cannabis oil market share

Cannabis extracts are generally available in either of the two forms --cannabis oil and tinctures which are often used to treat a variety of conditions, including mental disorders, nausea, and cancer. In terms of legality, the extraction method is very generous due to the non-psychoactive properties of cannabidiol (CBD) oil compared to other products such as buds and resins. Both the Cannabis extracts in the form of oil and tinctures are expected to gain momentum and increased demand in the coming years, as they can be safely consumed compared to other forms. Moreover, as the social prejudice against smoking cannabis buds gradually decreases, it will further foster the Cannabis Oil Market demand, for both medical and recreational purposes.

The increasing prevalence of cancer and the rising need for treatment related to pain management is also a major factor expected to drive the cannabis oil market outlook during the forecast period. The World Health Organization (WHO) reports that cancer is the second most leading cause of death across the globe.  In addition, the safer nature of cannabis oil makes it an important form of medical marijuana. for instance, children are prescribed cannabis oil instead of buds due to age restrictions and accurate dose calculations made possible by the oil as compared to the smoking of buds.

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The medical application segment is expected to witness the fastest CAGR over the forecast period. This is mainly due to the increased medical usage of the product preferred for easy quantification of dosage and better usability. A change in the perception of medical professionals regarding safer product ingestion techniques such as oral dosage in the form of beverage or chewing gum should drive product demand during the forecast period, and thus accelerate the cannabis oil market growth.

The North America cannabis oil market accounts for the highest market share pertaining to significant product usage for pain management and the presence of a large geriatric population. moreover, the legalization of medical marijuana in the region has tremendously increased product demand. In 2018, medical marijuana was legalized in 30 U.S. states, including Guam, Puerto Rico, and Colombia. Also, a large population of adults in the United States supports the use of marijuana for medical purposes, such as treating pain, inflammation, and cancer. Thus, factors such as the legalization of cannabis for medical usage and increased public support will further expand the North America cannabis oil market share in the years to come.

Author Name : Report Hive Research