Potential Impact of COVID-19 on CBD Oil Market Analysis on Current Trends, Growth and Key Players | Aphria Inc., CV Sciences Inc., Endoca BV, Isodiol International Inc., Aurora Cannabis Inc.

With its plethora of health benefits and close association with cannabis or marijuana, as it is popularly known, CBD oil is one such controversial substance that makes doctors and medical researchers come face to face with the conservative figureheads of the society. However, with growing public awareness and government support, the stigma associated with CBD oil is rapidly going away and the product is finding more and more consumers all over the world.

In the recent times, many countries such as the U.S. and Canada have legalized the usage of the compound and in the coming years, many more will follow. Several countries in Asa-Pacific (APAC), Europe, and Latin America (LATAM) such as the U.K., Norway, Spain, South Korea, Thailand, Japan, Mexico, South Africa, and Brazil have followed the U.S. and Canada and allowed the complete or partial sale of various CBD-containing items in the last few years.

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By legalizing the cultivation of cannabis, the governments of many countries are creating additional jobs. This is because, now, many people are taking up cannabis cultivation and being hired by businesses selling CBD oil. Moreover, the approval being given to the production of marijuana in several countries is creating jobs related to the commercialization, mass production, and supply of the product. This way the legalization of cannabis usage is creating jobs across the world.

The ballooning usage of CBD oil in several countries is causing the advancement of the global CBD oil market. As a result, the market attained a revenue of $1,735.1 million in 2019 and is predicted to progress at a CAGR of 24.3% between 2020 and 2025. CBD is one of the more than 100 chemical compounds found in the marijuana or cannabis plant. It’s a cannabinoid or a non-psychoactive chemical, which has been extracted from the cannabis plant.

Depending on product, the CBD oil market is categorized into cartridges, capsules, topicals, and tinctures. Out of these, the tinctures category is predicted to demonstrate the fastest growth in the market in the forthcoming years, on account of the rising requirement for medical-use CBD for treating patients diagnosed with anxiety, pain, movement disorders, and depression. Moreover, these products are widely available through various distribution channels such as e-commerce websites, specialty and retail stores, and pharmacies.

According to P&S Intelligence, a market research firm based in India, the North American CBD oil market will exhibit the highest growth during the coming years. The large-scale utilization of the compound in the U.S. and the presence of several companies such as Aroura Cannabis Inc.,Tilray Inc., and Medical Marijuana Inc. who are investing in the cultivation, storage, and distribution of cannabis in the U.S. are the major factors causing the boom of the market in this region.

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Hence, it can be said without any doubt that the sales of CBD oil will surge all over the world and especially in North America in the upcoming years, owing to the rising cultivation of cannabis and the increasing usage of CBD oil for treating various medical conditions and ailments in many countries across the world.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.