World News: 18:55 GMT Wednesday 17th April 2019. [Market Research Future via Globe Newswire via SPi World News]
Pune, India, April 17, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) predicts the CBD Oil Market valuation to touch USD 2,177.99 million by 2023. This can be attributed to the legalization of cannabis for recreational and medical use. The approval of the 2018 Farm Bill in the United States which has legalized hemp farming is expected to bolster the market demand significantly. The market can grow at 36.36% CAGR from 2018 to 2023 (forecast period).
The topic of natural ingredients has entered the mainstream conversation, with consumers requesting its inclusion in everyday products. With its benefits outweighing its side-effects, naturally-derived products are gaining focus. Cannabidiol (CBD) is an active compound found in cannabis plants and found its way in clinical trials for treating anxiety, depression, cognition, and pain.
The approval of the bill which would extend the application of medicinal CBD oil is expected to be welcome news for hemp producers. This comes in the back of the acceptance of the oil in the medicine, Epidolex, used for treating epilepsy. Manufacturers can produce oil which can be used for treating individuals with autism, multiple sclerosis, mitochondrial disease, and Crohn’s disease.
Dispensaries in Virginia, U.S., were given approval by the government for commencing business due to legalization of hemp farming. This move can be beneficial for patients suffering from chronic ailments.
Renowned players in the CBD oil market include IrieCBD, ENDOCA, Bluebird Botanicals Ltd., CBD American Shaman, Isodiol International Inc., Medical Marijuana Inc., Canopy Growth Corporation, CV Sciences Inc., Elixinol Global Limited, and Aurora Cannabis.
The global is segmented by product, application, and distribution channel.
By product, the marijuana-derived oil segment can exhibit 35.13% CAGR over the forecast period to accrue close to USD 1,134.33 million. This can be attributed to its use in treating neurological disorders. On the other hand, the hemp-derived oil segment can display a CAGR above 37% during the assessment period. This can be credited to its approval of its benefits by the medical community.
Among applications, the neurological disorders segment is expected to bode well for the CBD oil market. This can be credited to the inherent properties of CBD oil for reducing anxiety levels. Fibromyalgia is the second biggest application which can net high revenues for the market.
By distribution channel, e-commerce websites can accumulate close to USD 1,382.62 million by 2023. Availability of smartphones and the reliance on applications to gain access to marijuana stores are factors expected to drive segment growth. Retail pharmacies are anticipated to showcase a CAGR close to 36.99% during the assessment period due to these stores being responsible for dispensing prescriptions at the right dose.
Region-wise, the market is segmented into the Americas, Europe, Asia Pacific, and Rest-of-the-World (RoW).
The Americas was the dominant region in the global market in 2017 and will continue its reign over the forecast period due to the legalization of medical marijuana and approval of hemp farming. The use of marijuana in mitigating the pain of chronic malaises of patients is expected to augur well for the market. The market has an estimated valuation of USD 1,695.20 million by 2023.
The European region can be lucrative for the CBD oil market owing to the legalization of medical marijuana in Luxembourg, Switzerland, Belgium, Denmark, Italy, Spain, Austria, and the Netherlands. Formation of companies to bring down production costs and expedite research and development on the benefits of marijuana is expected to be the biggest growth driver.
On the other hand, the APAC CBD Oil market size can balloon to USD 203.12 million by 2023 due to increasing use of medical marijuana for treating cases of epilepsy. The market has high potential and will be open to investments on the legalization of hemp farming.
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Globe Newswire: 18:55 GMT Wednesday 17th April 2019
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