PUNE, India, November 30, 2020 (GLOBE NEWSWIRE) – The Global Cannabidiol oil Market share, trends, analysis and forecast, 2020-2030 provides insight into key developments, business strategies, research and development activities, supply chain analysis, competitive landscape and market analysis the composition of the market.
The global cannabidiol market size was estimated to be US $ 5.4 billion in 2019 and is expected to reach US $ 41 billion by 2030, with a CAGR of 20%. Cannabidiol oil is a phytocannabinoid used for the treatment of common ailments. Cannabidiol contains over 100 chemical compounds obtained from Cannabis Sativa. The product is used to treat pain, anxiety, depression, cancer, neuronal diseases, and acne, among others. Cannabidiol oil with analgesic effects is used to regulate different functions such as sleep, appetite, pain, and immune system response. These products are inherently neurotransmitters that reduce chronic pain by altering the activity of endocannabinoid receptors, further reducing the relief causing inflammation in patients. In addition, the increase in cases of anxiety and depression is boosting the demand for cannabidiol oil. CBD oil is a neurotransmitter and can act on receptors in the brain that regulate mood and social behavior. Plus, CBD oil helps relieve symptoms related to cancer treatment. Using CBD during chemotherapy reduces symptoms such as nausea and vomiting that occur during treatment.
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In addition, CBD oil is in high demand due to the increasing use of these oils in the treatment of the skin. Considerable part of the population suffers from acne problems, CBD oil is used to treat acne using its anti-inflammatory properties and minimizing the production of sebum. CBD oil controls the overproduction of sebum, reducing the risk of skin infections and acne. The neuroprotective properties of CBD oil help doctors treat patients with neurological conditions such as multiple sclerosis and epilepsy. Applying CBD oil during multiple sclerosis reduces muscle spasticity and the procedure has been shown to be safe and effective. These factors are driving the demand for CBD oil in medical applications, which is driving the market demand on schedule.
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Growing demand for cannabidiol oil in drug development
Cannabidiol oil shows favorable results in the development of drugs, including drugs for chronic diseases such as diabetes and cancer. Market players are investing in R&D activities to explore the potential properties of CBD to improve diagnostic and treatment activities. In 2018, the US Food and Drug Administration announced the introduction of the first pharmaceutical drug made from CBD. Public authorities as well as private pharmaceutical and research companies have experimental reviews underway to find the extensive use of CBD oil in the treatment of conditions ranging from heart disease to the central nervous system. Some of the drugs used to stimulate appetite and chemotherapy include Epidiolex, Marinol etc.
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Growth in sales of pharmaceutical products across multiple platforms such as online stores and specialty stores
The increasing penetration of mobile phones and other digital devices has enabled a large portion of the world’s population to access the Internet. The production of budget smartphones has made it easy for pharmaceutical companies to reach their target audiences. In addition, the establishment of a better network infrastructure has increased online sales for drug manufacturers. The introduction of online drug distribution saw strong growth during the lockdown phase. However, specialty stores are still considered above the online sales channel. A large part of the population buys drugs offline because drugs are indispensable and require immediate and regular intake for efficient bodily function.
Growing demand for CBD oil to treat patients with insomnia
Daily schedule changes coupled with long working hours have created an unbalanced routine among company employees. The increasing use of blue light screens creates a large number of patients suffering from insomnia. In addition, the growing habit of surfing the Internet generates a large number of insomniacs which affect the health and well-being of the individual. However, CBD oil is in high demand as it helps to fall asleep and stay asleep.
North America region has high potential compared to other regions
The increased consumption of harmful foods affects the balance of the body, accelerating the risks of undefined tissue proliferation causing tumors or cancer. North America holds a significant share of the consumption of CBD oil due to the increasing consumption of carcinogens and the stressful lifestyle. The pressurized lifestyle and the increased workloads have increased anxiety and depression among the busy population. The cannabidiol market in Asia Pacific is growing at a rapid rate due to the increasing number of cancer and diabetes cases in the region. In addition, countries that are low on the nutritional index face neurological disorders creating new opportunities for market players.
Major players active in the global cannabidiol oil market include Emblem Cannabis, Aphria Inc., NuLeaf Naturals, Folium Biosciences, Absolute Terps, Freedom Leaf, Inc., Whistler Medical Marijuana Corporation, Green Roads of Florida, LLC, Pharmahemp , Charlotte’s Web Holdings, Inc., HempLife Today, ENDOCA, Kazmira LLC, CBD American Shaman, Curaleaf Holdings, Inc., CV Sciences, Inc., MedMen Enterprises Inc., Medical Marijuana, Inc., Aurora Cannabis and Canopy Growth Corporation.
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