The Asia Pacific Cannabidiol Market size is anticipated to grow and be worth USD 9.94 billion by 2027 from 3.19 billion in 2022, with a CAGR of 25.54% during the forecast period.
The increasing prevalence of CBD oil from the food and beverage industries is leveraging its growth rate. This demand for CBD oil from the food & beverages industries has increased the focus on cultivating cannabis regularly. Also, there is a great demand for CBD oil for medical and wellness purposes, eventually propelling the growth of the Asia Pacific CBD Oil market. Besides, growing support from government organizations in approving CBD oil-based products in the medical sector accelerates the market demand. Cannabidiol is the most commonly used product from the extraction products of cannabis. Legalizing the usage of this product in many countries is expanding the growth rate of CBD oil in the Asia Pacific. Government investments in developing new drugs or vaccines with hemp-based products are fuelling the market demand. The market is also driven by an increasing number of people suffering from epilepsy and sleep disorders and the growing prevalence of quality treatment services.
However, uncertainty in the availability of the raw materials required to manufacture end products is slowly degrading the market demand. The complex regulatory structure in approving CBD oil products is hampering the growth rate of the market in Asia Pacific. Reluctance to adopt advanced technologies in undeveloped countries is also a factor impeding the market demand. Besides, rising risk factors with the long-term use of CBD oil limit the market demand in this region. Lack of investments from the companies due to less knowledge of CBD oil benefits in various industries is quietly curbing the market's growth rate.
This research report on the Asia Pacific Cannabidiol Market has been segmented & sub-segmented into the following categories:
By Distribution Channel:
By End Users:
Geographically, the APAC CBD Oil market is projected to have the highest CAGR in the near future. Increasing older people and rising occurrences of various health disorders are two major factors propelling the market's demand.
The Chinese Cannabidiol Market is ruling with the highest shares of the market, increasing knowledge of CBD oil's medicinal benefits. China's government permits less than 0.3% of tetrahydrocannabinol (THC). CBD oil-based products such as cosmetics, medicine, and others can be easily available in the shops. They are increasing their knowledge over crop cultivation according to the climatic conditions in promoting the growth rate of the market.
The Indian Cannabidiol Market is next to China in leading the dominant shares of the market. Ongoing research and development activities in medicinal products using CBD oil are leveling up the market's growth rate. Increasing incidences of chronic diseases are likely to boost the market demand. CBD oil has various benefits in treating headaches, sleep disorders, cardiovascular problems, and others. For cancer treatment, CBD oil is a natural alternative for pain relief. These beneficial factors are contributing to the highest shares of the market in India.
The Japanese Cannabidiol Market is likely to have significant growth opportunities in the foreseen years by adopting the latest techniques in the healthcare sector.
Some of the notable companies playing a leading role in the APAC Cannabidiol Market profiled in this report are Pharmahemp d.o.o, ENDOCA, NuLeaf Naturals LLC, Folium Biosciences, Elixinol, Cannoid LLC, Medical Marijuana Inc., and Isodiol International Inc.
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