The online vape business believes the growing awareness of the health benefits of CBD oil products and the increasing number of states legalizing the use of marijuana products in the US and Canada will facilitate the CBD oil market growth in North America over the forecast period
VANCOUVER, BC / ACCESSWIRE / August 24, 2022 / Hempsi has projected that a huge percentage of the anticipated growth in the CBD Oil market will come from North America. According to the latest market forecast, the CBD Oil market will grow by 26.43% (USD 3.97 billion) from 2021 to 2026, and Hempsi believes 38% of the market's growth will originate from North America during the forecast period.
In a statement released today, the online Vape Business insists that the CBD oil market share growth in the Marijuana-derived CBD oil segment will be significant for revenue generation. Marijuana-derived CBD oil products are only sold to consumers with a doctor's prescription as CBD oils are psychoactive and can cause nausea and dizziness. Marijuana-derived CBD oil products usually contain 3%-15% THC.
Delving deeper into the details, Hempsi has also projected the growing millennial population to also be a key factor in driving the growth of the cannabis markets. The usage of cannabis products, especially for recreational purposes, is quite popular among millennials who are relatively more enthusiastic about trying out new variants when compared with older generations. Currently, the US has the largest legal cannabis market in the world due to its liberal laws on marijuana, as well as a whopping 72.1 million millennials aged 23 - 38 as of 2019.
"The US and Canada are the key markets for CBD oil in North America. Market growth in this region will be faster than the growth of the market in the European, MEA, and APAC regions. The growing awareness of the health benefits of CBD oil products and the increasing number of states legalizing the use of marijuana products in the US will facilitate the CBD oil market growth in North America over the forecast period."
Factors such as the increasing number of countries that are legalizing marijuana and the rising number of organized retailing outlets offering CBD oil-based products are also estimated to drive the growth of this segment during the forecast period. The competitive scenario provided in the CBD Oil Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.