Redding, California, Sept. 10, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “CBD-infused Products Market by Source, Type (Confectionery, Bakery, Beverages, Coffee & Tea, Oil & Extracts, Personal Care Products, and Supplements), and Distribution Channel (Offline Store and Online Store) — Global Forecast to 2028”, published by Meticulous Research®, the CBD-infused products market is expected to grow at a CAGR of 45.6% from 2021 to 2028 to reach $216.8 billion by 2028.
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The growth of the overall CBD-infused products market is backed by the rising demand and increasing legalization of cannabis, growing application of cannabis in cancer, and health benefits offered by cannabis-infused products. Moreover, the usage of cannabis in pet food and the increasing demand for cannabis-infused drinks provide significant opportunities in this market. However, the high cost associated with CBD and stringent government regulations against cannabis in certain countries obstructs the growth of this market to some extent.
The Impact of COVID-19 on the CBD-infused Products Market
The COVID-19 pandemic has severely impacted many economies around the globe. As a measure to control the spread of this disease and avoid its associated consequences, governments across the globe announced partial or complete lockdowns, majorly impacting many industries, but the cannabis industry is having a breakthrough moment. Since it is beneficial for COVID-19 respiratory effects, thus state and local governments are gradually accepting the value and benefits of medicinal cannabis. Thus, this factor is expected to boost the demand for CBD-infused products.
Moreover, during this pandemic, CBD-infused products have become an attractive option for people spending more time at home, both as a means of entertainment and to reduce stress and anxiety. As a result, CBD-infused product sales are soaring, ultimately driving the growth of the CBD-infused products market. Also, legalizing recreational cannabis in various countries, escalating demand for CBD-infused wellness drinks, increasing disposable income of the consumers, and improving living standards are the few factors responsible for the high growth of this market during the forecast period.
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Rising Demand and Increasing Legalization of Cannabis Drive the Demand for CBD-infused Products
The last two decades have seen a great deal of progress in global legalization and regulation of cannabis, both for medical and recreational use. Nowadays, the demand for cannabis is expected to increase significantly from the arrival of cannabis-infused products. At the same time, regulation on Cannabidiol (CBD) products should be implemented and enforced to make CBD products safer for consumers, for instance, by ensuring reliable potency levels and reducing the presence of toxic substances through quality control measures.
According to the World Health Organization (WHO), in 2017, marijuana consumption has an annual prevalence rate of approximately 147 million individuals or nearly 2.5% of the global population. In addition, cannabis is the most commonly cultivated, trafficked, and abused illicit drug worldwide. General cannabis use, both for recreational and medicinal purposes, has garnered increasing acceptance across the U.S., as evidenced by legislative actions, ballot measures, and public opinion polls.
A recent Quinnipiac University poll concluded 54% of American voters surveyed would favor the legalization of cannabis without additional constraints, while 81% of respondents favored the legalization of cannabis for medicinal purposes. As legalization continues to spread around the globe, the demand will gradually increase, thus accelerating the overall CBD-infused products industry growth.
To provide efficient analysis, Meticulous Research® has segmented this market based on source (hemp and marijuana), type (CBD-edibles {confectionery products, bakery products, beverages, coffee & tea products, and other CBD products}, CBD-oil and extracts, CBD-personal care products {skincare products, haircare products, deodorants and perfumes, and other personal care products}, CBD-smoke & vape products, CBD-supplements, and other CBD-products), distribution channel (offline store {dispensary, pharmacies, natural health foods store, and other stores} and online store), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on source, the CBD-infused products market is mainly segmented into hemp and marijuana. The hemp segment is estimated to account for the largest share of the overall CBD-infused products market in 2021. The large share of this segment is mainly attributed to its lower concentrations of THC, which decreases or eliminates its psychoactive effects and increasing use of hemp-derived products for various medical applications. Also, its anti-inflammatory, anti-aging, antioxidant properties, and high effectiveness of CBD extracted from hemp are key factors for this segment's large share. However, it is also expected to witness significant growth, as some governments regulate the concentration of THC and permit only hemp with an, especially low THC content.
