Companies working on the CBD oil market are expected to push for relaxations on regulations, in addition to optimizing staff schedules to maintain operations.
A recent market study published by future market insights on the CBD oil market offers global industry analysis for 2020-2030 & opportunity assessment for 2021–2031. The study offers a comprehensive assessment of the more important market dynamics.
Future Market Insights (FMI) predicts the sales of cannabidoil (CBD) oil to total US$ 284.2 million by the end of 2021. As per the study, demand will continue rising, enabling the market to exhibit a compound annual growth rate (CAGR) of 31.50% annually, through 2031. Hemp and marijuana oil segment exhibited prolific year-on-year growth of 35.90% in 2021, due to increasing sales of CBD infused food and beverages and high demand for pain and sleep medication. Rising use of CBD oil in sports industry is forecast to drive the market sales through 2031.
Changes in consumer bias towards novel therapeutic treatments during the coronavirus pandemic is anticipated to generate demand for CBD oil for chronic and infectious diseases. Further, the steady demand for depression and sleep disorder treatments, and high investments in the healthcare sector will also create new lucrative opportunities in the CBD oil industry.
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Anticipated Market Impact by Coronavirus Outbreak
The global health crisis and the consequent economic slump will have a substantial impact on the burgeoning CBD oil market. CBD oil company stocks have been witnessing a steady fall for nearly a year. This trend has created challenges in terms of capital for all cannabis-related businesses.
Companies with poor cash flow are likely to struggle in operations and expansion, resulting in major restructuring, and layoffs. As CBD oil is a nascent business, taxation challenges and lack of loan facilities will also hold back the market during this tough time. However, the demand for CBD oil is anticipated to rise steadily once the pandemic subsides.
“The demand for CBD oil for wellness and medical uses is surging due to its healing characteristics, which is key to the growth of the market. Moreover, strong product adoption and use, and government approvals will contribute to CBD infused oil products,” says the FMI analyst.
CBD Oils Market – Critical Takeaways
- Marijuana is the preferred source of CBD oils, driven by legalization. On the other hand, hemp-based CBD oil is gaining traction owing to superior healthcare characteristics.
- The B2C distribution channel including retail and hospital pharmacies will contribute substantially to market revenue.
- Healthcare and pharmaceutical applications remain the primary revenue streams for the market, through the projection period.
- North America will dominate in terms of market share, while Asia Pacific will display fast growth, owing to the setup of hemp facilities in China.
The CBD oil market report includes 112 figures, 128 data tables and a table of contents. You can also read about market segmentation on https://www.futuremarketinsights.com/request-special-price/rep-gb-11661
CBD Oils Market – Key Driving Factors
- Strong investments in the healthcare sector support alternative therapies involving CBD oil.
- Growing incidences of chronic and infectious disease will drive adoption of CBD oil products.
- Growing patient awareness about potential sleep, depression, and anxiety disorders will also aid maket growth.
- Niche applications in cancer and diabetes treatment research will generate lucrative opportunities.
CBD Oils Market – Key Constraints
- The high cost of CBD products is a major restraint impacting the global CBD oils market.
- The lack of legalization programs in African and Asian countries will also impede the market.
Key players in the CBD oil market include but are not limited to Elixinol Global Ltd., ENDOCA, Canopy Growth Corporation, Medical Marijuana, and Cannoid. These players are seeking to optimize their supply chains. Manufacturers are also increasing efforts to enter strategic partnerships and acquisitions to improve geographic business presence internationally. Lobbying for the legalization of CBD products in untapped markets will also be essential in the years to come.
Key Segments Covered in CBD oil Market Study:
- Hemp Oil
- Marijuana Oil
- Food & Beverages
- Chewing Gums
- Chocolate bars
- Dairy Products
- Bakery Products
- Hospital Pharmacy
- Retail Pharmacy
- Convenience Store
- Online Retail
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Key Questions Answered in the Report
What is the current valuation of CBD oil market?
The CBD oil market is expected to surpass a valuation of US$ 284.2 Mn by 2021 end.
At what rate did the CBD oil market expand in the last five years?
Between 2016 and 2020, the CBD oil sales grew at 69.2% CAGR.
What are the key trends shaping the CBD oil market?
Increasing use of CBD oil in sports for performance and recovery, rise in “pet adaptation” and “pet proprietorship” fueling demand for cannabis based feed market, rising application of CBD oil in cosmetic and personal care, growing necessity towards possession of certificate of analysis (COA), and emerging use in infused-food and beverage industry are the key trend shaping the CBD oil market.
What is the Demand Outlook for the CBD oil Market?
CBD oil market will register prolific growth at a CAGR of 31.5% between 2021 and 2031.
What is the North America CBD oil market outlook?
Demand registered in North America will continue rising, backed by legalization of medical cannabis and increasing consumption of CBD oil from U.S. and Canada, the North America market is anticipated to expand at 30.2% CAGR during the forecast period.
Who are the leading companies in CBD oil market?
CV Sciences, Medical Marijuana, Aurora Cannabis, Canopy Growth Corporation, Canntrust, Tilray, and Kazmira LLC are the top companies operating in the market.
What is the cumulative share of top companies in CBD oil market?
Top five companies covered nearly 15% to 20% of the overall CBD oil market in 2021.
At what rate will CBD oil sales increase in Europe?
CBD oil sales will increase at 35% CAGR in Europe, backed by rising demand of CBD oil in the U.K., Germany, Portugal and other countries.
Which are the top five countries driving CBD oil market demand?
Leading countries driving demand in the CBD oil market are U.S., China, U.K, India, and Japan.
What are the key statistics for CBD oil market in South Korea?
In 2021, South Korea holds around 0.8% market share in the East Asia CBD oil market.
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