NEW YORK, May 26, 2020 (GLOBE NEWSWIRE) — In numerous countries, starting with the U.S. and Canada, cannabis is being legalized for medical, recreational, and research uses. Following them, the U.K., Japan, Norway, Thailand, South Korea, Spain, Mexico, South Africa, and Brazil have also given the stamp of approval on the cultivation of marijuana and hemp, extraction of cannabidiol and usage of the chemical in various end products.
As a result, the global CBD oil market revenue is predicted to rise at a 24.3% CAGR between 2020 and 2025, from $1,735.1 million in 2019. This is being further supported by the promotion of the chemical as having numerous wellness advantages, by companies, which is helping increase the demand for it among the masses, primarily recreational users. Moreover, as cannabidiol has been claimed to treat depression, movement disorders, anxiety, and pain, its usage among people suffering from these issues is also rising.
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Demand for Cannabidiol Tinctures to Burgeon in Coming Years
In the years to come, the popularity of tinctures of cannabidiol is predicted to mushroom rapidly, on account of these products being the most widely used for medical purposes. This is because tinctures can be taken sublingually (placed under the tongue), rather than via inhalation, which helps the capillaries absorb the cannabinoid instantly. Moreover, a lower dosage of tinctures is required compared to that of other forms of the chemical, which reduces the risk of the harmful effects related to overdose. Further, tinctures can be easily bought through e-commerce websites, pharmacies, and specialty and retail stores.
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North America has dominated the consumption of cannabidiol till now, on account of the early legalization of the chemical in the U.S. and Canada, which has drastically increased the sale. In addition, the availability of cannabidiol-containing drugs, including Epidiolex and Sativex, and successful marketing of the compound as a wellness and lifestyle-enhancing product are other reasons for the high demand for cannabidiol in the continent. In the region, the U.S. is the larger CBD oil market, because of the increasing efforts of companies to license the cultivation of hemp and marijuana and manufacturing and supply of end-products, increase marketing activities, and make people aware about cannabis’ medical benefits. In the coming years, Asia-Pacific (APAC) is predicted to experience the fastest growth in the market, due to the rising requirement for the chemical in South Korea, Japan, and Australia.
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Companies Engaging in Mergers and Acquisitions to Strengthen their Hold on Industry
Mergers and acquisitions are being initiated by the market players to strengthen their presence in the industry, as such moves allow them the opportunity to:
- Use the acquired companies’ portfolio to expand their geographical reach
- Utilize additional revenue streams
- Enter new markets with cannabidiol-containing products
- Advance their research and development (R&D) activities
- Expand their product portfolio for core markets
Aphria Inc., Isodiol International Inc., CV Sciences Inc., Canopy Growth Corporation, Aurora Cannabis Inc., Endoca BV, Tilray Inc., CBDfx, Folium Biosciences, and Gaia Botanicals LLC are the key companies in the global CBD oil market.
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