By 2023, the Worldwide CBD Oil Market scope is likely to return USD 2,177.99 million. In 2018, the market worth was USD 462 million. Investments by businesses coupled with the legalization of marijuana is expected to fuel the market growth.
CBD is found in the cannabis sativa plant that does not create the intoxication or euphoria like its cousin composite, THC. THC is widely recognized as an effective source for altering the mind. Although, CBD is not psychoactive. This implies that CBD does not affect the user’s state of mind. However, it is known to initiate crucial changes in the body and are claimed to be having medical and health benefits. Increase in investments towards the medicinal benefits of marijuana is expected to positively influence the CBD oil market. CBD often finds application in relieving chronic pain and swelling, sleep issues, and anxiety.
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Increased prevalence of fatal ailments such as cancer, need pain-relieving solutions. CBD meets this need and hence is considered as an effective form of treatment. CBD can ease the consequences of chemotherapy treatment and can be consumed orally through drops or foods. This property of CBD strongly encourages the CBD Oil Market Growth.
The Global CBD Market is dominated by players such as IrieCBD (U.S.), CBD American Shaman (U.S.), ENDOCA (The Netherlands), Isodiol International Inc. (Canada), Medical Marijuana Inc. (U.S.), Elixinol Global Limited (Australia), Bluebird Botanicals Ltd. (U.S.), CV Sciences Inc. (U.S.), Canopy Growth Corporation (Canada), and Aurora Cannabis (Canada).
The CBD Oil Market is segmented by Distribution Channel, Product, and Application.
Major Distribution Channels implemented in developing the CBD Oil Market include retail pharmacies, e-commerce websites, marijuana medical dispensaries, and hospital pharmacies.
Products in the market include hemp-derived CBD Oil and marijuana-derived CBD Oil.
Key Market Applications of CBD Oil include pain relief, diabetes, mood disorders, neurological disorders, and fibromyalgia.
Based on Region, the CBD Oil Market is segmented into the Americas, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW). In 2017, the Americas represented a market share of 78.26% followed by Europe (11.21%), APAC (9.23%), and RoW (1.30%). The Americas are likely to maintain their rank as the market leader pertaining to requirement for numerous CBD Oil-Based Products. World Health Organization (WHO) states that almost 147 million people intake marijuana in the U.S. Marijuana consumption has been legalized recently. It finds wide application as pain relievers for certain chronic ailments. Both the factors are likely to fuel the CBD Oil Market in the region. By 2023, the market has the potential to generate an estimated USD of 1,695.20 million. By 2023, the CBD Oil Market in Europe is likely to generate almost USD 251.20 million. Legalization of marijuana in the Czech Republic and Germany is anticipated to favor the regional growth. Additionally, increasing awareness about the clinical applications of CBD coupled with the introduction of new players, makes it a promising market for CBD Oil products. By 2023, the APAC region is estimated to yield USD 203.12 million. The growth is owing to the various applications of marijuana for curing ailments such as epilepsy. A survey conducted in Australia stated that almost 13% of parents took help of illicit extracts of cannabis for healing seizures in their kids. This is projected to extend the scope for CBD Oil products in the Asia-Pacific market. By 2023, the RoW region is expected to generate USD 28.47 million. It can witness a rapid progress rate owing to ill effects of cannabis, strict administrative policies, and restraints on marijuana usage.
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