The global Cannabidiol Oil (CBD Oil) Market size is expected to reach USD 24.08 billion by 2027 according to a new study by Polaris Market Research. The report “Cannabidiol Oil Market Share, Size, Trends, Industry Analysis Report, By Source (Hemp Derived, Marijuana Derived); By Grade (Food and Therapeutic); By Form (Process Oil, Distillate, and Isolate); By Application (Food and Beverages, Cosmetics and Personal Care, Pharmaceuticals, and Others), By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
CBD is commonly used to relieve anxiety and it helps the insomnia patients in falling asleep and staying asleep. Certain CBD manufacturers have been scrutinized by the government who claim that CBD is a cure for cancer. Research about the balance of pros and cons of CBD is ongoing near every production and consumption cluster, and debates about their usage is being carried out in all of the regions wherever there are significant number of potential prospective consumers. Overall CBD has a large addressable market, of which a large part is untouched.
Affirmation of the therapeutic value of cannabis by the WHO, and the U.S. National Academies of Sciences, helps challenging un-supportive views, and encourages governments, research scholars, health-care providers, and consumers to consider its potential. Medical community across the globe recognized its potential value and legalization, thereby burgeoning demand for the medical cannabis.
The Oxford University, one of the world’s foremost research institutions, announced to launch a US$ 12.36 million medical cannabis research program. The research in the U.S. will still have difficulties over reaching to the upmost standard because of the continuous classification of Cannabis as a schedule 1 drug. Though it allows institutes of foreign origin to initiate medical cannabis program and projects a scope of development to the markets where it is yet form its hold. Institutes follow a routine method in conducting research over the benefits and characteristic of CBD and marking the properties in use for medical conditions.
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Demand for procedure in elderly population is affecting the socioeconomic environment surrounding medical care. Moreover, healthcare services for the elderly are government-subsidized. It is still not something clearly observed in every middle economy or developing country but effects a large number of population in response to provide aid.
Medical cannabis is not limited to certain conventional products such as oil spray, dried form, tinctures and tea, the main move is to create a consumer friendly approach in considering cannabis as a drug. Many facilities are open to rediscover it as a medicine in a more prosperous way by engaging consumers to social clubs. Manufacturers are producing products that are better in use on the social platform with engaging product offerings for a better usage trend. The initiative of considering medical cannabis as a socially accepted medicine for pain relief and other problems is sourced in such social clubs also known as cannabis clubs.
Market participants such as Isodiol, Canopy Growth Corporation, Tilray, Medical Marijuana Inc., NuLeaf Naturals, CV Sciences, Aurora Cannabis, Green Roads, Folium Biosciences, GW Pharmaceuticals, Charlotte's Web, CW Hemp, Endoca, Medterra, Elixinol and Gaia Herbs, LLC. are some of the key players operating in the global market. In June 2020, Perrigo Company plc, the U.S. based provider of self care products across the globe announced its entry in the Cannabidiol Oil Market through its strategic investment in Kazmira LLC, a Colorado based CBD products supplier. Perrigo acquired 20 per cent equity stake in Kazmira.
Polaris Market Research Market research has segmented the CBD Oil Market report on the basis of source, grade, form, application, and region
CBD Oil by Source Outlook (Revenue - USD Million, 2016 – 2027)
CBD Oil by Grade Outlook (Revenue - USD Million, 2016 – 2027)
CBD Oil by Form Outlook (Revenue - USD Million, 2016 – 2027)
CBD Oil by Application Outlook (Revenue - USD Million, 2016 – 2027)
CBD Oil by Regional Outlook (Revenue - USD Million, 2016 – 2027)