Infused Drink Innovations aim to boost the Market
Pune, India, May 27, 2021 (GLOBE NEWSWIRE) — Proficient Market Research has published a new research report titled “Global CBD Oil Market – By Type (THC Dominant, CBD Dominant, Marijuana Based and Hemp Based), Product Type (Original and Blended), Product Category (Unflavoured and Flavoured), Application (Food and Beverages, Personal Care/Cosmetics, Pharma and Nutraceuticals and Industrial Application), Distribution Channel (Direct and Indirect) – Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028”
[165+ Pages Research Report] This report provides a detailed analysis of the CBD oil market by type (THC dominant, CBD dominant, Marijuana based, Hemp based), by application (Food and Beverage, Personal Care/Cosmetics, Pharma and Nutraceuticals, Industrial Application) and geography (North America, South America, Europe, APAC, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Joy Organics, CBD American Shaman, CV Sciences, Inc., Gaia Herbs, Curaleaf, Diamond CBD, Medical Marijuana, Inc., Emblem CANNABIS Aphira, ConnOils, LLC, Nu Leaf Naturals, LLC, Folium Biosciences, ENDOCA, Irie CBD, PureKana, Canopy Growth, Isodiol International Inc., Elixinol Global Limited, Aurora Cannabis, Kazmira, etc.
Latest Marketing Updates
Utilization of CBD Oil in Pharmaceutical Industry
CBD drinks are gaining prevalence due to the on-going stress due to covid-19 pandemic. Cannabis market is one of the rare markets that has witnessed moderate growth during the pandemic. According to well-known manufacturers, consumers are adding it to their drink, for instance, coffee. Many companies such as MEDAHUMAN, Trip, in Europe, Chilled, in France are working towards developing their brands as energy boosters and helping people to relax from their hectic lifestyles. As CBD is legal in almost every part of Europe and US, it is easier to find and purchase it, therefore, growing the sales of CBD oil.
The hemp segment dominated the market and accounted for the largest revenue share of 59.6% in 2020. The increasing acceptance of refined CBD products combined with the increasing legalization of marijuana and marijuana-derived products for various medical applications is driving the growth of this segment. In addition, the high effectiveness of cannabidiol extracted from marijuana is a key factor for the large share of the market.
Furthermore, the use of hemp-derived CBD is increasing rapidly owing to its anti-inflammatory, anti-aging, and antioxidant properties. Various industries such as pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and beverages are developing CBD-derived products for health and wellness purposes. Therefore, the above-mentioned factors would be responsible for this segment’s fastest growth rate over the forecast period.
On the other hand, the existence of strict regulations and the high cost of cannabidiol products are some of the major factors limiting the growth of the market. In addition, the absence of legalization initiatives in many Asian and African countries is another main factor impeding the market growth.
Distribution Channel Insights
The market is estimated to witness a y-o-y growth of approximately 20% to 23% in the next 5 years
In 2020, North America dominated the market with a revenue share of 37.3% and will continue to retain its leading position in the market. The presence of large health-conscious people in the region, growing acceptance for CBD-based products, the presence of major manufacturers, and approval of the U.S. Farm Bill in 2020 are some of the major factors driving the growth of the region. North America is known to be the most progressive region for cannabis and its products, including cannabidiol. It has the highest number of CBD companies and lenient laws regarding the utilization of CBD products.
Cannabidiol derived from hemp is anticipated to witness rapid growth owing to increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health. Increasing consumer disposable income along with the legalization of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in the pharmaceutical sector. Oils, tinctures, concentrate, capsules, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, coffee, chocolates, gums, and candies are some of the CBD products which are in high demand.
Increasing awareness of cannabidiol’s therapeutic benefits has influenced a buyer to buy cannabidiol products, regardless of their cost. As these have a greater profit margin, commercial retailers are now focusing on selling cannabis-based products. Numerous health and wellness retailers are offering CBD-based products, such as Rite Aid, CVS Health, and Walgreens Boots Alliance. In addition, CVS Health decides to offer CBD topicals all over its 800 stores and Walgreens Boots Alliance is selling CBD-containing topicals across 1500 of its stores in the U.S.
Though it allows institutes of foreign origin to initiate medical cannabis program and projects a scope of development to the markets where it is yet form its hold. Institutes follow a routine method in conducting research over the benefits and characteristic of CBD and marking the properties in use for medical conditions.
Demand for procedure in elderly population is affecting the socioeconomic environment surrounding medical care. Moreover, healthcare services for the elderly are government-subsidized. It is still not something clearly observed in every middle economy or developing country but effects a large number of population in response to provide aid.
The Oxford University, one of the world’s foremost research institutions, announced to launch a US$ 12.36 million medical cannabis research program. The research in the U.S. will still have difficulties over reaching to the upmost standard because of the continuous classification of Cannabis as a schedule 1 drug.
Research about the balance of pros and cons of CBD is ongoing near every production and consumption cluster, and debates about their usage is being carried out in all of the regions wherever there are significant number of potential prospective consumers. Overall CBD has a large addressable market, of which a large part is untouched.
Manufacturers are producing products that are better in use on the social platform with engaging product offerings for a better usage trend. The initiative of considering medical cannabis as a socially accepted medicine for pain relief and other problems is sourced in such social clubs also known as cannabis clubs.
Affirmation of the therapeutic value of cannabis by the WHO, and the U.S. National Academies of Sciences, helps challenging un-supportive views, and encourages governments, research scholars, health-care providers, and consumers to consider its potential. Medical community across the globe recognized its potential value and legalization, thereby burgeoning demand for the medical cannabis.
CBD is commonly used to relieve anxiety and it helps the insomnia patients in falling asleep and staying asleep. Certain CBD manufacturers have been scrutinized by the government who claim that CBD is a cure for cancer.