The global cannabidoil oil market is expected to reach US$ xx Mn by 2023 with CAGR of 36% during the forecast period. Hemp and marijuana come from the same plant - cannabis sativa, but both of them are different in nature. The chemical compound produced by marijuana and hemp is referred to as cannabinoids. The cannabidiol oil is the concentration of cannabinoids. The increasing health concerns coupled with the rising population in developed countries are creating opportunities for the global cannabidiol oil market. The benefits of cannabidiol oil such reduction in depression and anxiety, pain relief, reduction in acne, alleviation of cancer-related symptoms, and others are some of the factors that are driving the demand for cannabidiol oil market during the forecast period. Further, the increasing expenditure on healthcare, coupled with the rising awareness about treating sleep deprivation & disorders among patients, is triggering the demand for cannabidiol oil during the forecast period
However, the side effects such as liver problems, reduced appetite, infections, reduced urination, breathing problems, gastrointestinal problems, rashes and others are restraining the growth of the market during the forecast period. At the same time, the rules and regulations of the Food and Drugs Association are also obstructing the growth of the market.
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Based on types, the Hemp cannabidiol oil segment dominated the market in 2018 and is expected to show similar trends during the forecast period. Hemp cannabidiol oil strengthens the immune system of the body, which drives the demand for hemp cannabidiol oil among patients. In terms of the distributional channel, the pharmaceutical segment will dominate the market during the forecast period. The increasing number of hospital and pharmacies across the globe, coupled with a rise in the number of diabetes, cancer, and other patients are some of the factors that are driving the demand for the segment.
North America dominated the market in 2018 and is expected to show similar trends during the forecast period. Canada leads the North American market owing to the increase in chronic diseases, coupled with the rising incidence of neurological pain among the population.
The key players of the global cannabidiol oil market are Kazmira, Freedom Leaf, CW Hemp/CW Botanicals, Medical Marijuana, Green Roads, Folium Biosciences, HempLife Today, Pharmahemp, Cannavest, Elixinol, and others. Companies involved in this market concentrate on research and development, along with acquisitions & mergers and innovation in products, in order to strengthen their market share. In April 2018, Elixinol Global announced an agricultural operations extension with Kersey Agricultural Company in Colorado, U.S. This is expected to upsurge the company's CBD and hemp supply chain in the near future.