Cannabidiol oil commonly known as CBD oil is a key ingredient of cannabis plant. It is extracted from cannabis plant, a phylum relative of marijuana plant, the other active ingredient being THC. CBD has emerged to be natural element of medical marijuana for its positive reports from research institutes with laboratory test and trials. WHO research papers conclude CBD oil to be free of side effect from CBD psychoactive abuse and dependence signs of user. Found in oil form, it is easy to extract from the plant and process it with ethanol and butanol solvents methods having minimal production costs; hence, is a farming intensive process which has its own by-product thriving market. This multi beneficial promising aspects in CBD oil has motivated cultivation and oil extraction labs to be setup all across the U.S., China, Canada, and European union with export of raw material from across the globe, even India. As new facts enlighten CBD oil as key medical element for several diseases, its benefits in naturopathic treatments have driven a massive consumerism growth in the market.
COVID-19 Impact Analysis-
- COVID-19 pandemic has rigorous impact on growth of the CBD oil markets. Many countries were suffering from lockdowns due to the pandemic, which resulted into wrecking in supply chain of raw material, leading to disruption in production cycle and causing scarcity in the CBD oil market.
- In post COVID-19 period, the demand for CBD oil is expected to increase in the upcoming years. Implementation of CBD oil in pharmaceutical & personal healthcare sector is anticipated to offered significant growth to the CBD oil market.
- With emerging government, restrains on hospitality food industry and restaurants in view of pandemic, there was a sharp decline in growth of CBD-infused products such as chocolate bars, doughnuts, cold coffee, and milkshakes.
Top Impacting Factors
- CBD oil a newly emerging medical relief substance for the treatment of anxiety, inflammations & stress, which drives the demand of CBD oil in the medical sector. Its uses as a medicine & supplement fuel the growth of the CBD oil market. CBD oil is one of the innovative platforms for infusing wide range of products with CBD oil.
- Exploiting benefits of CBD oil when fused with cosmetic products drive the growth of the market. Manufacturers are processing the pure extract and label pure CBD oil, which are featuring in expensive and premium cosmetic products. Benefits of CBD cosmetic products such as repair sun damages, regeneration of skin cells & soothe inflamed skin are major factor in growth in demand of CBD oil.
- The significant public interest in exploring the benefits of CBD oil in day-to-day FMCG products such as soft drinks, peanut butter, pet care, beer, beauty, and skin care product have provided manufacturers with an opportunity to label CBD oil products and bi-products as premium products, which have owed a significant growth to CBD oil market.
- CBD oil is preferred by mainstream medical professionals as it offers an option for treating different types of chronic pains such as arthritis, lower back pain, and post-surgical pain, which will lead to creation & expansion of new consumers and play vital role in the growth of the CBD oil market.
Market Trends
Increase in use of CBD oil in medical and health care sectors
CBD oil has a wide application in medical and healthcare sectors as it is used to get relief from pains. It is also used in prevention of anxiety and depression. CBD oil has great importance in cancer treatment. Use of CBD oil in medical field is one of the most significant drivers in the growth of the CBD oil market.
Application of CBD oil in pet’s healthcare & food manufacturing
Use of CBD oil in pet products is tending into the market. It helps pets deal with complication such as separation anxiety, lack of appetite, & nausea. Trendiness & multiple usage of CBD oil is a significant driver in the growth of the CBD oil market.
Promotion of CBD oil by government
The Government of India encourages the research and cultivation of cannabis with low THC content for industrial purpose such as industrial hemps, which lead to more production of CBD oil to meet expected demand during the forecast period. Government has granted a license for cultivation only for industrial uses and research purpose.
Key Benefits of Report-
- This study presents the analytical depiction of the CBD oil industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the CBD oil market share.
- The current market is quantitatively analyzed to highlight the CBD oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed CBD oil market analysis based on competitive intensity and how the competition will take shape in coming years
Questions Answered in the Report
- Who are the leading market players active in the CBD oil market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Key Market Segments
- By Products Type
- By Price Point
- By Application
- Cosmetic
- Industrial
- Pharmaceuticals
- Food and Beverages
- By Distribution Channel
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of LAMEA
Key Market Players
- Gaia herbs Inc
- NuLeaf Naturals LLC
- Medical Marijuana Inc.
- CV Science Inc.
- CBDistillery.