CBD Hemp Oil Market size, analysis, and forecast report by 2029
CBD Hemp Oil Market – Overview
As CBD is the next most prevalent cannabinoid, its
application and demand have grown at a rapid pace in recent years. Market
reports connected with the healthcare industry have been offered by Market
Research Future which makes reports on other industry verticals that aims to
analyze the current market scenarios better. The market is projected to develop
at a positive rate in the upcoming forecast period.
The applications of CBD in pain relief, for the treatment of
cancer symptoms, and its effect in reducing anxiety and depression is a major
driver for the CBD
hemp oil market. Thus, the application of CBD in relief and assist
treatment is also being meaningfully expanded to other application areas to
improve the market’s progress in the forecast period. Moreover, the application
of CBD in the treatment topical skin problems is anticipated to boost the
prospects available for the growth of the market.
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The prominent contenders in the CBD hemp oil market are
Cannoid, ENDOCA, PharmaHemp,Elixinol, Folium Biosciences, Isodiol, Gaia
Botanicals, Canopy Growth Corporation, Aurora Cannabis, Medical Marijuana,
NuLeaf Naturals, CBD American Shaman, Aphria Inc., and others
Segmental Analysis
The segmentation of the CBD hemp oil market is carried out
on the basis of application, region, product type, and distribution channel.
On the basis of product type, the market for CBD hemp
oil has been segmented into vape oil, spray, tincture, and others.
On the basis of application, the market is segmented
into pain relief, neurological disorder, diabetes, mood disorders,
fibromyalgia, and others.
Based on distribution channel, the CBD hemp oil
market has been segmented into medical marijuana dispensaries, hospital
pharmacies, retail pharmacies, e-commerce websites, and others.
The regions considered in the market are Latin
America, the Middle East, Europe, Africa, North America, and the Asia Pacific
Detailed Regional Analysis
The regional analysis of the CBD hemp oil market includes
regions such as Latin America, Europe, Middle East, North America, Africa, and
the Asia Pacific. The North American region holds a considerable share of the
market and is expected to increase the traction in the impending years. The
legalization of cannabis trade in countries like Canada has propelled the
regional market on an ascendant growth trajectory. An extensive surge in the
production of cannabis is predicted for the region, which is forecasted to
expand the regional market in the coming few years. The market in the U.S. is
also estimated to display noteworthy development in the imminent future. The
factors supporting the growth of the CBD hemp oil market in the region are the
widespread prevalence of chronic diseases, increasingly aging population, use
of the oil for reducing neurological pain, etc. Meanwhile, the CBD hemp oil
market in the Asia Pacific is expected to flourish in the forecast period. The
substantial growth of countries such as China, India, and Japan are expected to
drive the development of the market in the region.
Competitive Analysis
The employment of product differentiation has led to a
favorable product differentiation scenario that is complementing the market’s
growth. The participants in the market are trying to establish several USPs
that will enable them to capture a more substantial share of the market.
Additionally, the vertical additions and product tactics of the market is
increasing the potential for the market players. The analysis of the market
observes that the market is poised for an accelerated growth rate in the
forthcoming years. Improved approachability to various resources and
capabilities is projected to compel the growth of the market in the imminent
forecast period. The use of successful strategy execution techniques is
estimated to have a positive effect on the future growth of the market.
Industry Updates:
Dec 2018 The US Congress has recently passed a bill that
allows CBD products to be recognized as legal on the legislative level. The
bill will allow the CBD products to be sold as products for consumers on retail
store shelves. The bill also permits farmers to grow industrial hemp legally.
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