PUNE, India, Nov. 30, 2020 (GLOBE NEWSWIRE) -- The Global Cannabidiol Oil Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global cannabidiol market size was estimated to be US$ 5.4 billion in 2019 and is expected to reach US$ 41 billion by 2030 at a CAGR of 20%. Cannabidiol Oil is a phytocannabinoid that is used for the treatment of common ailments. Cannabidiol has over 100 chemical compounds that are obtained from cannabis Sativa. The product is used to deal with pain, anxiety, depression, cancer, neural diseases, and acne amongst others. Cannabidiol Oil with pain-relieving effects is used to regulate different functions such as sleep, appetite, pain, and immune system response. These products are neurotransmitters by nature that reduce chronic pain by altering the endocannabinoid receptor activity that further reduces inflammation-causing relief to the patients. Moreover, increasing cases of anxiety and depression is driving the demand for Cannabidiol oil. CBD oil is a neurotransmitter and can act upon brain receptors regulating mood and social behavior. Additionally, CBD oil aid in alleviating symptoms related to cancer treatment. Usage of CBD during chemotherapy reduce the symptoms such as nausea and vomiting that occurs during the treatment.
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Furthermore, CBD oil is witnessing high demand owing to the increasing usage of such oils in skin treatment. A considerable part of the population is suffering from acne problems, CBD oil is used to treat acne using its anti-inflammatory properties and minimizing sebum production. CBD oil controls the overproduction of sebum reducing the chances of skin infections and acne. The neuroprotective properties of CBD oil aid doctors to treat patients with neurological disorders such as multiple sclerosis and epilepsy. The application of CBD oil during multiple sclerosis reduces muscle spasticity and the procedure is proven to be safe and effective. These factors are propelling the demand for CBD oil in medical applications driving the market demand in the forecast timeline.
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Rising demand for Cannabidiol oil in drug development
Cannabidiol oil shows favorable results in drug development including medicines for chronic diseases such as diabetes and cancer. The market players are investing in the R&D activities to explore the potential properties of CBD for enhancing the diagnosing and treatment activities. In 2018, the U.S. Food and Drug Administration announced the introduction of the first pharmaceutical drug manufactured using CBD. The public authorities along with the private pharmaceutical and research firms have ongoing experimental examinations to find the extensive use of CBD oil in the treatment of ailments ranging from heart diseases to the central nervous system. A few of the medicines that are being used to boost appetite and chemotherapy include Epidiolex, Marinol, etc.
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Growing sales of pharmaceutical products over multiple platforms such as e-stores and specialty shops
Increasing penetration of mobile phones and other digital devices has provided internet access to a large part of the global population. Production of economical smartphones has made it easy for pharmaceutical companies to reach out to their target audience. Moreover, the establishment of better network infrastructure has augmented the online sales for the medicine manufacturers. The introduction of online medicine delivery has experienced high growth during the lockdown phase. However, specialty stores are still pondered above the online sales channel. A major part of the population buys medicines offline as medicines are the necessities and require immediate and regular intake for efficient body function.
Growing demand for CBD oil for treating patients suffering from insomnia
Changing daily schedules coupled with long working hours has created an imbalanced routine among the corporate employees. Increasing usage of blue light screens is creating a large number of insomnia patients. Moreover, the growing habit of internet browsing is generating a large number of insomniacs that is affecting the health and wellness of the individual. However, CBD oil is witnessing high demand as it helps in falling asleep and staying asleep.
North America region holds high potential as compared to the other regions
Increasing consumption of noxious food is affecting the equilibrium of the body accelerating the chances of undefined tissue proliferation causing tumors or cancer. North America holds a major share in the consumption of CBD oil due to rising consumption of the carcinogen products and stressful lifestyle. The pressurized lifestyle and higher workloads have increased the anxiety and depression among the employed population. Asia Pacific Cannabidiol market is augmenting at a rapid pace due to the increasing number of cancer and diabetes cases across the region. Moreover, the countries with a low rank in the nutrition index are facing neurological disorders creating new opportunities for the market players.
Major players active in the global Cannabidiol Oil Market include Emblem Cannabis, Aphria Inc., NuLeaf Naturals, Folium Biosciences, Absolute Terps, Freedom Leaf, Inc., Whistler Medical Marijuana Corporation, Green Roads of Florida, LLC, Pharmahemp, Charlotte's Web Holdings, Inc., HempLife Today, ENDOCA, Kazmira LLC, CBD American Shaman, Curaleaf Holdings, Inc., CV Sciences, Inc., MedMen Enterprises Inc., Medical Marijuana, Inc., Aurora Cannabis, and Canopy Growth Corporation.
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