Research analysts at the Transparency Market research predict that the global CBD hemp oil market will cross the evaluation of US$ 2.5 billion by the end of the forecast period in 2026, growing from the latest evaluation of the industry of US$ 950.0 million in the year of 2017. They also project that the global CBD hemp oil market will develop at a significant CAGR of 11% over the forecast period of 2018 to 2027. Rising expenditure on healthcare, increasing awareness regarding depression and sleep disorders, and rising instances of chronic disorders are anticipated to favor the upward trajectory of the global CBD hemp oil market over the forecast period of 2018 to 2027.
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Rising Prevalence of Chronic Diseases Stimulates High Growth in CBD Hemp Oil Market
Products in the global CBD hemp oil market, CBD hemp oils are derived from organic substances made from the hemp or marijuana plant’s secretions. They are increasingly being used for neuroprotection, immune response, stress relief, and to regulate the human body’s overall state of balance. Products in the global CBD hemp oil market are used to treat patients living with various kinds of chronic diseases. They have exceptional healing properties and increase the body’s ability to enhance the immune system by procuring natural cannabinoids in the oil. Rising prevalence along with increasing instances of chronic ailments such as diabetes and cancer along with increasing concerns over the widespread nature of neurological disorders have resulted in the increased uptake of the products in global CBD hemp oil market.
Rising number of instances of multiple sclerosis, diabetes, cancer are likely to expand the utilization of CBD hemp oil for treatment. Type of products offered by players and manufacturers in the global CBD hemp oil market include marijuana based CBD oil and hemp based CBD oil. Application segments for the products in the global CBD hemp oil market include sleeping disorders and depression, neurological pain, and multiple sclerosis, among others. Segments in the global CBD hemp oil market by distribution channel are hospital pharmacies, online pharmacies, and retail pharmacies, among others.
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North America Region Dominates the CBD Hemp Oil Market
Major geographical regions covered in the business intelligence report on the global CBD hemp oil market include North America (Canada and United States), Asia Pacific (including China, Japan, New Zealand, India, Australia, and rest of the Asia Pacific), Europe (including the United Kingdom, France, Spain, Italy, Germany, and rest of the Europe), Middle East and Africa (including South Africa, Gulf Cooperation Council countries, and rest of the Middle East and Africa), and Latin America (including Brazil, Mexico, and rest of the Latin America).
North America led the global CBD hemp oil market and is likely to continue its dominant position through the forecast years, owing to rapidly increasing adoption of CBD oils in various therapeutic procedures. Other major factors driving the growth in North America CBD hemp oil market are rising geriatric population, increasing instances of neurological pain disorders, higher hospital admission rates owing to increasing incidence of chronic diseases, and legalization and consequent increasing production of cannabis in several states in the United States as well as Canada.
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Players in CBD Hemp Oil Market Engaged in Strategic Acquisitions and Collaborations
Few of the most prominent players operating within the global CBD hemp oil market include Medical Marijuana, Canopy Growth Corporation, ENDOCA, Elixinol Global Limited, and Cannoid. Several other players functional within the global CBD hemp oil market are Isodiol, PharmaHemp, Folium Biosciences, NuLeaf Naturals, and Aphria, Inc. many players and vendors in the global CBD hemp oil market are engaged in strategic acquisitions as well as collaborations with contemporary companies to enhance and intensify their regional presence in the overall global CBD hemp oil market. Several players in the global CBD hemp oil market are also expanding their agricultural operations to increase their private CBD and hemp supply chains in the coming years.
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