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Global CBD Oil Market - Product Innovation Drives Market Growth | TechnavioTechnavio market research analysts forecast the global CBD oil market to grow at a CAGR of more than 39% during the forecast period, according to their latest report. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171020005385/en/ 
Technavio has published a new report on the global CBD oil market from 2017-2021. (Graphic: Business Wire) The market study covers the present scenario and growth prospects of the global CBD oil market for 2017-2021. The report also lists marijuana-derived CBD oil products and hemp-derived CBD oil products, as the two major product segments, of which the former accounted for more than 61% of the market share in 2016. This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free. Technavio analysts highlight the following three market drivers that are contributing to the growth of the global CBD oil market:
Looking for more information on this market? Request a free sample report Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Awareness of health benefits of CBD oil Cannabidiol (CBD) is one of thenumerous compounds found in the cannabis plant. CBD is mostly derived from marijuana and hemp, which comes from the same plant species called Cannabis sativa. Marijuana-based CBD products have a relatively high content of THC compared with hemp-derived CBD products. Hence, marijuana-based CBD products can be used only when doctors prescribe them. CBD oil products have several benefits. They are known to cure various ailments in the human body. Over the years, the demand for CBD oil has increased in different parts of the world because of the growing awareness about the health benefits of CBD oil. According to Manjunath Reddy, a lead analyst at Technavio for food research, "Some of the benefits of CBD oil include its anti-inflammatory properties, making it highly effective in reducing chronic inflammation and pain. It is being used for the treatment of various conditions, such as multiple sclerosis and fibromyalgia, that cause chronic pain. It is also being used to treat cancer and helps in quitting smoking and drug withdrawals." Increasing disposable income Developing countries in various regions, including the Middle East and Africa, Latin America, Eastern Europe, and Southeast Asia, exhibit a huge market potential for CBD oil products. The steady economic growth and development, especially in APAC, MEA, and Latin America, have resulted in higher incomes of consumers. India, Saudi Arabia, China, Brazil, Argentina, Hungary, Indonesia, Nigeria, Iran, and Turkey are the forerunners when it comes to the rising disposable incomes of consumers. According to the World Bank data, by 2019, the per capita consumer expenditure is expected to increase by 70% in China and 66% in India. This substantial rise in consumer expenditure in the world's two most populous countries will positively influence the global CBD oil market. "The increased purchasing power of middle-income consumers in these regions has resulted in consumers looking for more innovative products in the food and beverage industry. This has increased the affordability and resulted in a higher demand for CBD oil products among consumers," says Manjunath. Product innovations in CBD oil market Since the last decade, global vendors in the CBD oil market, including Medical Marijuana, Gaia Botanicals, Isodiol, and ENDOCA, have been highly engaged in innovating products and launching different variants of CBD oil products. For instance, Medical Marijuana was the first company to develop a hemp oil vaporizer under its brand name HempVap, which provides consumers with the luxury of integrating CBD oil within their body. In addition, several companies have launched hemp oil-based chewing gums and antiaging skin care product lines containing hemp-derived CBD oil as a primary ingredient. The rising number of innovative products has not only enhanced consumers' interest but has also been able to increase CBD oil acceptance in different geographical regions in the world. Browse Related Reports:
About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. If you are interested in more information, please contact our media team at [email protected]. View source version on businesswire.com: http://www.businesswire.com/news/home/20171020005385/en/ |
