What is CBD Vape Oil?
CBD Vape oil is the type of CBD that is mixed with carrier liquid that is made purposely for vaping. The oil is extracted from flowers of marijuana or hemp plants. It is not intoxicating. It contains a minimal amount of THC. The vape oil should contain no more than 0.3% THC. It is sold in a pre-filled cartridge and paired with a battery to make a vape pen.
Vaping is the fastest way of enjoying CBD since inhalation delivers the effects to the brain and the bloodstream faster. It also has a high bioavailability, which means through inhalation, you can absorb more CBD from the same quantity of oil than when using other consumption methods. Also, vaping is considered safer than smoking since and more people are embracing it and abandoning smoking.
CBD Vape Oil Market Size, Share & Trends Analysis Report
The global CBD oil market is expected to grow from $967.2 million in 2020 to $5.3 billion by 2025. The compound annual growth rate is expected to rise by 40.4 % within the forecast period. The CBD Vape oils market, in particular, is expected to grow rapidly between 2020 and 2027. The growing awareness of the medical benefits of CBD will help in boosting the CBD Vape oil market within the predicted timeline. The increased number of people shifting from smoking to vaping has been on the rise and is expected to grow further.
Extensive research has been done by various agencies which contribute to the growth of the CBD. The rising of different chronic illnesses could contribute to CBD’s growth since more people are searching for organic means of dealing with the conditions.
America is growing and supplying more hemp than the market can consume. This is the main reason why the vape oil prices have been volatile between 2019 and 2020. The wholesale prices of hemp products have been dropping; however, this spontaneous drop could boost market stabilization.
However, after the Covid 19 pandemic, there was an unprecedented lockdown, which led to the collapse of business operations in almost all industries. To respond to the crisis, many retail shops closed down. As a result, there was a shortage in supply due to the restrained importation of raw materials from major suppliers such as China and India. This affected the market. Fortunately, the businesses are resuming even though slowly but are expected to pick up and thrive.
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