Cannabis Oil Market to Exhibit 49.5% CAGR from 2018-2025
Zion Market Research has published a new report titled “Cannabis Oil Market by Type (Organic Cannabis Oil and Non-Organic Cannabis Oil) and by Application (Recreational and Medical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global cannabis oil market was valued at approximately USD 147 million in 2018 and is expected to generate around USD 2,468 million by 2025, at a CAGR of around 49.5% between 2018 and 2025.
Cannabis-based products are gaining popularity for their medical benefits. Cannabis oil majorly contains two components: cannabidiol (CBD) and tetrahydrocannabinol (THC). Both components have high therapeutic potencies and are widely used for medicinal purposes. In 2018, the World Health Organization (WHO) revealed that cannabidiol helps in treating symptoms related to Parkinson’s disease, Alzheimer’s, multiple sclerosis, anxiety, pain, depression, diabetic complications, and cancer. The cannabis tetrahydrocannabinol (THC) features the key psychoactive substance.
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The rising acceptance of cannabis is one of the chief factors contributing to the high growth of the cannabis oil market globally. The people’s attitude toward cannabis is altering and its acceptance is increasing across the world, which is projected as a profitable business opportunity for the cannabis oil market over the forecast time period. The legalization of cannabis in Canada is fuelling a wide range of vendors in the market. Furthermore, the high acceptance of cannabis for medical purposes will also boost the growth of the cannabis oil market globally over the estimated timeline.
The global cannabis oil market is divided based on type and application. By type, the global cannabis oil market is segmented into non-organic cannabis oil and organic cannabis oil. The non-organic cannabis oil segment held the largest share of the global cannabis oil market in 2018. The growing demand for organic oil as they have a large number of benefits and are chemical-free is fuelling the demand for organic cannabis oil over the forecast time period. In recent times, the popularity of cannabis oil products has radically increased due to people’s growing consciousness for their overall well-being.
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On the basis of application, the global cannabis oil market is broadly categorized into recreational and medical. The medical cannabis oil segment held the largest share in the global market in 2018, due to the legalization of cannabis in various countries for medical purposes. The recreational cannabis oil is expected to register a high rate of growth in the future due to the growing legalization of cannabis for recreational purpose.
By geography, North America held a major share of the global cannabis oil market in 2018 and is expected to dominate over the forecast time period as well. This can be attributed to the legalization of cannabis in Canada for recreational purposes in late 2018, which, in turn, is making the major companies operating in the cannabis oil market focus majorly on the Canadian market for investments. Europe is assessed to hold the second position in the global cannabis oil market in 2018, due to the growing emphasis on medical programs featuring cannabis by the governments of Germany, Holland, and Italy.
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Some key players of the global cannabis oil market are K.I.N.D. Concentrates, Select Oil, Absolute Terps, The Lab, Whistler, Canopy Growth Corporation, Emblem Cannabis Oils, and Aphria, among others.
This report segments the global cannabis oil market into:
Global Cannabis Oil Market: Type Analysis
- Organic Cannabis Oil
- Non-Organic Cannabis Oil
Global Cannabis Oil Market: Application Analysis
Global Cannabis Oil Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa