Cannabidiol is one of the primary cannabinoids extracted from marijuana or hemp found in the Cannabis Sativa plant. Cannabidiol Oil (CBD Oil) is mostly used for healthcare purposes due to the absence of psychoactive effects. The moderate consumption of CBD oil helps mitigate cancer symptoms, anxiety & depression, reduce acne, and diabetic conditions. A few years ago, CBD oil was a controlled substance by regulatory bodies and there were several regulations on trade, manufacture, or exchange in the US and other countries. However, CBD oil has regained acceptance with its safe consumption and crucial health benefits.
CBD oil finds many applications in the medical field which makes it a preferable substance across the globe. In addition to this, it is also widely used in food & beverages, pharmaceuticals, and personal care & cosmetics. The global CBD oil market is expected to grow exponentially with a lucrative growth rate on the account of increased adoption of CBD oil products in the medical sector coupled with growing usage in personal care and cosmetics. In addition to this, the prescribed consumption of products found to be safer for human consumption, increasing the demand for the same.
Therapeutic Benefits of Cannabidiol Attracting People towards CBD Based Products
Cannabidiol has emerged as the major consumer trend due to heavy influence made on social media promoting the major benefits, marketing initiatives taken by the industry participants, and increasing application areas. Subsequently rise in the product offerings such as intimate lubricants, infused beverages, pills, gummies, and other products further fueling the growth at domestic and global levels. Growing awareness regarding the therapeutic benefits offered by cannabidiol majorly influencing people to choose CBD based products. Moreover, mainstream retailers started focusing on the production and selling of CBD oil products.
Wellness and health retailers such as Walgreens Boots Alliance, Rite Aid, and CVS Health experience lucrative opportunities in the market. Growing acceptance and approvals by the major countries offering promising prospects for CBD oil-based food items and beauty products are propelling the demand for the market. The COVID-19 has impacted economies across the world experienced limitations on production and supply activities owing to levied restrictions on production and transport after imposed lockdown. CBD oil operations also witnessed difficulties due to several constraints. However, the healthcare benefits of CBD oil products offered by market players are expected to propel the growth of the market.
Key Developments for CBD Oil Market
- World Anti-Doping Agency (WADA) has removed imposed restriction on CBD oil substances providing opportunities for market players
- The global CBD oil market is anticipated to take a major swing ahead post COVID-19 outbreak, creating new scope in the market.
- Manufacturers and brand owners are coming forward working on non-conventional applications such as skincare and textile.
- Almost 70% of the latest CBD oil products launched globally belongs to developed countries such as North America and Europe.
- Start-ups present in the CBD oil market leading the brand-wagon with the latest product launches and new formulations.
Deep-dive Insights on Cannabidiol Oil (CBD Oil) Market By Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/cbd-oil-market