CBD Hemp Oil Market Driven by Growing Demand for Non-Opioid Pain Relief Medication
Pune, Maharashtra, February 26 2020 (Wiredrelease) Market Research Future CBD Hemp Oil Market Overview
Cannabidiol (CBD) is one of the many cannabinoids found in the cannabis plant and accounts for up to 40% of the plant’s cannabinoid contents. CBD oil has been a traditional remedy in a number of ancient schools of medicine. However, the legal restrictions on marijuana and the related social taboo on marijuana-related products have taken a toll on the CBD oil market in the last century. As part of the more recent wave of legislations favoring marijuana use in various contexts, CBD oil has once again become important to the healthcare sector. Pain relief, mood disorders, and neurological disorders are just some of the potential applications of CBD hemp oil being studied in the healthcare sector at present, with more likely to open up in the coming years. All things considered, the future looks bright for the global CBD hemp oil market.
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Market Research Future (MRFR) has presented a comprehensive outlook on the global CBD hemp oil market in its latest report, detailing the historical growth trajectory of the CBD hemp oil market and providing an analysis of the major drivers and restraints responsible for bringing the market to its current condition. A detailed historical analysis of the CBD hemp oil market is provided in the report in order to provide an informative analysis of the major economic factors affecting the market. Major drivers and restraints affecting the global CBD hemp oil market are also assessed in the report in order to provide readers with a clear picture of the factors that are having a major impact on the market. Key players operating in the global CBD hemp oil market are also profiled in the report to provide readers with a comprehensive overview of the competitive landscape of the market.
The growing need to develop pain relief medication that is not based on opioids is likely to be a key driver for the CBD hemp oil market over the forecast period. The opioid crisis in the U.S. has elevated concerns about the potential dangers of the overuse of opioid pain relief medication and addiction to the same. This has driven the demand for alternative options such as CBD hemp oil products. However, the market for CBD hemp oil is also hamstrung by the legal restrictions surrounding marijuana and its byproducts. While medical as well as recreational use of marijuana is being legalized at a growing rate across the world, the majority of countries still remain staunchly against marijuana, complicating matters for non-recreational applications such as the use of CBD hemp oil in pain medication. However, the growing prevalence of pain conditions around the world is expected to bring about an improvement in the fortunes of the CBD hemp oil market over the forecast period.
CBD Hemp Oil Market Competitive Analysis:
Leading players covered in CBD Hemp Oil Market Report include Aurora Cannabis, Isodiol, Aphria Inc., CBD American Shaman, NuLeaf Naturals, Medical Marijuana, ENDOCA, PharmaHemp, Canopy Growth Corporation, Gaia Botanicals, Folium Biosciences, Elixinol, and Cannoid.
In September 2019, Ancient Nutrition launched a new line of CBD products, including CBD hemp oils, powders, and caplets.
CBD Hemp Oil Market Segmentation:
The global CBD hemp oil market is segmented on the basis of product type, application, distribution channel, and region.
By product type, the global CBD hemp oil market is segmented into vape oils, sprays, tinctures, and others.
By application, the market is segmented into mood disorders, neurological disorders, diabetes, pain relief, fibromyalgia, and others.
By distribution channel, the global CBD hemp oil market is segmented into ecommerce websites, retail pharmacies, hospital pharmacies, medical marijuana dispensaries, and others.
CBD Hemp Oil Market Regional Analysis:
North America holds the leading share in the global CBD hemp oil market, followed by Europe. North America has emerged as the dominant revenue generator in the global CBD hemp oil market due to the growing presence of manufacturers of CBD hemp oil products in the region. Leading players in the region are expected to make big moves in the coming years in light of the growing regulatory approval to CBD products in the region.
CBD Hemp Oil Market Recent Updates
CBD products hit the Southeastern Grocers’ shelves. The retailer has introduced a wide range of CBD products to be sold at its other Winn-Dixie and Bi-Lo supermarkets that operating in South Carolina and Florida. Southeastern Grocers stated that the launch of the products marks the debut of CBD products available at its stores and making the company first retailer in the Southeast region to sell all supplements, pet, and topical CBD items.
According to an Israeli food Analytics Company, Tastewise, the consumers are rapidly shifting their interest to foods that present superior purpose to mitigate the issues related to better sleep, weight loss, and stress relief. Various ingredients such as CBD (Cannabidiol), kefir (fermented milk), hemp oil, and pea protein are majorly preferred by the population to meet the nutritional needs.
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