CBD is derived from hemp and is and is non-psychoactive. It is a concentrated solvent extracted from cannabis flower which is dissolved in edible oil. The CBD hemp oil market is perceived to be an emerging market, and as per the analysis of Market Research Future (MRFR), the global CBD hemp oil market is likely to showcase exponential growth in the forthcoming years.
CBD hemp oil is progressively being used in the pharmaceutical industry for the formulation of various new products. They are already very popular in the treatment of a wide range of medical conditions and lifestyle diseases. It has demonstrated its efficacy in the treatment of various neurological disorders, and an increase in patient population with neurological disorders is likely to catapult the growth of the global CBD hemp oil market.
Legalization of cannabis in various countries has created a conducive environment for the growth of the market. Other factors substantiating the growth of the market include growing popularity as a nutritional supplement, expanding healthcare expenditure across the globe, and product development and innovation by key players.
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In addition, the rise in a number of FDA approvals of CBD hemp oil drugs for the treatment of various diseases has been a plus for the growth of the market.
Extensive R&D activities by researchers have resulted in some of the most innovative applications for CBD hemp oil in Nano medicine which is likely to lead further growth within the global CBD hemp oil market. Ongoing clinical trials have increased the scientific and clinical insight into the therapeutic potential of CBD hemp oil and number if potential treatable diseases continue to increase which is expected to evoke commercial interest in CBD hemp oil.
In contrast, despite the massive popularity of CBD hemp oil, various uncertainties regarding the quality, safety, and legality of CBD hemp oil are likely to restrain the growth of the market. Besides, CDB hemp oil is subject to scrutiny on many levels by regulatory authorities such as WHO and FDA. The governments in multiple countries regulate CBD and the rules governing the products, although they vary widely based on the region.
Competitive Landscape
The key players in the global CBD hemp oil market include Medical Marijuana, Isodiol, Folium Biosciences, Cannoid, Canopy Growth Corporation, Elixinol, Gaia Botanicals, PharmaHemp, CBD American Shaman, NuLeaf Naturals, ENDOCA, Aurora Cannabis, and Aphria Inc.
Segmentation
The global CBD hemp oil market has been segmented based on product type, application, and end user.
- By product type, the global CBD hemp oil market has been segmented into spray, tincture, vape oil, and others.
- By application, the global CBD hemp oil market has been segmented into mood disorders, neurological disorder, diabetes, fibromyalgia, pain relief, and others.
- By distribution channel, the global CBD hemp oil market has been segmented into retail pharmacies, hospital pharmacies, medical marijuana dispensaries, e-commerce websites, and others.
Regional Analysis
By region, the global CBD hemp oil market has been segmented into North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America accounts for a significant share of the global CBD hemp oil market. Medicinal or recreational marijuana is legal in more than 25 states in the region. Legalization of cannabis sale in Canada has paved the way for the growth of the market in the region. Prevalence of chronic diseases in the region and the high adoption rate of cannabis for the treatment of various disorders is likely to augur the growth of the market. The recent 2018 Farm Bill which allows full legalization of industrial hemp, including cultivation, production, and sale is anticipated to reflect positively on the growth of the market.
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The Europe market is driven by softening of THC limitations and consumer access to CBD hemp oil. Switzerland legally permits the sale, consumption, and possession of both recreational CBD which is a plus point for market growth.
Industry Updates
In January 2019, CBD Luxe, a company focused on innovation and delivery of highest quality CBD products introduced a new line of CBD inhalers. The new inhalers are a unique combination of particular plant extracts paired with specific products which enhance anti-spasmodic, anti-nausea, anti-inflammatory, and anti-anxiety properties.
