CBD (Cannabidiol )is a compound extracted from Marijuana and Hemp plants and can be used as an oil, with a growing worldwide acceptance of its nutritional and health benefits. CBD oil is also used as a key functional ingredient in food or beverages, cosmetics, personal care products, and dietary supplements.
In recent years, the market has been witnessing significant developments in the CBD Oil industry across the globe owing to ongoing advancements in the research of CBD oil's benefits and innovations in the extraction process. In addition, rising concerns for various neurological disorders, legalization of marijuana in several regions, and emerging applications of CBD oil in cosmetic industry for the treatment of skin problems such as acne are some other significant factors that are expected to show significant market growth during the forecast period. However, At present, the CBD industry has been significantly affected by COVID-19 pandemic and the consequent lockdown situation across globe, including all the regions including North America, Europe, Asia Pacific and the Rest of the Word. COVID-19 pandemic is expected to affect the consumer’s spending power due to economic challenges and temporarily suspended production units.
The global CBD Oil market is segmented on the basis of product, application, and region. Based on the products, the market is divided into Hemp Oil and Marijuana Oil. On the basis of application type, the market is segmented into Pharmaceuticals, Food and Beverages, Cosmetics, and Others. Based on the distribution channel, the market is divided into Hospital Pharmacy, Retail Pharmacy, Hypermarkets/Supermarkets, Convenience Store, Online Retail, and Others. Based on region, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. Among that, Europe held the largest share of the market, followed by America and Asia Pacific. On the other hand, North America is expected to dominate the market during the analysis of forecast period.
The key players of this market include Medical Marijuana, Aurora Cannabis, Canntrust, Connoils, Charlotte's Web, BRITISH CANNABIS, Canopy Growth Corporation, Tilray, Elixinol, Hemp Me, Hudson Valley Hemp LLC., Green Roads, Royal CBD, Moon Mother Hemp Company, King CBD, FOLIUM BIOSCIENCES, CV Sciences, Inc, Pharmahempd.o.o, Gaia Botanicals, LLC, Canazil, Kazmira, Spring Creek Labs, Isodiol International Inc, HempLife Today, Hemp Oil Canada Inc, and other prominent players.