CBD Hemp Oil Market Growth Analysis up to 2024
The global CBD hemp oil market is likely to witness substantial growth owing o high incidences of chronic and infectious diseases worldwide. Augmented awareness about sleep disorders and depression together with increase in the healthcare-related expenditure is expected to foster growth of the global CBD hemp oil market in the years to come.
Canopy Growth Corporation, CBD American Shaman, Aurora Cannabis Inc., Elixinol Global Limited, NuLeaf Naturals, and Endoca BV are few of the prominent companies that have been profiled in the global CBD hemp oil market.
Transparency Market Research (TMR) has come up with an all-inclusive study on the global CBD hemp oil market, for the period 2018 to 2026. The report estimates that the global CBD hemp oil market is likely to expand at healthy rate of 11% CAGR. The market is likely to surpass US$ 2.5 Bn through 2026.
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Prevalence of Chronic Diseases to Fuel Growth in Asia Pacific
The Asia Pacific CBD hemp oil market is likely to display substantial growth due to increased per capita income of people. In addition, there has been a considerable rise in the prevalence of chronic diseases in the region. According to findings of World Health Organization, various chronic diseases like cancer, diabetes, and cardiovascular diseases claim nearly 8.5 Mn lives in Asia Pacific. CBD hemp oil is utilized extensively in alleviating chronic pain, which is likely to widen the scope of the global CBD hemp oil market in years to come.
North America is expected to account for a sizeable share of the global CBD hemp oil market over the tenure of assessment, from 2018 to 2026. Advanced healthcare infrastructure together with acceptance of new, original ideas is likely to promote the expansion of the North America CBD hemp oil market in forthcoming years.
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Rising Prevalence of Depression to Stoke up its Demand in the Market
The global CBD Hemp oil market is expected to likely to witness substantial growth due to its increasing use in many medical applications. CBD hemp oil is used as a treatment of depression and anxiety, pain relief, heart health benefit, relief from symptoms of cancer, and acne reduction. In addition to that, meteoric rise in the healthcare spending across the globe is likely to encourage the penetration of CBD hemp oil in the forthcoming oil.
However, CBD hemp oil does not come with the capability of affecting the state of mind of a person but it does offer therapeutic benefits. Regulation of the body’s state of balance, stress relief, and other benefits are provided by CBD hemp oil. This oil assists in alleviation of pain of patients suffering from various diseases. It also helps in the betterment of the immune system of the body. Expanding pool of geriatric population with rising prevalence of various chronic diseases such as cancer, diabetes and others are fuelling growth of the global CBD Hemp oil market. In addition, considerable rise in the prevalence of depression amongst the younger generation is anticipated to propel growth of the market in near future.
The information shared in this review is based on a TMR report, bearing the title, “CBD hemp oil market (Product – Hemp Based, Marijuana Based; Application – Sleeping Disorders and Depression, Multiple Sclerosis, Neurological Pain; Distribution Channel – Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 – 2026.”
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