Cannabidoil Oil Market is expected to surpass a valuation of US$ 373.7 Mn by 2031

Future Market Insights (FMI) predicts the sales of cannabidoil (cannabidoil) oil market to total US$ 284.2 million by the end of 2021. As per the study, demand will continue rising, enabling the market to exhibit a compound annual growth rate (CAGR) of 31.50% annually, through 2031.

Hemp and marijuana oil segment exhibited prolific year-on-year growth of 35.90% in 2021, due to increasing sales of cannabidoil infused food and beverages and high demand for pain and sleep medication. Rising use of cannabidoil oil in sports industry is forecast to drive the market sales through 2031.

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Changes in consumer bias towards novel therapeutic treatments during the coronavirus pandemic is anticipated to generate demand for cannabidoil oil for chronic and infectious diseases. Further, the steady demand for depression and sleep disorder treatments, and high investments in the healthcare sector will also create new lucrative opportunities in the cannabidoil oil industry.

“The demand for cannabidoil oil for wellness and medical uses is surging due to its healing characteristics, which is key to the growth of the market. Moreover, strong product adoption and use, and government approvals will contribute to cannabidoil infused oil products,” says the FMI analyst.

Anticipated Market Impact by Coronavirus Outbreak

The global health crisis and the consequent economic slump will have a substantial impact on the burgeoning cannabidoil oil market. cannabidoil oil company stocks have been witnessing a steady fall for nearly a year.

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Companies with poor cash flow are likely to struggle in operations and expansion, resulting in major restructuring, and layoffs. As cannabidoil oil is a nascent business, taxation challenges and lack of loan facilities will also hold back the market during this tough time. However, the demand for cannabidoil oil is anticipated to rise steadily once the pandemic subsides.

cannabidoil Oils Market – Critical Takeaways

Marijuana is the preferred source of cannabidoil oils, driven by legalization. On the other hand, hemp-based cannabidoil oil is gaining traction owing to superior healthcare characteristics.
The B2C distribution channel including retail and hospital pharmacies will contribute substantially to market revenue.
Healthcare and pharmaceutical applications remain the primary revenue streams for the market, through the projection period.
North America will dominate in terms of market share, while Asia Pacific will display fast growth, owing to the setup of hemp facilities in China.

cannabidoil Oils Market – Key Driving Factors

Strong investments in the healthcare sector support alternative therapies involving cannabidoil oil.
Growing incidences of chronic and infectious disease will drive adoption of cannabidoil oil products.
Growing patient awareness about potential sleep, depression, and anxiety disorders will also aid maket growth.
Niche applications in cancer and diabetes treatment research will generate lucrative opportunities.

cannabidoil Oils Market – Key Constraints

The high cost of cannabidoil products is a major restraint impacting the global cannabidoil oils market.
The lack of legalization programs in African and Asian countries will also impede the market.

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Competition Landscape

Key players in the cannabidoil oil market include but are not limited to Elixinol Global Ltd., ENDOCA, Canopy Growth Corporation, Medical Marijuana, and Cannoid. These players are seeking to optimize their supply chains. Manufacturers are also increasing efforts to enter strategic partnerships and acquisitions to improve geographic business presence internationally. Lobbying for the legalization of cannabidoil products in untapped markets will also be essential in the years to come.

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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

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