The Global CBD Hemp Oil Market was valued at US$ 1,313.3 million in the year 2020 and is expected to reach US$ 2,859.5 million by the year 2027, growing at a CAGR of approximately 11.8%
CBD is a phytocannabinoid which is extracted from the plant called cannabis sativa. Pure CBD hemp oil has low THC content. The oil contains other nutritious materials such as terpenes, amino acids, chlorophyll, and Phyto cannabinoids like CBD, CBCV, CBN, and others. CBD hemp oil does not affect the state of mind of a person but provides therapeutic benefits like stress relief, regulation of the body’s state of balance, and others. CBD hemp oil helps patients suffering from different diseases, along with improving the immune system.
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The use of CBD hemp oil as a therapeutic composition has been sanctioned when used in the proper proportion and approved by the FDA before entering the market. The increasing awareness about neurological diseases and growing expenditure on healthcare will trigger the growth of global CBD Hemp oil market. However, the side effects of CBD Hemp oil is expected to impede the growth of this market.
According to the product type, the market is segmented into hemp-based CBD hemp oil and marijuana-based CBD hemp oil. Among these, the hemp-based CBD oil segment is likely to grow during the forecast period, owing to the increasing incidence of neurological diseases.
Based on applications, the market is segmented into neurological pain, depression and sleeping disorders, multiple sclerosis, and others. Among these, treatment of neurological pain is holding a dominating share in the market.
Based on the distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Among these, the hospital pharmacy sub-segment is holding a dominating share in the market, owing to the increasing number of hospital chains with pharmacies.
North America is holding a dominating position in the global CBD hemp oil market, owing to the presence of most of the CBD hemp oil vendors, coupled with favourable government regulations on cannabis plantation in this region. The Asia-Pacific region is expected to grow with the highest CAGR over the forecast period. Remarkable growth opportunities are observed in this region, owing to the increasing chronic disease incidence rate in this region.
The key players in the global CBD hemp oil market are Folium Biosciences (USA), Aurora Cannabis (Canada), Gaia Herbs (USA), ENDOCA (Denmark), Canopy Growth Corporation (Canada), Medical Marijuana (USA), Elixinol (Australia), CBD American Shaman (USA), Aphria Inc. (Canada), NuLeaf Naturals (USA), and Isodiol (Canada), amongst others.