CBD Oil Market Size, Share, Analysis, Outlook With COVID -19 Impact Forecast
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. This is the latest report, covering the current coronavirus impact on the CBD Oil Market.
Market Overview
According to a new report published by FastMR titled, “CBD Oil Market by Product, Application, and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global CBD oil market is estimated to reach around USD 3.5 billion by 2027 and is expected to grow with the CAGR of 29.1% during forecast period 2020-2027. Growing prominence of CBD oil in treating severe illness is projected to fuel market growth.
The use of CBD oil in treating severe illness such as anxiety, depression, bipolar, insomnia, and others is anticipated to drive market growth over the forecast period. The product is considered as a miracle drug in treating rising cases related to mental illness. The rising cases of depression related cases is likely to be a key factor in promoting market growth. As per the stats released by the American Psychological Society, in the U.S. alone there has been reportedly 63% increase in depression related cases from 2005 to 2019. Thus, rising cases related to mental illness is likely to positively influence the market growth.
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Another key propeller for market growth comes from food & beverages sector. The product is been widely adopted as a cooking ingredient across European continent. The new start-ups in this market space have observed swift growth over the last few years. In addition, the use of product to create an alternative to sugary soft drinks is slowly gaining popularity across the European region. Thus, opening of new market avenues is likely to push the consumption rate of the product over the coming years.
Despite rising popularity of the product across various sector, this industry is facing major hurdles due to regulatory challenges. Lack of clear guidelines and norms regarding the use of product in different end-use sectors is likely to limit its growth in developing countries or regions.
Key vendors of the industry are Aphria Inc., Folium Biosciences, Freedom Leaf Inc., ENDOCA, CBD American Shaman, CV Sciences Inc., Medical Marijuana Inc., Aurora Cannabis, MedMen Enterprises Inc., and Kazmira LLC. Industry participants are developing extensive product portfolio to cater various sectors demand.
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