As per the research report, the Size of the MEA Cannabidiol Market is forecasted to reach a decent CAGR during the forecast period 2023 to 2028.
Major factors driving the growth of cannabis and resulting in the sales of cannabidiol in the MEA region are the increase in health benefits about the plant across the region. There is an increase in people suffering from chronic diseases, such as Parkinson's disease and Alzheimer's, among other neurological disorders. Therefore, the growing demand for cannabis oil in countries accelerates market growth.
According to World Health Organization data from 2021, depression is a common mental disorder and one of the leading causes of disability globally, affecting an estimated 26.6 million people. For example, according to a Harvard Health Institute report, cannabidiol can be widely adopted to relieve health problems like anxiety, insomnia, etc. Research and development have shown studies that prove the positive effects of cannabidiol in curing this ailment as herbal medicine, thus drastically boosting the growth of the MEA cannabidiol market.
Other factors such as active research and development, growing demand for medical applications of cannabis, lifestyle changes, increased disposable income, and increased legalization of cannabis, rapid urbanization, and awareness about the product's benefits will positively impact the market.
Many health and wellness retailers are offering cannabidiol products on the E-commerce platform, and bulk sales as new product delivery solutions widen market players' profitable opportunities during the forecast period 2023 to 2028.
Strict transportation and storage regulations increase the cost of storage, which will be a challenge for the market. The complex regulatory structure of cannabis use and the myths associated with cannabis are analyzed to hamper the MEA cannabidiol market growth. Additionally, several Middle East countries have limitations and restrictions against the use of cannabis and cannabidiol products due to legalization and religious issues; these factors will significantly impact the production, manufacturing, and distribution of cannabidiol in these restricted regions.
This research report on the MEA Cannabidiol Market has been segmented & sub-segmented into the following categories:
By Type:
By Distribution Channel:
By End Users:
By Country:
Geographically, the UAE Cannabidiol market will dominate with the highest growth rate during the period. This region has increased the production and exports of cannabis and supports governments that will favor the market in the years to come. The Medical Research Council reports that the number of cannabis users in South Africa was 2.3 million in 2005 and 3.5 million in 2010.
The South Africa Cannabidiol market was ranked fourth among the overall cannabis producers worldwide, followed by the United Kingdom. South Africa's government has begun making efforts to operate a $ 1.9 billion cannabis industry that could create over 26,000 jobs in the region and help attract many foreign investments. The proactive approach by the government and key market players to use cannabidiol in a variety of food products is analyzed to aid in the growth of the MEA cannabidiol market during the forecast period.
Major market players across the MEA region are launching new and advanced products to increase sales. The increasing use of the product for pain relief will create lucrative opportunities for the market.
KEY MARKET PARTICIPANTS:
Pharmahemp d.o.o, ENDOCA, NuLeaf Naturals LLC, Folium Biosciences, Elixinol, Cannoid LLC, Medical Marijuana Inc., and Isodiol International Inc. are the companies operating in the MEA Cannabidiol Market
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