CBD derivative products are very abundant, the most common is CBD oil. CBD has many beneficial effects, including: relieve pain, reduce anxiety and depression, relieve cancer-related symptoms, neuroprotection, improve heart health and so on.
Before making any CBD product, it must first be extracted. CBD Extraction Equipment can be divided into three types: CO2 extraction, ethanol extraction and hydrocarbon extraction. Carbon dioxide extraction is the most common extraction method seen in CBD products. Because supercritical CO2 is efficient. It does not use any solvent itself, so there is no risk of residual solvent remaining in the final product. Normally, CO2 is a gas, but to use it for extraction purposes, it needs to be converted into a liquid and act as a solvent in it. For this reason, CO2 is compressed and heated at the same time, and simultaneously becomes high-pressure gas and fluid. Ethanol is a widely used high-efficiency solvent that can produce CBD oil. Low-temperature ethanol is where the solvent is used for extraction at low temperatures. Ethanol extraction is a beneficial and cost-effective (especially mass production) method to isolate cannabis compounds and keep other plants intact. Therefore, some of the most extensive extraction equipment often uses ethanol, thereby improving the economics of the final plant. Hydrocarbon extraction is the most common extraction method for cannabinoids and terpenes from hemp plant materials. The method involves the use of hydrocarbons such as propane or butane as a solvent to extract the concentrate. At present, carbon dioxide extraction and ethanol extraction account for the vast majority of the CBD extraction equipment market, 55.25% and 27.78% respectively.
Due to the continuous expansion of the product range of CBD derivatives, the application fields of CBD extraction equipment are also expanding. Mainly used in personal care, cosmetics, pharmaceutical, food and beverage industries. Food and beverages is one of the highest market value among all applications. it has reached a market value of $61.12 million in 2020. However, with the accelerating trend of aging world population and increasing incidence of chronic diseases, the use of CBD in the pharmaceutical sector has also increased. Its market value is expected to increase from $44.15 million in 2020 to $158.49 million by 2025.
Global CBD Oil and CBD Extraction Equipment Industry Market Status and Prospect Forecast
The Global CBD Extraction Equipment market has a total revenue of $79.74 million back in 2015, and increased to $148.65 million in 2019. The value of CBD Extraction Equipment markets can be expected to reach $577.55 million by 2025. The CAGR of CBD Extraction Equipment is 25.38% from 2019 to 2025.
Currently, North America and Europe are the largest CBD markets in the world. The U.S. is the largest revenue market, with a market share of 48.31% in 2015 and 48.24% in 2019, an increase of -0.07%. In 2019, Europe ranks second with the market share of 17.53%. At the same time, many other countries around the world are moving forward with the legalization of CBD. More and more cannabis is being applied in the medical and care industry, which will drive the overall market growth. In addition, the legalization of cannabis has led to an increase in the number of products purchased legally, thus also reducing black market sales. The legalization of cannabis has led to a wider source of cannabis and less restrictions on the extraction of CBD, thus increasing the demand for CBD extraction equipment.
In North America, the CBD industry has developed a complete chain of industries from upstream to downstream. Medical cannabis is increasingly being used to treat chronic diseases such as arthritis, the disease and cancer of Alzheimer, as well as psychiatric disorders such as depression, anxiety and epilepsy. Meanwhile, the market share of CBD products is increasing due to the rapid growth of the elderly population and the adoption of chronic disease treatment in the North American market. The relevant government agencies are also supporting the development of research on cannabinoids, which is expected to reach a market value of $246.99 million by 2025, up from $73.15 million in 2020.
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Asia Pacific, an emerging market for CBD, will be the driving force for the growth of the CBD extraction equipment market. China is a large cultivator of industrial hemp. In 2019, there are nearly 150 CBD extraction equipment companies in China. High demand for CBD market, high price and high added value have made many listed companies to join the CBD extraction industry. As the CBD extraction business continues to grow, the demand for CBD extraction equipment naturally increases. Therefore, the development of the Asia-Pacific market will be an important driving force for the CBD extraction equipment market.
The Outbreak of the Epidemic May Cause a Slowdown in the Development of the CBD Industry
The outbreak of COVID-19 has forced many industries to slow down. However, policies in some states in the United States have clarified that consumers can stock up on CBD-related products. Consumers hope to use CBD to ease their anxiety. And some CBD advocates believe that CBD can boost immunity. As a result, the demand for CBD and other cannabinoid-related products has not declined, but continues to rise. The demand for CBD extraction equipment will continue to increase.
However, the impact of the epidemic led to a temporary halt in the export of industrial hemp from China and a shortage of raw industrial hemp exported from China to the United States. Poor logistics forced the overall supply cycle of CBD products to be extended. Under the impact of the epidemic, although the demand of the industry for CBD extraction equipment continues to rise, the growth rate of the industry may slow due to the overall economic downturn and some other factors. With the epidemic gradually under control, the CBD industry will pick up and is expected to reach a value of $352.99 million by 2023, up from $164.52 million in 2020.
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