CBD Oil Market to Witness Comprehensive Growth By 2025


Posted April 9, 2021 by Rahul_Gautam

CBD Oil Market in Northern America to Boom in Coming Years
 
Cannabidiol (CBD), one of the key compounds found in the cannabis plant, is used for numerous medicinal purposes, as it is a non-psychoactive chemical or cannabinoid. CBD is now being used to treat chronic pain, arthritis, migraine, cancer, depression, and anxiety. Owing to the increasing incidence of such chronic diseases and lifestyle-related diseases, several countries have started legalizing marijuana for medicinal purposes. This will accelerate the CBD oil market, which, according to P&S Intelligence, valued $1,735.1 million in 2019, at a CAGR of 24.3% between 2020 and 2025.

The legalization of CBD in the U.S. and Canada will escalate its usage in the coming years in the first place. Following the suit, several other nations, such as the U.K., South Africa, Spain, Mexico, Thailand, South Korea, Japan, and Brazil, have allowed the complete or partial sale of CBD-based products. Though the regulations in these countries vary, the cultivation of marijuana and downstream production are substantially increasing, which will, in turn, spike the interest among potential customers. The surging demand for the products will create additional jobs and fill the coffers of government and private entities.

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With the legalization of marijuana and hemp and rising investments in their commercialization and mass production, the usage of CBD and related products is expected to intensify in the coming years. These developments have encouraged companies to strongly pursue licensing and certifications, to initiate the production and supply of these items and build their identity as brands that care about the wellbeing of people. For example, in February 2020, Aurora Cannabis Inc. received the European Union Good Manufacturing Practice (EU GMP)certification, which allowed it to expand its production capacity and cater to the burgeoning demand globally.

Additionally, companies offering CBD topicals, capsules, cartridges, and tinctures are focusing on mergers and acquisitions to make themselves more significant. For instance, Yunnan Lvxin Biological Pharmaceutical Co. acquired a subsidiary of Elixinol Global— Hemp Foods Australia —in February 2020. Under this agreement, Yunnan Lvxin Biological Pharmaceutical Co. has attained the license to supply the products of Elixinol in mainland China and Taiwan and the rights to the intellectual property (IP) trademarks of the latter. Other CBD producers adopting these measures include Canopy Growth Corporation, Folium Biosciences, CV Sciences Inc., and Aurora Cannabis Inc.

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In the coming years, the production of tincture-based products will increase at a considerable rate due to their growing application in the medical sector, primarily for the treatment of pain, depression, movement disorders, and anxiety. Additionally, this compound is also preferred for recreational purposes owing to the deregulation and easy availability of tinctures because of their less-potent effects than other CBD products. Additionally, this CBD product can be administered by placing it under the tongue and, therefore, favored over inhalation. Moreover, tinctures can be easily procured through retail and specialty stores, e-commerce websites, and pharmacies.

Globally, the North American CBD oil market will witness the highest sale of the products in the coming years, on account of the legalization of marijuana for research and medical purposes and hefty investments by private players for attaining the permit for planting cannabis, stocking it, and distributing the end-products. Moreover, the extensive promotion of the compound as a natural phyto compound and lifestyle and wellness product and launch of CBD-based pharmaceuticals will boost their usage in the foreseeable future.

Thus, the legalization of CBD for medicinal and recreational purposes and surging investments in deciphering the potential uses of marijuana and hemp will widen the application base of this chemical in the future.
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Issued By Rahul Gautam
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Business Address 347, 5th Ave. #1402 New York City, NY - 10016
Country United States
Categories Business , Consumer , Medical
Tags asia cbd oil market , cbd oil market , demand for cbd
Last Updated April 9, 2021