Companies working on the CBD oil market are expected to push for relaxations on regulations, in addition to optimizing staff schedules to maintain operations.
DUBAI, UAE / ACCESSWIRE / June 8, 2020 / Changes in consumer bias towards novel therapeutic treatments during the coronavirus pandemic is anticipated to generate demand for CBD oil for chronic and infectious diseases. Further, the steady demand for depression and sleep disorder treatments, and high investments in the healthcare sector will also create new lucrative opportunities in the CBD oil industry.
According to a FMI report, the global CBD oil market is projected to expand exponentially at 30% CAGR through the end of the projection period in 2030. Rising concerns around the world about neurological disorders have led to an increase in the use of CBD oil. Also, tech advancements in packaging forms are estimated to bolster the market in the near term.
“The demand for CBD oil for wellness and medical uses is surging due to its healing characteristics, which is key to the growth of the market. Moreover, strong product adoption and use, and government approvals will contribute to CBD infused oil products,” says the FMI analyst.
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CBD Oils Market – Critical Takeaways
- Marijuana is the preferred source of CBD oils, driven by legalization. On the other hand, hemp-based CBD oil is gaining traction owing to superior healthcare characteristics.
- The B2C distribution channel including retail and hospital pharmacies will contribute substantially to market revenue.
- Healthcare and pharmaceutical applications remain the primary revenue streams for the market, through the projection period.
- North America will dominate in terms of market share, while Asia Pacific will display fast growth, owing to the setup of hemp facilities in China.
CBD Oils Market – Key Driving Factors
- Strong investments in the healthcare sector support alternative therapies involving CBD oil.
- Growing incidences of chronic and infectious disease will drive adoption of CBD oil products.
- Growing patient awareness about potential sleep, depression, and anxiety disorders will also aid maket growth.
- Niche applications in cancer and diabetes treatment research will generate lucrative opportunities.
CBD Oils Market – Key Constraints
- The high cost of CBD products is a major restraint impacting the global CBD oils market.
- The lack of legalization programs in African and Asian countries will also impede the market.
Anticipated Market Impact by Coronavirus Outbreak
The global health crisis and the consequent economic slump will have a substantial impact on the burgeoning CBD oil market. CBD oil company stocks have been witnessing a steady fall for nearly a year. This trend has created challenges in terms of capital for all cannabis-related businesses.
Companies with poor cash flow are likely to struggle in operations and expansion, resulting in major restructuring, and layoffs. As CBD oil is a nascent business, taxation challenges and lack of loan facilities will also hold back the market during this tough time. However, the demand for CBD oil is anticipated to rise steadily once the pandemic subsides.
The CBD oil market report includes 112 figures, 128 data tables and a table of contents. You can also read about market segmentation on https://www.futuremarketinsights.com/request-special-price/rep-gb-11661
Key players in the CBD oil market include but are not limited to Elixinol Global Ltd., ENDOCA, Canopy Growth Corporation, Medical Marijuana, and Cannoid. These players are seeking to optimize their supply chains. Manufacturers are also increasing efforts to enter strategic partnerships and acquisitions to improve geographic business presence internationally. Lobbying for the legalization of CBD products in untapped markets will also be essential in the years to come.
More About the Report
The FMI’s market research report gives exhaustive insights on CBD oil market. The market is analyzed in terms of product type (hemp oil and marijuana oil), application (pharmaceuticals, food & beverages, cosmetics, and others) and distribution channel (direct/B2B, indirect/B2C, hospital pharmacy, retail pharmacy, hypermarkets/supermarkets, convenience stores, online retail, and others) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
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