Like THC (tetrahydrocannabinol), Cannabidiol (CBD) is a chemical extracted from the Cannabis Sativa plant. But unlike THC, CBD is non-intoxicating and it has antipsychotic effects. CBD oil or cannabidiol oil has been studied for the treatment of a number of health conditions, right from alleviating pain, to the treatment and management of neurological conditions. CBD can also help the body in producing natural cannabinoids, which in turn, can improve the immune system.
Due to its therapeutic benefits, the demand for CBD oil is increasing globally. The demand for CBD oil has been further fuelled by the legalization of cannabis for both recreational and medical use in several countries of the world. In the US, hemp farming has been legalized following the approval of the 2018 Farm Bill.
Further, high prevalence and increasing incidence of chronic diseases like cancer, diabetes, neurological disorders, and stress and anxiety have increased the usage of CBD oil. Technological advancement in the form of availability of CBD oil as spray and tincture, is also likely to increase demand for it.
All these factors will collectively drive the CBD oil market in the coming years. The global cannabidiol oil market is expected to reach a valuation of USD 2,177 million by 2023, growing at a 36.36% CAGR during the period 2018 to 2023.
Region-wise, North America dominated the global cannabidiol market in 2017 and is likely to continue its dominance in the near future, mainly due to the legalization of cannabis and hemp farming. Even the European market can provide lucrative opportunities, as marijuana has been legalized in a number of European countries including Switzerland, Belgium, Luxembourg, Italy, Spain, Austria, Denmark, and Netherlands.
Another region that is likely to witness high growth in the CBD oil market is the Asia-Pacific region. The increasing use of medical marijuana for the treatment of epilepsy will boost the Asia-Pacific cannabidiol oil market in the coming years. The major players operating in the global CBD oil market are, NuLeaf Naturals, IRIE CBD, Pharma Hemp, Elixinol, Medical Marijuana, Gaia Botanicals, Good Hemp, CW Hemp, CBD Naturals, TetraLabs, and Hempura CBD, among others.