Previously, several controversies has surrounded the cultivation of cannabis, however, the situation seems to be changing now. Regulations regarding cannabis production has been reduced to some extent in a number of countries, which is expected to capture the interest of consumers. After the legalization of cannabidiol (CBD) in the U.S. and Canada, various other countries, including Latin America and European countries, have also started relaxing the regulation regarding the use of CBD.
It is because of all these factors that the global CBD oil market generated a revenue of $1,735.1 million in 2019, and is predicted to advance at a 24.3% during the forecast period (2020–2025), as per a report by P&S Intelligence. CBD is a chemical compound that is found in the cannabis plant, and is now being utilized for treating depression, movement disorder, anxiety, and pain. The different product types of CBD are tinctures, cartridges, capsules, and topicals.
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Out of all these, the demand for tincture has been the highest up till now, owing to the rising requirement for the medical-use of this product by patients suffering from anxiety, depression, pain, and movement disorders. In addition to this, the demand for CBD is also growing from recreational users, whose number is further predicted to rise considerably in the years to come.
Tinctures are available easily across a number of distribution channels, such as e-commerce websites, pharmacies, and retail & specialty stores. These products further have less-potent effects than the other product types of CBD. Furthermore, the administration route of tinctures is sublingual, where the product has to be placed under the tongue, and is favored by users. It is because of such advantages of tinctures that their demand is expected to be the highest in the coming years as well.
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Geographically, North America emerged as the major CBD oil market in the past, and is further predicted to create the largest demand for CBD in the years to come. This is because of the legalization of cannabis for research and medical purposes in the region, which has led to a rapid surge in its sales. The product is considered a natural phytocompound, owing to which, it is becoming widely popular as a wellness product. The Asia-Pacific region is also expected to create high demand for CBD oil in the coming years.
In conclusion, the market is being driven by the legalization of CBD in various countries and its increasing use as a medicinal product.
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