Legalizing of Cannabis in Several Nations Drives Global CBD Hemp Oil Market
Published On : Jan 15, 2019 | Category : Pharmaceutical
Cannabidiol (CBD) oil has become the hot new product in the U.S. One reason behind it is the fact that the nation has already legalized medical marijuana. CBD hemp oil is basically a non-intoxicating marijuana extract. It finds usage in treating several medical problems such as epileptic seizures, anxiety, inflammation, and sleeplessness.
As per a report by Transparency Market Research, the global CBD hemp oil market would rise at an impressive 11.0% between 2018 and 2026. At this pace, the market which was worth US$2.5 bn in 2026 would likely attain a value of US$950 mn in 2017. The growth pace is mainly being supported by the rising incidence of infectious and chronic diseases all over the world.
Usefulness in Treating Mental Ailments Drives Global CBD Hemp Oil Market
Cannabidiol is gotten from the buds and flowers of hemp or marijuana plants. Since it does not contain chemical tetrahydrocannabinol (THC), it does not result in the “high” caused by marijuana. With increasing expenditure on healthcare and rising awareness about its usage in treating depression and disorder, the global CBD hemp oil market is set to rise.
A major USP of CBD hemp oil is its ability to produce natural cannabinoids to improve the immune system of humans. Hence, it is particularly useful for treating chronic ailments, namely diabetes and cancer. It can also help to lessen depression and stress. And, with rising concerns of neurological disorders, the global CBD hemp oil market will likely rise in the near future. Rising innovative applications of CBD hemp oil in the form of vape, spray, and tincture is expected to further stoke the market.
Hemp-based Products Mainly Fuelling Global CBD Hemp Oil Market
The different types of products available in the global CBD hemp oil market can be broadly classified into marijuana-based and hemp-based. Between the two, the hemp-based products account for a considerable share in the market at present. Going forward, however, the marijuana-based products will likely clock greater growth pace.
With respect to applications, the global CBD hemp oil market is currently being led by the neurological pain treatment. This is because of the product’s increasing uptake both among commercial and residential users.
Hospitals Emerge as Frontrunners in Stoking Demand
Key end users in the global CBD hemp oil market are retail pharmacies, hospital pharmacies, and online pharmacies, among others. At present, the hospital pharmacies account for a leading share in the market. Rising occurrence of cancer, multiple sclerosis, diabetes, and other chronic diseases and mushrooming hospital pharmacies in developing economies is mainly responsible for making the hospital pharmacies the key demand driver. Vis-à-vis growth pace, the online pharmacies are expected to outpace others. This is because of the lax regulations pertaining to sales of CBD hemp oil in numerous nations.
With respect to geography, North America is said to be holding a substantial share in the global CBD hemp oil market. The main reason behind it is the legalizing of cannabis in the U.S. and Canada. This coupled with a large pool of geriatrics highly prone to various chronic diseases is driving the market in the region.