The global CBD hemp oil market is foreseen to register tremendous growth within the forecast period. Some of the key benefits of hemp oil are that it reduces anxiety, decreases pain, helps in cancer treatment, etc. Cannabis has around 104 compounds in it, out of which, CBD is the second most used drug. It has drawn attention of several research and development communities around the world owing to its difference from the other drugs like THC.
Rising adoption and acceptance across the world due to the several advantages of CBD hemp oil and its related compounds are the leading factors behind the surging demand in the global CBD hemp oil market. This compound is non-psychoactive with several conducive benefits. Moreover, the rise in chronic ailments across the globe such as anxiety, depression, cancer, HIV, and diabetes are also propelling the overall market demand. Mental issues such as depression are more prevalently seen in the younger generation, which later lead to neurological disorders. Thus, this prompts the usage of CBD hemp oil for their treatment as well. It is also used to treat some skin issues too. All of these factors are acting as a hotbed of opportunities for the industry giants as well as new entrants in the market to come up with more effective and easily consumable hemp products, by keeping a check on the government regulations of the nations too.
CBD hemp oil market is widely categorized into product type, application, and region. In terms of product type, the market is bifurcated into pharmaceutical grade and food grade. On the basis of application, the market is segmented into diabetes, fibromyalgia (FM), anxiety, and others.
The global CBD hemp oil market is expected to be led by North America with the highest market share. This is attributed to the slight relaxation in government regulations regarding the consumption of marijuana & its legalization in several nations and increased awareness about its health benefits. Moreover, the presence of several players in the region and the availability of a wide range of items are also fueling the growth. The region is further followed by Asia Pacific due to the emergence of new hemp manufacturing firms, especially in China, which is also the largest producer of hemp and its related products across the world. In addition, the legalization of CBD hemp oil for medical purposes is also contributing to regional growth.
Some of the leading firms in the global CBD hemp oil market are Elixinol, Cannoid, Gaia Botanicals, Folium Biosciences, PharmaHemp, Canopy Growth Corporation, Medical Marijuana, ENDOCA, CBD American Shaman, NuLeaf Naturals, Aphria Inc., Aurora Cannabis, Isodiol, and so on.
Among these, Elixinol Global recently launched an extension of agricultural operations in Colorado, the U.S., in collaboration with Kersey Agricultural Company. This aims to improve the CBD and hemp supply chain of the company in the coming years.