The CBD Hemp Oil Market is projected to reach USD 5,250 Million by 2030 at 17.02% CAGR during the forecast period 2022-2030.
CBD hemp oil is primarily utilized for its therapeutic benefits and stress relief, however, the healing properties of the CBD hemp oil are found to be effective for the regulation of the state of mind. Several psychological treatments include CBD hemp oil as it is used in depression treatment. The increasing incidences of neurological disorders are also stimulating the overall growth of CBD Hemp Oil Market Outlook value.
The segment analysis of the CBD Hemp Oil Market Insights is based on distribution channel, product type, and application.
· The product type-based segments of the CBD hemp oil market are spray, vape oil, and tincture among others. The rise in application of vape oil can earn high returns for the market in the years to come. The growing utility of tincture can bolster its segment rise. The high utility of tincture to prompt market expansion in near future.
· The application-based segments of the CBD hemp oil market are mood disorders, diabetes, neurological disorder, fibromyalgia, and pain relief among others. The increase in cases of fibromyalgia and the rise in awareness about CBD hemp oil for its cure can promote expansion of the fibromyalgia segment, which, in turn, can work in favor of the market. Hectic and sedentary lifestyle, along with lack of time for self-care, are observed to induce pain in professionals. The increase in adoption of CBD hemp oil by both professional and geriatric group for pain management can underpin the market expansion.
· The distribution channel-based segments of the CBD hemp oil market are retail pharmacies, medical marijuana dispensaries, hospital pharmacies, and e-commerce websites among others. The feasibility of distribution offered by e-commerce services can bolster the CBD hemp oil market. The increase in number of medical marijuana dispensaries can also contribute to the market rise in the years to come.
Cannoid, Folium Biosciences, Elixinol, Gaia Botanicals, , ENDOCA, Medical Marijuana, Canopy Growth Corporation, PharmaHemp, NuLeaf Naturals, , ENDOCA, Medical Marijuana, Isodiol, CBD American Shaman, Aphria Inc., and Aurora Cannabis are some well-established CBD Hemp Oil Market Players that assessed by MRFR.
Market Driver and Restrains
Market Research Future (MRFR) studied the global CBD hemp oil market report 2020 through the review period till 2023. By 2023, the hemp oil market is expected to rise at high CAGR to acquire considerable revenue. The large-scale prevalence of chronic malaises is observed to catalyzed the demand for CBD hemp oil. The increase in adoption of CBD hemp oil for medical applications, such as; mitigation of stress relief, pain, treatment of anxiety and depression, beneficial for heart health, diabetes prevention, acne reduction, and alleviation of cancer symptoms can underline the market rise. The surge in rising healthcare expenditure can work in favor of the CBD hemp oil market in the foreseeable future.
CBD hemp oil is used extensively to treating patients with neurological disorders. The expansion of neurological patient population can aid marketers capitalize for decent revenue generation. Delta-9 tetrahydrocannabinol, a primary constituent of CBD hemp oil, helps in boosting immunity. Thus, the growing sales of CBD amidst COVID 19 outbreak is anticipated to promote the market.
The legalization of cannabis in different region is another important factor contributing to the rise of CBD hemp oil market. Innovations and developments introduced by key players have revolutionized sales dynamics of CBD hemp oil can add momentum to the market. The spreading awareness about CBD hemp oil content in body care and nutritional supplement products can also influence the market.
The regional progress assessment of the CBD Hemp Oil Market span across Middle East & Africa, and Asia Pacific, North America, Europe, Latin America, and North America. MRFR study suggests that the CBD hemp oil market in North America can thrive due to considerable traction in the years ahead. The authorization of cannabis sale by manufactures in Canada can contribute to the rise of the regional market. The substantial surge in the production of cannabis and demand for hemp oil due to medicinal benefits can cause the US market to rise at rapid pace.
The significant expansion of the CBD hemp oil market in Europe can be attributed to the large-scale prevalence of chronic diseases, application for reducing neurological pain, and expansion of aging population. EU market is expected to rise at considerable CAGR by 2025. In, Asia Pacific, the CBD hemp oil market can register decent growth rate in the foreseeable future. The considerable expansion of hep oil in APAC can be attributed to the robust production base in the region. The rise in export activities can also add to APAC CBD hemp oil market surge. The huge legal cultivation base of cannabis in the region and extensive trading activities are forces that can drive the APAC market. The prevailing culture of traditional medicine in the region can benefit the market.
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