Meticulous Research®— a leading global market research company, published a 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”.
The CBD-infused products market is expected to grow at a CAGR of 45.6% from 2021 to reach $216.8 billion by 2028. This market is majorly driven by factors such as 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 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 major ill effects on health due to over-consumption of CBD are major challenges for the growth of the CBD-infused products market.
The CBD-infused products market study presents historical market data in terms of value (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on source, type, distribution channel, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on source, the CBD-infused products market is mainly segmented into hemp and marijuana. 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. 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 edibles, oil and extracts, personal care products, smoke & vape products, supplements, and other CBD products. 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, and rising adoption of CBD in different verticals such as confectionery and bakery. 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.
Based on distribution channel, the CBD-infused products market is segmented into offline and online stores. 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. Also, the availability of CBD-infused drinks on leading online platforms is playing a crucial role in the CBD-infused products market.
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Geographically, the North America region is expected to account for the largest share of the 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 expenditures on CBD and rising consumer spending on CBD-infused products.
The key players operating 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).
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