CBD Oil Market Analysis Highlights the Impact of COVID-19 | Health Benefits of CBD Oil to Boost the Market Growth

Technavio has been monitoring the CBD oil market and it is poised to grow by USD 3.52 billion during 2020-2024, progressing at a CAGR of over 32% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Technavio has announced its latest market research report titled Global CBD Oil Market 2020-2024 (Graphic: Business Wire)

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

Frequently Asked Questions –

• What is a major trend for the market?
• Growing legalization of cannabis-based products is a major growth factor for the market.
• At what rate is the market projected to grow?
• The market will grow at a CAGR of over 32%.
• Who are the top players in the market?
• Aurora Cannabis Inc., Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol Global Ltd., ENDOCA BV, Gaia Botanicals LLC, Isodiol International Inc., Medical Marijuana Inc., and NuLeaf Naturals LLC. are some of the major market participants.
• What is the key market driver?
• The health benefits of CBD oil is the major factor driving the market.
• How big is the North American market?
• The North America region will contribute 37% of market share.

The market is concentrated, and the degree of concentration will accelerate during the forecast period. Aurora Cannabis Inc., Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol Global Ltd., ENDOCA BV, Gaia Botanicals LLC, Isodiol International Inc., Medical Marijuana Inc., and NuLeaf Naturals LLC are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Health benefits of CBD oil has been instrumental in driving the growth of the market.

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.