CBD Hemp Oil Market – Snapshot
The global CBD hemp oil market is expanding owing to with increasing prevalence of chronic and infectious diseases across the globe. The global CBD hemp oil market was valued at more than US$ 950.0 Mn in 2017 and is projected to surpass US$ 2.5 Bn by 2026, expanding at a compound annual growth rate (CAGR) of more than 11% from 2018 to 2026. The global market is witnessing expansion at a relatively higher growth rate owing to increasing expenditure on health care, high incidences of chronic diseases, and, rising awareness about treating sleep disorder & depression among patients.
CBD hemp oil aids patients suffering from different chronic diseases as well as increases the ability of a body to produce natural cannabinoids in order to improve the immune system. High prevalence and incidence rates of chronic diseases such as cancer and diabetes, increased focus on decreasing stress & depression among the young generation, and rising concerns over the spread of neurological disorders have led to an increase in usage of CBD hemp oil for treatment procedures. These factors, collectively, are projected to drive the global CBD hemp oil market in the near future. Furthermore, technological advancements, such as increasing usage of CBD hemp oil in the form of spray, vape, and tincture, are estimated to fuel the CBD hemp oil market in the near future.
The global CBD hemp oil market has been broadly segmented based on product, application, distribution channel, and region. In terms of product, the global market has been classified into hemp-based and marijuana-based. The hemp-based segment accounted for a key share (in terms of revenue) of the global market in 2017. The marijuana-based segment is estimated to expand at a significant growth rate during the forecast period. These product segments are estimated to gain considerable market share by the end of 2026. In terms of application, use of CBD hemp oil in neurological pain treatment is increasingly gaining popularity among health care providers, commercial users, and domestic users. These factors are likely to fuel the neurological pain segment during the forecast period.
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In terms of distribution channel, the global CBD hemp oil market has been segregated into hospital pharmacies, retail pharmacies, online pharmacies, and others. The hospital pharmacies segment dominates the global market and is likely to maintain its dominance, and gain market share, marginally, by the end of 2026.
Increasing number of incidences of multiple sclerosis, cancer, diabetes, etc., is likely to boost the frequency of usage of CBD hemp oil, and increase in per capita income on healthcare expenditure are few value added features that are likely to drive the CBD hemp oil market as well as boost the hospital pharmacies segment during the forecast period. Increasing number of hospital pharmacies in emerging economies has led to the prominent share by the segment in the global market. The online pharmacies segment of the CBD hemp oil market is likely to expand at a prominent CAGR during forecast period due to easy regulations on sale of CBD hemp oil in several countries.
In terms of region, the global CBD hemp oil market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market; however, it is projected to gain market share by the end of 2026. The market in North America is primarily driven by the rapidly increasing geriatric population and their admission to hospitals due to chronic disease, high adoption of treatment procedure, and the rising incidence of neurological pain among the population in the U.S.
Moreover, increasing production of cannabis and legalization on the sale of cannabis in Canada is projected to fuel the hemp based segment of the market in the North America during the forecast period. The CBD hemp oil market in Asia Pacific is projected to expand at a rapid pace during the forecast period. China dominated the CBD hemp oil market in Asia Pacific, while the market in Japan and India is estimated to expand at a significant CAGR during the forecast period.
Companies such as ENDOCA, Medical Marijuana, Cannoid, Canopy Growth Corporation and Elixinol Global Limited accounted for a major share of the global CBD hemp oil market in 2017. In April 2018, Elixinol Global announced an agricultural operations extension in the state of Colorado, U.S. with Kersey Agricultural Company. This is expected to increase the company’s hemp and CBD supply chain in the near future. Other global players operating in the market include Isodiol, NuLeaf Naturals, PharmaHemp, Aphria Inc., and Folium Biosciences, who are focused on strategic acquisitions and collaborations with parallel companies in order to improve and strengthen their geographic presence in the international market.