Potential Impact of COVID-19 on CBD Oil Market Analysis

CBD Oil Market COVID-19 Impact Research Report With Top Players And Growth Opportunities

With its plethora of health benefits and its close association with cannabis, or marijuana as it is popularly known, CBD oil is such a controversial substance that doctors and medical researchers face the conservative figureheads of society. However, with growing public awareness and government support, the stigma associated with CBD oil is quickly disappearing and the product is finding more and more consumers around the world.

Recently, many countries such as the United States and Canada have legalized the use of the active ingredient, and many more will follow in the coming years. Several countries in the Asa-Pacific (APAC), Europe and Latin America (LATAM) such as the UK, Norway, Spain, South Korea, Thailand, Japan, Mexico, South Africa and Brazil have followed the USA and Canada and have the full or partial sale of various CBD containing article in recent years.

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By legalizing cannabis cultivation, governments in many countries are creating additional jobs. This is because many people are now starting to grow cannabis and are being hired by companies that sell CBD oil. In addition, approval of marijuana production in several countries creates jobs related to the commercialization, mass production and delivery of the product. In this way, the legalization of cannabis use creates jobs around the world.

The increasing use of CBD oil in several countries is leading to the advancement of the global CBD oil market. As a result, the market had sales of $ 1,735.1 million in 2019 and is expected to reach a CAGR of 24.3% between 2020 and 2025. CBD is one of more than 100 chemical compounds found in the marijuana or cannabis plant. It is a cannabinoid or a non-psychoactive chemical derived from the cannabis plant.

Depending on the product, the CBD oil market is divided into cartridges, capsules, topicals, and tinctures. Of these, the tinctures category is expected to see the fastest growth in the market in the coming years due to the increasing need for medicinally useful CBD to treat patients diagnosed with anxiety, pain, movement disorders, and depression. In addition, these products are widely available through various sales channels such as e-commerce websites, specialty and retail stores, and pharmacies.

According to P&S Intelligence, an India-based market research company, the North American CBD oil market will see the highest growth in the years to come. The widespread use of the active ingredient in the US and the presence of several companies such as Aroura Cannabis Inc., Tilray Inc. and Medical Marijuana Inc., which invest in the cultivation, storage and distribution of cannabis in the US, are the most important factors for the boom in the market in this region.

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Hence, it can be said without a doubt that the sales of CBD oil will increase worldwide in the coming years and especially in North America due to the increasing cultivation of cannabis and the increasing use of CBD oil to treat various ailments and diseases in many countries around the world.

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P&S Intelligence is a market research and advisory service provider serving the market intelligence needs of emerging industries around the world. As an enterprising research and advisory firm, P&S provides the foundation for market intelligence and believes in thorough landscape analysis of the ever-changing market scenario to enable companies to make informed decisions and strategize their business with ingenuity.

This press release was published on openPR.

source https://www.bisayanews.com/2021/09/27/potential-impact-of-covid-19-on-cbd-oil-market-analysis/