBD American Shaman, Elixinol, ENDOCA, Folium Biosciences, Gaia Botanicals, Isodiol, Medical Marijuana, NuLeaf Naturals, PharmaHemp, and others.
The CBD hemp oil production is mainly concentrated in North America and Europe. Many CBD hemp oil manufacturers have formed an integrated industry chain, from the industrial hemp to downstream industries.
Leading region and fastest growing region
Geographically, the global CBD Hemp Oil market is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North America dominate the market and is expected to increase the traction during forecastperiod. The cannabis trade legalization in Canada has boosted the regional market share. Rise in cannabis production is predicted in the region that is forecasted to increase the regional market. TheU.S. CBD Hemp Oilis also predicted to showsignificant developments in the forthcoming future. The supportive factors for the growth of the CBD hemp oil market in the region are increasingly aging population, high prevalence of chronic diseases, adoption of oil to treat various neurological pain, etc. Meanwhile, the Asia Pacific CBD Hemp Oil Market is expected to witness fastest growth of the marketduring the forecast period.
The CBD hemp oil market is segmented on the basis of application, distribution channel and product type:
Based on application, the CBD hemp oil market is sub-segmented into mood disorders, neurological disorder, fibromyalgia, pain relief, diabetes, and others.
Based on distribution channel, the CBD hemp oil market is sub-segmented into e-commerce websites, hospital pharmacies, retail pharmacies, medical marijuana dispensaries, and others.
Based on product type, the CBD hemp oil market is sub-segmented into tincture, spray, vape oil, and others.