Albany, New York, Oct. 03, 2019 (GLOBE NEWSWIRE) -- The global CBD hemp oil market is likely to experience considerable growth due to high incidences of infectious and chronic diseases across the globe. Rise in the healthcare related expenditure coupled with growing awareness about depression and sleep disorders are expected to support growth of the global CBD hemp oil market over the period of forecast, from 2018 to 2026.
CBD is one of the most common cannabinoid of the 104 chemical compounds that are found aplenty in cannabis plants. Of late, CBD has attracted substantial attraction of media and scientific community for its healing effects and its substantial difference from Tetrahydrocannabinol. Though CBD does not come with psychoactive properties yet it offers an array of benefits that have proved to be useful and have ignited the need for conducting further research into its properties.
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Canopy Growth Corporation, Medical Marijuana Inc., Elixinol Global Limited, ENDOCA, NuLeaf Naturals, and Gaia Botanicals are some of the well-established players operating in the global CBD hemp oil market.
The global CBD hemp oil market is forecasted to clock a growth rate of more than 11% CAGR over the study tenure, from 2018 to 2026.
Asia Pacific Emerge as a Rapidly Growing Region owing to Increasing Incidences of Chronic Pain
In terms of region, the global CBD hemp oil market is segmented into Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. Regional classifications are expected to offer deeper and detailed insight of the regional dynamics at play.
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The Asia Pacific CBD hemp oil market is expected to exhibit substantial growth owing to augmented per capita income of people and rise in chronic diseases in the region. According to World Health Organization, chronic disease like diabetes, cardiovascular diseases, and cancer claim around 8.5 million lives in Asia Pacific. CBD hemp oil finds wide use in relieving chronic pain, as such the market is likely to come across lucrative growth opportunities in the region.
In terms of geography, North America is prognosticated to account for a dominant share of the global CBD hemp oil market. Improved healthcare infrastructure with wide acceptance of novel ideas is expected to boost the market in the region. In addition increasing cases of chronic pain is expected to play the role of a catalyst in the growth of the North America CBD hemp oil market. According to the data of Centers for Disease Control and Prevention (CDC), in 2016, nearly 20.4% of adults in the U.S. adults had chronic pain and around 8.0% of them suffered from high-impact chronic pain. Europe is estimated to trail North America in the global CBD hemp oil market.
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Technological Advancement and Multiple Use to Stoke up its Demand in the Market
A sharp rise in the prevalence of different chronic and infectious diseases is expected to offer growth opportunities to the global CBD hemp oil market in times to come. Various health benefits of CBD hemp oil are related to reduction of acne, relief from pain and cancer-related symptoms, reduction of depression and anxiety. Furthermore, depression and sleep disorder, particularly among the younger generation is another factor that contributes toward development of the market. There has been change in attitude toward people suffering from depression, which is now recognized as sickness that can be cured. CBD hemp oil finds use in the treatment of depression.
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Apart from its healing properties, growing use of CBD hemp oil in different forms like vape, spray, and tincture in both developed and developing countries alike will further add to the expansion of the market in times to come. Increased penetration of CBD hemp oil has been facilitated by use of e-commerce platforms is anticipated to boost the market over assessment period. Technological advancement brought in by leading manufacturers, for example Texas-based National Farma has come up with water-soluble CBD technology that could find wide use in gel caps, creams, tinctures, and beverages.
The information shared in this review is based on a TMR report, bearing the title, “CBD hemp oil market (Product - Hemp Based, Marijuana Based; Application - Sleeping Disorders and Depression, Multiple Sclerosis, Neurological Pain; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 – 2026.”
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