The latest report on CBD Oil Market collated by Market Research Future, offers a deep dive into market dynamics, size, revenue estimations and growth rate.
The global CBD Oil Market Trends is on track to register a valuation worth USD 3782.32 million by 2024, with a CAGR of 38.45% during the forecast period covering 2019 to 2024. Market Research Future (MRFR) predicts and discusses prospects in their report in detail to facilitate understanding of steps that would further increase CBD oil market value.
Market Drivers and Restraints:
An increasing number of participants from diverse countries, growing legalization of the product in different countries, relaxation in laws, acceptance in the healthcare sector for use on human beings and animals, rising number of FDA approvals, increasing expenditure to promote research and development sector, recent positive results in the treatment of epilepsy and cancer, and others are expected to make sure that the market stays on the right track of growth.
However, the global CBD oil market analysis may find it difficult with the apprehensions FDA and other regulatory bodies still have about the product. Legal usage of the oil is limited due to this and it can hamper CBD oil market growth.
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The global market report on the CBD oil has been segmented on the basis of type and application. These two segments have several factor-based analysis and charts to support the claims made in the report.
By type, the global study on the CBD oil market has been segmented on the basis of hemp-derived and marijuana-derived. The hemp-derived segment has better market valuation and a higher CAGR for the forecast period.
By application, the study includes the cosmetics industry, food industry, pharmaceuticals, and others. The cosmetic industry is expected to produce the fastest CAGR during the forecast period.
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The Americas is leading the global CBD oil market size with countries like the US and Canada impacting the global space significantly. In Europe, the market will benefit from countries like the Netherlands, Belgium, and others where the consumption of such products is higher. In Asia Pacific, India, China, Japan, and South Korea will impact the market the most.
The global market for CBD oil is expected to benefit from strategic moves like mergers, collaborations, innovations, better research funding, and others. Influential companies like Freedom Leaf, Inc. (US), Aphria Inc. (Canada), Folium Biosciences (US), ENDOCA (Netherlands), Green Roads of Florida, LLC (US), Charlotte’s Web Holdings, Inc. (US), Medical Marijuana, Inc. (US), Canopy Growth Corporation (US), CBD American Shaman (US), CV Sciences, Inc. (US), Curaleaf Holdings, Inc. (US), Aurora Cannabis (US), MedMen Enterprises Inc. (US), Absolute Terps (US), NuLeaf Naturals (US), Pharmahemp (Slovenia), Whistler Medical Marijuana Corporation (Canada), Kazmira LLC (US), HempLife Today (US), Emblem Cannabis (Canada), and others will make sure that the market reaps the maximum benefit of it. MRFR recorded changes in great detail to understand how the market stands to benefit from the impact of these companies.
In June 2020, Nextleaf Solutions Ltd., a well-known brand from Canada as an innovative cannabis extractor, announced that it had received several patents from various regions like North America, Asia, and Europe. These additional patents will cover countries like the United States, Poland, Malta, Ireland, Spain, Portugal, Denmark, and Cambodia. The jurisdiction includes these regions but is not limited to these parts. The company will explore possibilities using the unique method of extracting and separating cannabinoids and terpenes.
In May 2020, WILD, by Nature from Clean CBD, announced that their new botanically-inspired CBD products contain absolutely no THC and rich with all-natural fruity flavors. The company functions from California and promises unique sensorial experiences. This experience will be guided by new CBD tinctures and portable CBD shots and these can be administered in single doses. It will be available online and with a few retailers in the US.
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