NEW YORK, March 24, 2021 /PRNewswire/ — Due to the legalization of cannabidiol oil in several countries such as the U.S. and Canada, its demand is growing rapidly across the world. At present, several countries in the Asia-Pacific (APAC), European, and Latin American (LATAM) regions such as the U.K., Norway, Spain, Japan, South Korea, Thailand, Mexico, Brazil, and South Korea have allowed the complete or partial sales of various cannabiodiol-containing products. With the rapid legalization of the compound, its cultivation and production are surging sharply.
This is creating lucrative growth opportunities for the companies producing cannabiodiol oil. Moreover, this is helping the governments of these countries create several jobs and gain revenue from the licensing and sales of cannabiodiol-containing products. Additionally, several countries are giving regulatory approval for marijuana and hemp production, making huge investments in the mass production of these substances and their commercialization, and improving the logistics and supply chain. This is subsequently pushing up the demand for the compound across the world.
Due to the above-mentioned factors, the global CBD oil market is demonstrating huge expansion. The market attained a valuation of $1,735.1 million in 2019 and it is predicted to progress at a CAGR of 24.3% between 2020 and 2025. Depending on product type, the market is divided into tinctures, capsules, topicals, and cartridges. Out of these, the tincture category recorded the highest growth in the market in the past years.
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This was because of the huge demand for the compound in several countries around the world. Moreover, in the future years, the requirement for this compound is predicted to rise enormously, especially among recreational users. The increasing number of these customers and the growing consumption of tinctures are predicted to fuel the advancement of the tincture category in the cannabiodiol oil market in the forthcoming years. Tinctures can be easily procured through various channels.
Moreover, only a small dose of tinctures is needed and they are not required to be inhaled, which adds to its convenience. Across the globe, the CBD oil market will register the highest growth in North America in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the large-scale usage of the compound in the U.S. and huge investments being made in cannabis cultivation in the country.
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Many companies such as Aroura Cannabis Inc., Tilray Inc., and Medical Marijuana Inc. are investing heavily in the country for obtaining permit for cultivating cannabis and storing and distributing the various end-products via multiple channels. These activities are also resulting in acquisitions and mergers with other firms and purchase agreement. Additionally, several industry players operating in the region are increasing their knowledge regarding the various medical and health benefits of the compound.
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Hence, it is clear that the demand for cannabiodiol oil will surge all over the world in the forthcoming years, primarily because of the rapid legalization of the compound and its increasing cultivation and distribution in several countries.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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