The CBD oil market has been gaining a lot of attention over the past couple of years, and as a result, has exploded in popularity and demand. This is largely thanks to the increased research efforts put forward by both independent organizations and healthcare professionals.
Furthermore, the fact that most states have now legalized medical marijuana has resulted in an ever-increasing number of patients seeking relief the natural way. For example, if you live in West Virginia, you can get a medical cannabis card online in order to combat pain, anxiety, and depression.
CBD has now been associated with a myriad of different health issues, from pain management to depression and anxiety to even insomnia. The CBD market now offers this hemp and cannabis plant compound in many different product forms, including capsules, infused honey, and even topical creams. CBD oil for medicinal purposes has been legalized in many parts of the world.
As the world eagerly awaits the legalization of cannabis for recreational purposes, companies in the CBD oil industry are desperately trying to secure a place at the top, so that they can become a household name among consumers. When cannabis is legalized, these companies will all benefit from the huge profits that the industry is touted to make.
There’s a good chance that those who embrace the legalization of cannabis for recreational purposes will turn to their favorite CBD oil company for their cannabis products as well.
Development and research have, of course, fueled the substantial growth that has been seen in the CBD oil industry. The National Institute of Health has reportedly doubled its CBD research funding over the past five years.
CBD research is now an extensive part of the online world, and studies have been done in relation to CBD and a plethora of different health issues, from epilepsy to social anxiety.
When it comes to segmentation in the CBD market, you’ve got two categories: marijuana-derived CBD oil, and hemp CBD oil. The hemp CBD oil market has seen more growth when compared to the marijuana-derived CBD oil market, largely due to the fact that countries like America have a legal limit of 0.03% THC for CBD products in the majority of states.
When it comes to application, the CBD oil market can be divided into food, cosmetics, pharmaceuticals, and others. The cosmetics industry is expected to grow over 38% throughout the analysis period, and as we speak, there are many different cosmetic products that are being formulated with hemp oils. This is because the benefits of hemp oil are renowned in the beauty sector, as it is widely known for its anti-inflammatory properties.
The CBD oil market can be divided into four different regions: Europe, the Americas, MEA, and Asia Pacific. The majority of CBD oil products are sold and marketed to the Americas, and the World Health Organisation claims that as many as 22 million Americans currently use CBD oil.
It’s become clear that the CBD oil market is benefiting from the extensive amount of research being done that helps reveal the multi-layered benefits of this alternative health product. As more and more research is done into the wonders of this natural compound, the bigger the industry gets, and the more we integrate CBD into our daily lives.