Cannabidiol (CBD), one of the key compounds found in the cannabis plant, is used for numerous medicinal purposes, as it is a non-psychoactive chemical or cannabinoid. CBD is now being used to treat chronic pain, arthritis, migraine, cancer, depression, and anxiety. Owing to the increasing incidence of such chronic diseases and lifestyle-related diseases, several countries have started legalizing marijuana for medicinal purposes. This will accelerate the CBD oil market, which, according to P&S Intelligence, valued $1,735.1 million in 2019, at a CAGR of 24.3% between 2020 and 2025.
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The legalization of CBD in the U.S. and Canada will escalate its usage in the coming years in the first place. Following the suit, several other nations, such as the U.K., South Africa, Spain, Mexico, Thailand, South Korea, Japan, and Brazil, have allowed the complete or partial sale of CBD-based products. Though the regulations in these countries vary, the cultivation of marijuana and downstream production are substantially increasing, which will, in turn, spike the interest among potential customers. The surging demand for the products will create additional jobs and fill the coffers of government and private entities.
Globally, the North American CBD oil market will witness the highest sale of the products in the coming years, on account of the legalization of marijuana for research and medical purposes and hefty investments by private players for attaining the permit for planting cannabis, stocking it, and distributing the end-products. Moreover, the extensive promotion of the compound as a natural phytocompound and lifestyle and wellness product and launch of CBD-based pharmaceuticals will boost their usage in the foreseeable future.
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Thus, the legalization of CBD for medicinal and recreational purposes and surging investments in deciphering the potential uses of marijuana and hemp will widen the application base of this chemical in the future.
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