Global cannabis oil Industry was valued at approximately USD 149 million in 2018 and is expected to generate around USD 2,471 million by 2025, at a CAGR of around 11.9% between 2018 and 2025. Cannabis-based products are gaining popularity for their medical benefits. Cannabis oil majorly contains two components: cannabidiol (CBD) and tetrahydrocannabinol (THC). Both components have high therapeutic potencies and are widely used for medicinal purposes. In 2018, the World Health Organization (WHO) revealed that cannabidiol helps in treating symptoms related to Parkinson’s disease, Alzheimer’s, multiple sclerosis, anxiety, pain, depression, diabetic complications, and cancer. The cannabis tetrahydrocannabinol (THC) features the key psychoactive substance.
Global Cannabis Oil Industry Share by 2025 (USD Million)
The rising acceptance of cannabis is one of the chief factors contributing to the high growth of the cannabis oil Industry globally. The people’s attitude toward cannabis is altering and its acceptance is increasing across the world, which is projected as a profitable business opportunity for the cannabis oil Industry over the forecast time period. The legalization of cannabis in Canada is fuelling a wide range of vendors in the Industry. Furthermore, the high acceptance of cannabis for medical purposes will also boost the growth of the cannabis oil Industry globally over the estimated timeline.
The global cannabis oil Industry is divided based on type and application. By type, the global cannabis oil Industry is segmented into non-organic cannabis oil and organic cannabis oil. The non-organic cannabis oil segment held the largest share of the global cannabis oil Industry in 2018. The growing demand for organic oil as they have a large number of benefits and are chemical-free is fuelling the demand for organic cannabis oil over the forecast time period. In recent times, the popularity of cannabis oil products has radically increased due to people’s growing consciousness for their overall well-being.
On the basis of application, the global cannabis oil Industry is broadly categorized into recreational and medical. The medical cannabis oil segment held the largest share in the global Industry in 2018, due to the legalization of cannabis in various countries for medical purposes. The recreational cannabis oil is expected to register a high rate of growth in the future due to the growing legalization of cannabis for recreational purpose.
By geography, North America held a major share, i.e., 50%, of the global cannabis oil Industry in 2018 and is expected to dominate over the forecast time period as well. This can be attributed to the legalization of cannabis in Canada for recreational purposes in late 2018. Moreover, the accumulative spending on cannabis products, such as cannabis oil, is projected to significantly propel this regional Industry’s growth in the future. Cannabis edibles accounted for 18% share of the total California cannabis permitted retail sales, in the second month after cannabis legalization. This percentage is likely to increase once the recreational Industry further develops. Furthermore, the presence of a large number of key players operating in the cannabis oil Industry in the region is also boosting the growth of the North American cannabis oil Industry. The incessant investments made for new product development and product introductions in North America are also fuelling the regional Industry.
Europe is assessed to hold the second position in the global cannabis oil Industry in 2018, due to the growing emphasis on medical programs featuring cannabis by the governments of Germany, Holland, and Italy. The emerging field of systematic indication is proving cannabis’ therapeutic properties. Certain European countries are prescribing cannabis oil to relieve the symptoms of epilepsy, Alzheimer's, Parkinson’s disease, etc. Moreover, the growing investments for cannabis oil and increasing awareness in the region will also propel this regional Industry over the forecast time period.
Asia Pacific is expected to register a high CAGR over the forecast time period in the global cannabis oil Industry. The growing use of cannabis oil to treat life-threatening diseases is propelling the growth of this Industry in the Asia Pacific region. Moreover, the changes made in the various regulatory frameworks of different countries in the region for the legalization of cannabis for both recreational and treatment purposes are anticipated to boost the growth of the cannabis oil Industry in Asia Pacific. The growing number of partnerships and agreements among the companies operating in the Industry for the expansion of newer product list of cannabis oil and to increase their footprints are also fuelling the growth of the Asia Pacific cannabis oil Industry.
Major Market Players in Cannabis Oil Industry are Evolab, 420 Extractions, 710 Labs, Absolute Terps, Absolute Xtracts, Badfish Extracts, Medical Marijuana, Inc, ENDOCA, and other Companies profile will be provided as per client requirement.
Cannabis Oil Industry Segmentation:
Cannabis Oil Industry Overview, By Type:
Cannabis Oil Industry Overview, By Applications:
Cannabis Oil Industry Overview, By Distribution Channel
Cannabis Oil Industry Overview, By Region