Numerous Medicinal Advantage of CBD Oil Steering Industry Growth
Cannabidiol (CBD) oil offers numerous medicinal benefits and provides remedies for diseases such as anxiety and depression, arthritis, Lupus, epilepsy, cancer, and many more. The product is also widely used to treat insomnia. The U.S. national library of Medicine known as the National Center for Biotechnology Information (NCBI) released stats stating that nearly 30% of the adults in the country possess symptoms of insomnia. Thus, rising cases of insomnia is expected to fuel the market growth over the forecast period.
Similarly, the product is widely used to treat vomiting and nausea caused during the chemotherapy. The product based compounds including marinol and nabinol provides relaxation and ease during chemotherapy. Another chemical compound known as nabiximols show promising results in reducing cancer pain. The compound is legalized in Canada and European region. Thus, numerous benefits offered by CBD related compounds is projected to fuel the market growth over the coming years.
Food Industry a New Market Avenue for CBD Oil
Rising popularity of CBD infused drinks especially in the European region is offering new avenues for market growth. The product is widely employed in beverages across European region as it is promoted as an alternative to sugary beverages. For instance, a UK based company Drink 420 is promoting the use of CBD as an potential alternative for sugary soft drinks. Thus, opening of new market space in form of beverages is projected to fuel the demand for CBD oil over the coming years.
Another promising avenue for the growth of CBD oil is in form of edibles. The product is used as an ingredient to create edible food products such as lollipops, gummy bears, cookies, and others. The product is widely gaining popularity across various parts of the European region. Therefore, emerging market avenues for the product is likely to positively influence market growth over the coming years.
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On the basis of product, market is bifurcated into hempseed based and marijuana based CBD oil respectively. Among this category, hemp seed based product is projected to observe swift growth as compared to its counterpart. The product has widely gained prominence across cosmetics industry owing to its properties to provide moisturizing, unclogging pores, and many more. New startups in this segment is rising rapidly while using social media as an effective tool to develop customer base. Thus, emergence of new companies in this avenue is likely to drive the market growth over the coming years.
Marijuana based product category is widely used across pharmaceutical industry. The product offer numerous medicinal benefits in treatment of chronic pain, mental illness, insomnia, and many more. However, challenges pertaining to its usage is widely restricted which is anticipated to restrain the market growth over the short term period.
On the basis of application, market is bifurcated into food & beverages, pharmaceutical, cosmetics, and others. Among this category, pharmaceutical segment is projected to dominate the market share. The use of product for the treatment purpose is likely to continue as more research and studies are carried out across the globe. The product offers a suitable delivery system through the mucous membrane. Thus, advantages of the product to treat various diseases is likely to fuel its consumption over the forecast period.
Cosmetics segment is also anticipated to widely gain prominence as product acceptance as a beauty ingredient rises. As regulatory challenges around its usage relaxes, the product is likely to gain greater popularity among the millennials.
Distribution Channel Outlook
On the basis of distribution channel, market is segregated into hospital pharmacy, retail pharmacy, online, and others. Among this, online distribution channel is likely to observe swift growth owing to rising prominence of social media. In addition, aggressive marketing strategy coupled with greater purchase control are some of the key factors boosting the segments growth.
Retail pharmacy is projected to dominate the market share in 2019. However, rising popularity of online channel is likely result in decreasing market share for retail pharmacy over the forecast period.
The key participants of the industry are Aphria Inc., Folium Biosciences, Freedom Leaf Inc., ENDOCA, CBD American Shaman, CV Sciences Inc., Medical Marijuana Inc., Aurora Cannabis, MedMen Enterprises Inc., and Kazmira LLC.
The vendors of the industry are focusing on developing extensive product portfolio specific to the point of application. In addition, market participants are widely investing in research & development to overcome regulatory hurdles.
CBD oil is a medium consisting of cannabidiol which is a naturally occurring chemical compound in flower of cannabis plant.
Global CBD Oil Market Segmentation
- Hempseed Based
- Marijuana Based
-Food & Beverages
By Distribution Channel