CBD hemp oil has chemical components, which control several neurological diseases and disorders. Also, the oil can help in treatment of the patients suffering from neurological disorders and diseases, which is derived from organic substance from plant’s secretion. Thanks to these factors, the CBD hemp oil and especially the delta-9 tectrahydrocannabinol and THC chemical constituent are witnessing robust demand. These oils are gaining momentum as the scientific community is recommending the oil to be used in stress relief, europrotection, immune response, and regulating balance of body.
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Rising Awareness among Consumer about Health Drives the Market
TMR estimated that the global CBD hemp oil market stood at US$950.0 mn in 2017 and is estimated to reach valuation of US$2.5 bn by 2026 by expanding at a CAGR of 11% during the forecast period from 2018 to 2026. This growth is attributable to surge in occurrence of chronic and infectious diseases globally. Additionally, the global CBD hemp oil is estimated to get benefit from increase in investment and expenditure on healthcare coupled with rising awareness about use of CBD hemp oil in treatment of sleep and depression amidst patients.
Regionally, North America accounted for the leading share in the global CBD hemp oil market and is estimated to remain dominant in coming years. This growth is attributable to the increasing geriatric population and in turn rising chronic diseases in the region. Additionally, rising investment for improved technologies, increasing production of cannabis, and legalization of sale of cannabis in Canada are fuelling growth of the global CBD hemp market in the region. However, the CBD hemp oil market in Asia Pacific is anticipated to expand at rapid pace over the forecast period owing to higher consumption of these oils from China, Japan, and India. This demand is estimated to continue over the forecast period which is likely to drive market growth in coming years.
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