The CBD-infused Products Market is expected to reach a value of $216.8 billion by 2028, at a CAGR of 45.6% during the forecast period 2021-2028. Rising demand and increasing legalization of cannabis, growing application of cannabis in cancer, and health benefits offered by cannabis-infused products are the key factors driving the growth of the market. The usage of cannabis in pet food and the increasing demand for cannabis-infused drinks provide significant growth opportunities for market players in the coming years.
The Impact of COVID-19 on the CBD-infused Products Market
The COVID-19 pandemic has severely impacted many economies around the globe. The pandemic has affected more than 100 countries. As a measure to control the spread of this disease and to avoid its associated consequences, governments across the globe have announced partial or complete lockdowns, majorly impacting many industries. Still, the cannabis industry is having a breakthrough moment. Since it is beneficial for COVID-19 respiratory effects, state and local governments gradually accept the value and benefits of medicinal cannabis. Thus, this factor is expected to boost the demand for CBD-infused products.
Moreover, during the 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, along with the 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.
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 has increased significantly with the arrival of cannabis-infused products. In contrast, regulations on Cannabidiol (CBD) products should be implemented and enforced to make CBD-products safer for consumers.
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. Further, a recent Quinnipiac University poll concluded 54% of American voters surveyed would favor the legalization of cannabis without additional constraints. In comparison, 81% of respondents favored the legalization of cannabis for medicinal purposes. As legalization continues to spread worldwide, the demand will gradually increase, thus accelerating the overall CBD-infused products industry growth.
Key Findings in the CBD-infused Products Market Study:
The hemp segment to dominate the CBD-infused products market in 2021
The hemp segment is expected to account for the largest share of the CBD-infused products market in 2021. The large share of this segment is mainly attributed to its lower THC concentrations, which decrease or eliminate its psychoactive effects and increase hemp-derived products for various medical applications. Also, its anti-inflammatory, anti-aging, antioxidant properties, and high effectiveness of CBD extracted from hemp is a key factor for the large share of this segment.
The CBD edibles segment is projected to grow at the highest CAGR during the forecast period
Based on type, the CBD edibles segment is expected 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, rising adoption of CBD in different verticals such as confectionery, bakery, etc., and cannabis consumer are looking for alternatives to smoking cannabis. Also, the increasing use of CBD edibles to treat psychiatric disorders, neurological disorders, and cancer, along with pain control, is expected to drive the demand for CBD edibles. However, it is also expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing social acceptance of CBD-infused edibles.
The offline stores segment to dominate the CBD-infused products market in 2021
The offline stores segment is expected 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 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.
North America to be the fastest-growing regional market
The North America region is expected to account for the largest share of the CBD-infused products market in 2021, followed by Europe, Latin America, the Middle East & Africa, and Asia-Pacific. 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 expenditures on CBD and rising consumer spending on CBD-infused products. However, it is also expected to witness the fastest growth during the forecast period.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the industrial wastewater treatment market over the last four years. The key players profiled in the CBD-infused products market are Canopy Growth Corporation (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.), L8 Life, Inc. (U.S.), Honeydrop Beverages Inc. (U.S.), and Elixinol Global Limited (Australia).
Scope of the Report
CBD-infused Products Market, by Source
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
- 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
Key Questions Answered in the Report:
