When we think of asphalt, our minds often conjure images of smooth road surfaces stretching into the distance. However, the uses and benefits of asphalt go far beyond just paving roads. In this blog post, we'll explore the versatility and durability of asphalt, shedding light on its various applications and the importance of proper maintenance. The Basics of Asphalt Asphalt, also known as bitumen, is a sticky, black, and highly viscous liquid or semi-solid form of petroleum. It is a crucial component in the construction industry, primarily used for paving roads, driveways, and parking lots. Its popularity stems from its cost-effectiveness, ease of installation, and exceptional durability. Beyond Roads - Surprising Applications While roads are the most common application of asphalt, its uses extend into various surprising areas. For instance, asphalt shingles are a popular roofing material due to their weather resistance and longevity. Additionally, it's used in the construction...
The global CBD oil market size is expected to showcase considerable growth by reaching USD 55,791.3 million by 2028 while exhibiting an exceptional CAGR of 47.49% between 2021 and 2028. This information is published by Fortune Business Insights, in a report, titled “CBD Oil Market, 2021-2028.” The report further mentions that the market stood at USD 2,770.8 million in 2020. Factors such as the increasing product approvals by the FDA and concerned government agencies and the growing demand for CBD amongst the health and fitness enthusiasts will bode well for the growth of the market. For instance, according to a report by the Harvard Health Institute in 2018, CBD can be extensively adopted to provide relief from health issues such as anxiety, insomnia, etc.
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Russia-Ukraine War Implication
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
List of the Leading Companies Profiled in the Global CBD Oil Market are:
- Medical Marijuana Inc. (California, U.S.)
- Cannoid, LLC (Colorado, U.S)
- Isodiol International Inc. (Vancouver, Canada)
- ENDOCA (Chicago, U.S.)
- Folium Biosciences (Texas, U.S.)
- Nuleaf Naturals Llc. (Colorado, U.S)
- Pharmahemp d.o.o (Slovenia, Europe)
- Elixinol Global (Sydney, Australia)
- CV Sciences (California, U.S.)
- Medterra CBD (California, U.S.)
What does the Report Provide?
The global market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028. Our well-revised reports help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
DRIVING FACTORS:
Increasing FDA Approvals for CBD Products to Promote Market Growth
The prominent players in the market are focusing on launching novel and advanced products to cater to the high demand for CBD among consumers. The increasing utilization of the product in the manufacturing of medicines and consumer products will create lucrative opportunities for the market. The rising approval grants from the government agencies for various CBD products is further expected to favor the growth of the market.
Additionally, the proactive focus of the manufacturers towards the incorporation of CBD in a variety of food products is expected to contribute to the global cannabidiol market growth during the forecast period.
Market Segmentation:
On the basis of source, the market is bifurcated into marijuana and hemp. Furthermore, based on application, the market is segregated into food & beverages, pharmaceuticals, pet care, cosmetics, and others.
On the basis of application, the pharmaceuticals segment is expected to hold the largest global cannabidiol market share during the forecast period. This is owing to the constant focus on developing innovative medical products across the pharmaceutical industry worldwide.
Lastly, based on region, the market is categorized into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
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REGIONAL INSIGHTS
North America – The region stood at USD 1276.7 million in 2020 and is anticipated to hold the highest position in the market in the forthcoming years. This is attributable to the favorable government policies that enable the commercialization of cannabidiol products in countries such as the U.S. and Canada.
Europe – The market in the region is anticipated to showcase exponential growth backed by the rising sales of CBD products such as vaping, smoking, and edibles in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnerships to Brighten Their Market Prospects
The global market for cannabidiol is experiencing healthy competition among key players that are focusing on partnering with other companies to expand their product portfolio and further boost sales revenues. Additionally, the other major companies are striving to maintain their presence by adopting strategies such as merger and acquisition, facility expansion, and collaboration that will bode well for the growth of the market in the forthcoming years.
Key Industry Development:
February 2020 - Colgate-Palmolive Company announced the launch of a new product in the U.S. The company reports that the product, CBD Vegan Lip Balm, will help to expand its cosmetics business in the country.
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