The coronavirus (COVID-19) pandemic is impacting production, supply chains, and demand of CBD oil Market . In this report, we have revised our market data to indicate our best understanding of what is happening in CBD oil Market . Get this report for in-depth understanding of the latest trends, market drivers, opportunities, and challenges.
Market Overview
According to a new report published by Fast.MR titled, “CBD Oil Market by Product, Application, and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global CBD oil market is estimated to reach around USD 3.5 billion by 2027 and is expected to grow with the CAGR of 29.1% during forecast period 2024-2027. Growing prominence of CBD oil in treating severe illness is projected to fuel market growth.
The use of CBD oil in treating severe illness such as anxiety, depression, bipolar, insomnia, and others is anticipated to drive market growth over the forecast period. The product is considered as a miracle drug in treating rising cases related to mental illness. The rising cases of depression related cases is likely to be a key factor in promoting market growth. As per the stats released by the American Psychological Society, in the U.S. alone there has been reportedly 63% increase in depression related cases from 2005 to 2019. Thus, rising cases related to mental illness is likely to positively influence the market growth.
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Key Insights
Numerous Medicinal Advantage of CBD Oil Steering Industry Growth
Cannabidiol (CBD) oil offers numerous medicinal benefits and provides remedies for diseases such as anxiety and depression, arthritis, Lupus, epilepsy, cancer, and many more. The product is also widely used to treat insomnia. The U.S. national library of Medicine known as the National Center for Biotechnology Information (NCBI) released stats stating that nearly 30% of the adults in the country possess symptoms of insomnia. Thus, rising cases of insomnia is expected to fuel the market growth over the forecast period.
Similarly, the product is widely used to treat vomiting and nausea caused during the chemotherapy. The product based compounds including marinol and nabinol provides relaxation and ease during chemotherapy. Another chemical compound known as nabiximols show promising results in reducing cancer pain. The compound is legalized in Canada and European region. Thus, numerous benefits offered by CBD related compounds is projected to fuel the market growth over the coming years.
Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2024, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2024. The report also considers the impact the impact of COVID-19 onCBD oil Market in the upcoming years.
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Another key propeller for market growth comes from food & beverages sector. The product is been widely adopted as a cooking ingredient across European continent. The new start-ups in this market space have observed swift growth over the last few years. In addition, the use of product to create an alternative to sugary soft drinks is slowly gaining popularity across the European region. Thus, opening of new market avenues is likely to push the consumption rate of the product over the coming years.
Despite rising popularity of the product across various sector, this industry is facing major hurdles due to regulatory challenges. Lack of clear guidelines and norms regarding the use of product in different end-use sectors is likely to limit its growth in developing countries or regions.
Key vendors of the industry are Aphria Inc., Folium Biosciences, Freedom Leaf Inc., ENDOCA, CBD American Shaman, CV Sciences Inc., Medical Marijuana Inc., Aurora Cannabis, MedMen Enterprises Inc., and Kazmira LLC. Industry participants are developing extensive product portfolio to cater various sectors demand.
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