The global cannabinoids (CBD) oil market is expected to witness remarkable growth in the coming years owing to growing awareness regarding health benefits of the product. CBD oil helps in stress relief, pain management, acne reduction, improved heart health, diabetes prevention, and alleviating cancer symptoms. Growing healthcare spending all over the world is also likely to support market growth in the years to come.
Legalization of cannabis-based products and use of marijuana for recreational and medical applications are anticipated to present lucrative growth opportunities for the market. In addition, constant product innovations and developments can have a positive impact on market growth. Use of cannabinoids oil as an ingredient in body care products and nutritional supplements is also predicted to fuel market growth in the years to come. In addition, increasing use of this oil in form of spray, tincture, and vape can drive the market in future. For instance, Curaleaf, Inc. launched Curaleaf Hemp, a line of premium hemp-based CBD products. These products include disposable vape pens, drops, lotions, and soft-gel capsules.
Increasing use of the product in food and beverages industry is also anticipated to create several opportunities for the market. For instance, Cannabiniers, announced expansion of its new beverage portfolio. Two Roots Brewing Co. and Just Society Cold Brew Beverages, both joined the cannabis infused beverage collection of the company.
Key product types in the market include hemp and marijuana based. Marijuana-derived oil holds a prominent share in the market. Hemp-derived CBD oil is likely to emerge highly lucrative in future owing to increasing demand for the product among patients suffering from chronic disorders, such as diabetes and cancers. It is also effective in pain management and improving immune system of the patient. Rising prevalence of neurological disorders have increased its use for treatment procedures. In addition, increasing focus to reduce stress and depression among young population is likely to increase the demand for hemp-derived oil in coming years. For instance, CaliPharms, Inc. introduced a CBD Muscle & Joint Relief Roll On Gel, which includes natural plant extracts. The product offers temporary relief of muscle and joint discomfort caused due to daily activities or workouts.
Moreover, hemp-based CBD oil finds its application in cosmetics. For instance, MARIJUANA COMPANY OF AMERICA, INC. declared that the company’s hempSMART brand launched a new cosmetic product, hempSMART Face. The product is formulated with 150mg of full spectrum, non-psychoactive cannabidiol oil extracted from the industrial hemp plant. This facial moisturizer combines CBD oil with a mixture of ayurvedic herbs and botanicals.
North America is a leading region in the market owing to rise in geriatric population and increasing prevalence of chronic diseases. Legalization of cannabis in Canada and many states of the U.S. for medical use can boost regional growth in the coming years. Rising incidence of neurological pain in the U.S. is also expected to boost the demand for the oil.
Asia Pacific is anticipated to emerge one of the promising regions in the market. China is a key contributor to regional market growth. In addition, countries, such as Japan and India, are estimated to contribute significantly to the growth in the years to come.
Some of the prominent players operating in the CBD oil market are Cronos Group Inc.; Medical Marijuana Inc.; PotNetwork Holdings, Inc.; CROP INFRASTRUCTURE CORP.; and Kona Gold Solutions. The market is in its initial phase and is marked by presence of few international and regional players. Key players are increasingly investing in R&D activities and focusing on new product development in order to gain a competitive edge in the market. Moreover, they are adopting various strategies, such as mergers and acquisitions, to strengthen their presence. For instance, Real Scientific Canada launched its cannabis products across Canada through Salvation Botanicals, Ltd. ("Salvation"), a Canadian extraction and formulation company. Real Scientific Hemp Oil is a hemp-derived CBD product line, which includes RSHO Gold Label, RSHO Blue Label, and RSHO Green Label. RSHO Gold Label is concentered form of CBD. RSHO Blue Label comprises the cannabis plant's full spectrum of minor cannabinoids, terpenes, and natural chlorophyll for vitamins and minerals, whereas RSHO Green Label is a raw formulation.
Research Support Specialist, USA