Middle East and Africa Cannabidiol (CBD) Oil Market, By Type (Hemp Oil, Marijuana Oil), Product Type (Original, Blended), Product Category (Unflavored, Flavored), Application (Food and Beverages, Personal Care/Cosmetics, Pharma and Nutraceuticals, Industrial Application), Distribution Channel (Direct, Indirect) – Industry Trends and Forecast to 2029
Market Analysis and Size
Cannabidiol (CBD) oil has largely gained popularity over the years owing to their effective usage in treating pain arising out of chronic injuries. Moreover, it is further effective in tackling inflammation, anxiety and insomnia and also helps to improve the physiological and cognitive functions in an individual along with regulation the mood, pain and memory. Cannabidiol (CBD) is one of 113 identified cannabinoids in cannabis plants and accounts for up to 40% of the plant's extract. As a result, its increased popularity regarding its benefits is projected to aid the market growth over forecasted period.
Middle East and Africa Cannabidiol (CBD) oil Market was valued at USD 8817.44 million in 2021 and is expected to reach USD 73265.26 million by 2029, registering a CAGR of 30.30% during the forecast period of 2022-2029. The “hemp oil” is estimated to dominate the type segment owing to its increased adoption as it significantly reduces total cholesterol and low-density lipoprotein (LDL), which further reduces the risk of stroke, high blood pressure and heart disease. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Type (Hemp Oil, Marijuana Oil), Product Type (Original, Blended), Product Category (Unflavored, Flavored), Application (Food and Beverages, Personal Care/Cosmetics, Pharma and Nutraceuticals, Industrial Application), Distribution Channel (Direct, Indirect)
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Countries Covered
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U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Canopy Growth Corporation (Canada), The Cronos Group (Canada), Tilray. (U.S.), Hexo (Canada), CannTrust (Canada), Aurora Cannabis Inc. (Canada), GW Pharmaceuticals plc. (UK), VIVO Cannabis Inc. (Canada), Alkaline88, LLC. (U.S.), NewAge Inc. (U.S.), Cannara. (Canada), Dixie Brands (U.S.), KANNAWAY LLC. (U.S.), The Supreme Cannabis Company, Inc (Canada), CANNABIS Aphria (Canada), CURA CS, LLC. (U.S.), KAZMIRA (U.S.), Curaleaf (U.S.) and CannazALL (U.S.)
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Market Opportunities
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Market Definition
Cannabidiol (CBD) oil is a cannabis-derived product. It's a cannabinoid, which are chemicals found naturally in marijuana plants. Despite the fact that it is derived from marijuana plants, cannabidiol does not produce a "high" or any form of intoxication; this is caused by another cannabinoid known as tetrahydrocannabinol (THC). Cannabidiol (CBD) is used a wide array of application owing to its medically proven beneficial properties. Cannabidiol (CBD) is the second most prevalent active ingredient in marijuana. Cannabidiol is a phytocannabinoid that can be used in a wide range of personal care and cosmetic products as an active ingredient.
Cannabidiol (CBD) Oil Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Growing Awareness Regarding its Benefits
The cannabidiol oil is becoming increasingly popular across the globe, owing to the increased awareness about the benefits of cannabidiol and its medicinal properties. Also, high adoption of hemp oil in pharmaceutical industries as it aid with various health issues, is bolstering the growth of the market. It is used to anxiety, treat pain, muscle disorder (dystonia), Parkinson's disease, Crohn's disease and a variety of other medical conditions. This factor is inducing demand and application by the small and medium scale enterprises.
Furthermore, the factors such as surge in public-private funding for targeted research activities, high disposable income, rapid urbanization, changing lifestyles and rising product innovations and development as a result of technological advancements all over the world boosts the market value. Moreover, increased internet penetration, continued product development and commercialization, government supportive regulations for the use of cannabis-related products, particularly in developing nations, and rising per capita expenditure will all contribute to the market's future growth rate.
Opportunities
- Growing Technological Advancements
Furthermore, the increasing number of technological advancements driven with a view to minimize the production costs coupled with the developmental operations directed towards sustainable development to ensure optimum and judicious use of resources generate lucrative opportunities to the market players in the forecast period of 2022 to 2029.
