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.
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Cannabis Indica oil is a type of cannabis oil that is made from the Cannabis indica plant. This type of cannabis oil is often used to treat medical conditions such as chronic pain, anxiety, and insomnia. They contain high levels of CBD, a cannabinoid that has been found to have beneficial effects on the body. Cannabis indica oil can be taken orally or applied topically to the skin and is widely used for its medicinal benefits.
And it can also be vaporized, smoked, or used as an edible. They are available in different forms, such as tinctures, capsules, and topical creams.
One of the major applications of cannabis oil is during the treatment of cancer as the oil may kill cancer cells and continue tumor. Moreover, owing to advancement in technology, the cannabis indica oil has moisturizing and anti-inflammatory properties, which are more applicable in the cosmetic industry, and hence it is widely used in skin care products. Various changes such as technological developments, competitive development like new product development, expansions, and acquisitions are further propelling the market growth.
Key Market Trends
- Wellness Integration
Wellness integration stands as a pivotal trend in the Cannabis Indica oil landscape. This section will explore how Cannabis Indica oil is increasingly being incorporated into wellness practices, including yoga, meditation, and mindfulness. The trend reflects a broader societal shift towards holistic health, with consumers seeking natural remedies for stress relief, relaxation, and overall well-being. This trend not only influences product development but also shapes marketing strategies to align with the wellness narrative.
- Innovation in Product Formulations
Innovation in product formulations is a driving force in the Cannabis Indica oil industry. This section will examine how manufacturers are diversifying product offerings beyond traditional tinctures. From edibles and capsules to topicals and transdermal patches, the market is witnessing a proliferation of product types catering to diverse consumer preferences. The section will delve into the science behind these formulations and their implications for efficacy and user experience.
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 the 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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