Cannabis Indica Oil Market to Grow with a CAGR of 9.7% Globally through to 2028
Increasing demand for cannabis indica oil for recreational and medicinal
purposes are factors driving the global cannabis indica oil market in the
forecast period 2024-2028.
According to TechSci Research report, “Global Cannabis
Indica Oil Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Cannabis Indica Oil Market stood at
USD 1.27 billion in 2022 and is anticipated to grow with a CAGR of 9.7% in the
forecast period, 2024-2028. The growth of the market can be attributed to the
increasing demand for Cannabis Indica Oil for recreational and medicinal
purposes.
The Cannabis Indica Oil Market is expected to be
further driven by the development of new products and formulations of Cannabis
Indica Oil. For example, companies are developing new methods of extracting
Cannabis Indica Oil that preserve more of the plant's beneficial compounds.
Browse over 26 market data Figures spread
through 185 Pages and an in-depth TOC on "Global Cannabis Indica Oil Market”
Cannabis Indica Oil is an extract of cannabis indica
plants, which have higher levels of tetrahydrocannabinol (THC) compared to cannabis
sativa plants. THC is the main psychoactive compound in cannabis. Cannabis
Indica Oil is used for a variety of medical purposes, including pain relief,
anxiety, and insomnia. It is also used recreationally.
The global market for Cannabis Indica Oil is driven by
the increasing legalization of cannabis for both medical and recreational
purposes. In 2020, Canada became the first country to legalize recreational
cannabis nationwide. Many other countries around the world are also considering
or have already legalized cannabis for medical or recreational purposes.
The Cannabis Indica Oil Market is also
expected to be driven by the increasing demand for natural and organic
products. Cannabis Indica Oil is considered to be a natural and organic
product, and its popularity is increasing as people become more health
conscious.
Another challenge is the stigma
associated with cannabis. Many people still view cannabis as a harmful drug,
and this can make it difficult for companies to market Cannabis Indica Oil to
the general public.
Despite these challenges, the Cannabis
Indica Oil Market is expected to grow significantly in the coming years. The
increasing demand for Cannabis Indica Oil for both recreational and medicinal
purposes, coupled with the development of new products and formulations, is
expected to drive the market's growth.
The trend towards ethical and socially
responsible business practices is influencing how companies operate within the
Cannabis Indica oil industry. This section will explore initiatives related to
fair labor practices, environmental sustainability, and community engagement.
The trend aligns with consumer values, fostering a positive industry image and
contributing to the overall societal impact of cannabis businesses.
However, there are a few challenges to
the growth of the Cannabis Indica Oil Market. One challenge is the regulatory
environment around cannabis. Cannabis is still illegal in many countries, and
even in countries where it is legal, there are often complex regulations that
can make it difficult for companies to operate.
The Global Cannabis Indica Oil Market is segmented
into type, application, distribution channel, regional distribution, and
company.
Based on region, North America dominated the global
market in terms of revenue share in 2022. The region is projected to witness highest
growth rate over the forecast period, with the U.S., Canada, and Mexico being
its major markets due to the legalization of cannabis and associated activities
as well as increasing demand for CBD-based products from these countries. Asia
Pacific is anticipated to be one of the fastest-growing regional markets during
the forecast period owing to rising awareness regarding cannabidiol-based
products among customers coupled with the growing medical marijuana industry
mainly in Australia, China, Japan, South Korea & New Zealand are some of
its major consumers thus leading it to dominate this segment by 2030s.
Major companies operating in Global Cannabis
Indica Oil Market are:
- Select Oil
- I.N.D. Concentrates
- Canopy Growth Corporation
- Aphria
- Emblem Cannabis Oils
- Whistler
- The Lab
- Absolute Terps
- Tilray
- Aurora Cannabis
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“The growth of the Cannabis Indica oil market has been
robust and transformative. Fueled by evolving societal attitudes, legalization
efforts, and a burgeoning understanding of its therapeutic potential, the
market has witnessed exponential expansion. Increasing acceptance of cannabis
for both medicinal and wellness purposes, coupled with advancements in
extraction technologies, has propelled the market's upward trajectory. The
integration of Cannabis Indica oil into mainstream retail, coupled with a surge
in research and product innovation, underscores its emergence as a significant
player in the global health and wellness landscape. This growth is poised to
continue as the industry navigates regulatory shifts and embraces diverse
consumer preferences.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Cannabis
Indica Oil Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Type (Organic, Non-Organic), By Application
(Recreational, Medical), By Distribution Channel (Online, Offline), By Region,
By Competition, 2018-2028”, has evaluated the future growth
potential of Global Cannabis Indica Oil Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Cannabis Indica Oil Market.
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