- Funding and Research and Development (R&D) Activities
The surging funding from federal government pertaining to the research and development proficiencies are projected to expand the future growth of the cannabidiol (CBD) oil market. Moreover, the various research and development (R&D) activities aimed at lowering THC content, as well as a growing emphasis on obtaining faster regulatory approval, will positively influence market growth.
Restraints/Challenges
- Issues Associated with Raw Material Prices and Availability
Fluctuations or volatility in the cost of raw materials and mechanical equipment pose a significant danger to the market's growth. Furthermore, the global cannabidiol (CBD) oil market’s expansion is being hampered by the inconsistent availability of raw materials in one location.
- Norms, Standards and Regulations
The government's imposition of rigorous rules on a wide variety of industrial applications relevant to industrial activities will further slow the market's growth pace. Lack of standardization rules, a lack of awareness in backward economies regarding the benefits and high costs of cannabis products, and a shift in the demand-supply spectrum due to regulatory strengthening in the Asia-Pacific area would exacerbate the market position. As a result, these factors are estimated to challenge the cannabidiol (CBD) oil market growth rate.
In addition to this, the increasing competition and supply to meet rising demand, as well as low-quality product development due to insufficient production equipment, would further stymie market expansion.
This cannabidiol (CBD) oil market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cannabidiol (CBD) oil market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Cannabidiol (CBD) Oil Market
The recent outbreak of coronavirus had a negative impact on the cannabidiol (CBD) oil market. The pandemic had an impact on several manufacturing businesses in the years 2020-2021, resulting in the closure of workplaces, interruption of supply chains, and transit limitations. Several economies within the region implemented a lockdown in this face, resulting in the stoppage of production and industrial facilities. The supply chain of various manufacturing units, as well as several table utilities around the world, were significantly affected during this period, resulting in a significant loss in revenues and earnings.
However, with the increasing relaxations, a rise in import and export is significantly expected. Respective governing authorities are beginning to lift these enforced lockdowns which is a positive sign for the market.
Recent Development
- In January 2021, Next leaf, has been granted a patent by the United States Patent and Trademark Office for a process that adds to the Company's dynamic and growing U.S. patent portfolio resulting in a solventless cannabis concentrate.
- In January 2021, Nano Hydrate, has unveiled product marketing services leveraging advanced technologies to provide natural healing through branding services of pharmaceutical-grade cannabidiol (CBD). Moreover, Nano Hydrate aimed to create a collaborative program that would allow them to introduce existing brands to the market for niche CBD products while expanding options for cannabis-infused beverages to the cannabis industry.
Middle East and Africa Cannabidiol (CBD) Oil Market Scope
The cannabidiol (CBD) oil market is segmented on the basis of type, product type, product category, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Hemp Oil
- Marijuana Oil
Product Type
- Original
- Blended
Product Category
- Unflavored
- Flavored
Application
- Food and Beverages
- Personal Care/Cosmetics
- Pharma and Nutraceuticals
- Industrial Application
Distribution Channel
- Direct
- Indirect
Cannabidiol (CBD) Oil Market Regional Analysis/Insights
The cannabidiol (CBD) oil market is analyzed and market size insights and trends are provided by country, type, product type, product category, application and distribution channel as referenced above.
The countries covered in the cannabidiol (CBD) oil market report are Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Cannabidiol (CBD) Oil Market Share Analysis
The cannabidiol (CBD) oil market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cannabidiol (CBD) oil market.
Some of the major players operating in the cannabidiol (CBD) oil market are
- Canopy Growth Corporation (Canada)
- The Cronos Group (Canada)
- Tilray. (U.S.)
- Hexo (Canada)
- CannTrust (Canada)
- Aurora Cannabis Inc. (Canada)
- GW Pharmaceuticals plc. (UK)
- VIVO Cannabis Inc. (Canada)
- Alkaline88, LLC. (U.S.)
- NewAge Inc. (U.S.)
- Cannara. (Canada)
- Dixie Brands (U.S.)
- KANNAWAY LLC. (U.S.)
- The Supreme Cannabis Company, Inc (Canada)
- CANNABIS Aphria (Canada)
- CURA CS, LLC. (U.S.)
- KAZMIRA (U.S.)
- Curaleaf (U.S.)
- CannazALL (U.S.)
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