Based on type, the CBD-infused products market is segmented into CBD edibles, CBD oil and extracts, CBD personal care products, CBD smoke & vape products, CBD supplements, and other CBD products. The CBD edibles segment is estimated to account for the largest share of the CBD-infused products market in 2021. The large share of this segment is mainly attributed to the growing popularity of recreational cannabis, increasing demand for food infused by cannabis such as THC and CBD, and rising adoption of CBD in different verticals such as confectionery & bakery. Also, increasing use of CBD-edibles to treat psychiatric disorders, neurological disorders, cancer, and pain control is expected to drive their demand. However, it is also expected to grow at the highest CAGR during the forecast period.
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Based on type, the CBD-infused personal care products market is segmented into skincare products, haircare products, deodorants and perfumes, and other personal care products. The skincare products segment is estimated to account for the largest share of the overall CBD-infused personal care products market in 2021. The large share of this segment is mainly attributed to its anti-oxidant property, which helps to reduce the pain of inflammatory skin and helps prevent aging signs and problems. However, it is also expected to witness significant growth due to its various benefits, such as improved sleep and helps in the treatment of various skin conditions such as eczema and psoriasis.
Based on distribution channel, the CBD-infused products market is segmented into offline and online stores. The offline store segment is estimated to account for the largest share of the overall CBD-infused products market in 2021. The large share of this segment is mainly attributed to the perception of purchasing authentic and good-quality products. However, the online store segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the ease of convenience and rapid penetration of CBD-infused products on E-commerce platforms. Also, the availability of CBD-infused drinks on leading online platforms is playing a crucial role in the CBD-infused products market.
Geographically, the North American region is estimated to account for the largest share of the global CBD-infused products market in 2021. The large share of this region is primarily attributed to the ease of accessibility, technological advancements in CBD-infused products production and processing, a large base of CBD consumers, changing perceptions towards CBD consumption for both medical and recreational purposes, growing awareness regarding various medical benefits of CBD among users, and increasing investments from leading players. The U.S. is expected to dominate the North American market through 2028, mainly due to the increasing R&D expenditure on CBD and rising consumer spending on CBD-infused products. However, it is also expected to grow at the highest CAGR during the forecast period.
The key players operating in the global CBD-infused products market are Canopy Growth Corporation (Canada), Aphria, Inc. (Canada), Aurora Cannabis Inc. (Canada), Docklight Brands, Inc. (U.S.), Maricann Inc. (Canada), Tilray, Inc. (Canada), GW Pharmaceuticals plc (U.K.), VIVO Cannabis Inc. (Canada), Cresco Labs, Inc. (U.S.), Tauriga Sciences, Inc. (U.S.), MariMed Inc. (U.S.), CV Sciences, Inc. (U.S.), Puration, Inc. (U.S.), Kona Gold Solutions Inc. (U.S.), Bhang Inc. (U.S.), DT Brands & Co (N.I.) Ltd. (U.S.), Forest Coffee Trading Co. (U.S.), G&Juice (U.S.), Honeydrop Beverages Inc. (U.S.), and Elixinol Global Limited (Australia) among others.
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Scope of the Report
CBD-infused Products Market, by Source
- Hemp
- Marijuana
CBD-infused Products Market, by Type
- Edibles
- Confectionery Products
- Bakery Products
- Beverages
- Coffee & Tea Products
- Other Edible Products
- Oil & Extracts
- Personal Care Products
- Skincare Products
- Haircare Products
- Deodorants and Perfumes
- Other Personal Care Products
- Smoke & Vape Products
- Supplements
- Other CBD Products
CBD-infused Products Market, by Distribution Channel
- Offline Store
- Dispensary
- Pharmacies
- Natural Health Foods Store
- Other Stores
- Online Stores
CBD-infused Products Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- France
- Benelux
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Australia
- New Zealand
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Mexico
- Brazil
- Colombia
- Argentina
- Uruguay
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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Legal Marijuana Market by Product Type (Buds, Cannabis Extracts), Species (Sativa, Indica), Strains (THC, CBD), Purchase Channel, Application (Medical, Recreational), End-Use Industries, and Geography - Global Forecast to 2025
https://www.meticulousresearch.com/product/legal-marijuana-market-5022
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