CBD Oil Insight: Cannabidiol Market Share In 2020; Is It Worth To Step In?
Cannabidiol or CBD is derived from the cannabis plant. Generally, there are two major types of CBD that are derived from hemp or marijuana plants. The primary factor that differences the CBD oil derived from hemp with the one that is derived from the marijuana plant is the level of THC present in it. Some of the regular applications that make CBD so accessible and keep in growing demand are pharmaceuticals, cosmetics, food, and a lot more items. The overall global level CBD oil market size value is estimated to surpass the 3783.42 million united states dollars worth market at a 39.55% CAGR between this year 2020 to upcoming 2025, according to the analytic research parameters.
There are a lot of important factors that are adding value to the global CBD oil market growth. This also includes the reason for the sudden rise of chronic diseases cases, and as well as several complications associated, now CBD has become legal in different regions, more research on cannabinoid products and now more and more funds are invested in the same to do more research. Nowadays, people are getting aware of the advantages of using CBD products and CBD oil and its various applications, and demand for CBD integrated cosmetic products.
Segmentation Of CBD Oil Market In 2020
The CBD oil market has been divided into two types, i.e. marijuana-derived and hemp-derived. According to the research and analysis, the CBD oil that is derived from hemp is ruling the CBD market, and the same will keep on growing over the forecast period. This is expected to surpass the market value by 2,093.96 million united states dollars by the end of the year 2024. This includes the CBD applications in various categories like food, pharmaceuticals and now in cosmetics. Among all of these, the cosmetics market segment has the highest share of utilizing and consuming the CBD market over the forecast period for the anti-inflammatory as well as non-psychoactive properties of CBD. Besides, CBD derived cosmetics have turned into a major key trend nowadays, which is still again adding market growth.
Regional Analysis Of CBD Oil Market
If we take the regional growth rate of CBD, the global CBD oil market covers the growth opportunities and recent trends across Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and America. Right now, Europe is leading the CBD oil and other CBD products market. But it is forecasted that America will lead to the significant CBD market over the forecast period by 2024. Some of the important factors that are boosting the market growth include the rise in consumption of cannabis-based products. Newly top-rated companies are now developing CBD oil-based products. Also, the increase in the legalization of the usage of hemp products and increasing more awareness about the several health benefits of CBD oil and other CBD derived products. Besides, the availability of various CBD based products and efficient distribution channels, resulting in easy accessibility are also adding market growth. The global CBD oil market in the Asia Pacific (APAC) region is about to grow at a very quick rate by the end of the forecasted period year 2024. This also includes some factors boosting the CBD industry growth in the region because of several hemp-based manufacturing plants being started in China, the biggest cultivator of hemp and the personal care industry targeting emerging economies for improving their sales and profits. The overall CBD oil market in the Middle East countries and Africa is predicted to have the smallest share during the forecast period. This is because of several side effects of taking cannabis. It is also because in some regions it is illegal to use of marijuana-based products and strict government policies.