Obtained from cannabis varieties, CBD hemp oil is naturally plentiful in cannabinoids (CBD). The pure hemp cannabidiol oil comprises numerous nourishing components like omega-3 fatty acids, vitamins, terpenes, amino acids, chlorophyll, and other phytocannabinoids like cannabinol (CBN), cannabigerol (CBG), cannabidivarin (CBCV), and cannabichromene (CBD). The several CBD hemp oil products entail chewing gum, drops, skin care products, capsules, and others that are easily obtainable within the market.
The major factors contributing to the growth of the global CBD hemp oil market include the growing incidence of infectious and numerous chronic disorders like cancer, diabetes, and others along with mounting depression, sleep disorder, and stress. Further, the growing implementation of CBD hemp oil in numerous forms like spray, vape, and tincture in developing and developed nations is also projected to drive the market growth during the forecast period. Additionally, rising attentiveness regarding CBD hemp oil among people—due to several health advantages like reduce anxiety & depression, relieve pain, decrease acne, lessen cancer-related symptoms, and enhance heart health & neuroprotective properties—is also anticipated to fuel the growth of the global CBD hemp oil market during the years to come.
The global CBD hemp oil market can be bifurcated based on product type, application, sales channel, and region. The market, by product type, is divided into organic source and inorganic source. The market, by application, is segregated into cosmetics industry, food & beverage industry, and pharmaceutical industry. The market, by sales channel, is diversified into e-commerce, retail pharmacies, and hospital pharmacies.
Regionally, the global CBD hemp oil market is expected to be dominated by North America during the forecast period owing to marijuana legalization in several US nations, growing attentiveness about the advantages of CBD hemp oil, the strong existence of leading firms along with the accessibility of a braid array of products. Likewise, Asia Pacific is projected to witness rapid expansion due to the establishment of new hemp manufacturing units, primarily in China, along with the rising focus of the firms on validation of using these products for medical purposes.
The prominent players actively participating within the global CBD hemp oil market comprise CV Science Inc., Aurora Cannabis, Gaia Herbs, ENDOCA, and ISODL, among others. To cite, in October 2020, Circle K, among the leading convenience-store chains within North America has commissioned a California CBD company to extend its CBD product portfolio in the southeastern US.