USD 15.6 billion
Report ID: SQSG35I2047 | Region: Global | Published Date: December, 2022 | Pages: 225 | Tables: 105 | Figures: 75
Global CBD-infused Products Market was valued at USD 15.6 billion in 2021, and it is expected to reach a value of USD 216.8 billion by 2028, at a CAGR of 45.6% over the forecast period (2022–2028).
Cannabidiol can be extracted from either cannabis or hemp, with hemp being preferred due to its naturally high CBD content. The substance is frequently mixed up with its psychoactive counterpart, tetrahydrocannabinol (THC), which is extracted from the same plant. It has numerous benefits for treating anxiety, preventing seizures, reducing inflammation, and alleviating pain. The market is evolving at a faster rate due to its increasing use in the cosmetics, food, and pharmaceutical industries. The market has enormous growth potential as consumers become more aware of the product's benefits. Rising demand and increased legalisation of cannabis, increased application of cannabis in cancer, and the health benefits offered by cannabis-infused products are the key factors driving market growth. Cannabis use in pet food, as well as rising demand for cannabis-infused beverages, will present significant growth opportunities for market participants in the coming years.
Furthermore, as the pandemic progressed, CBD-infused products became an appealing option for people who were spending more time at home, both as a source of entertainment and to relieve stress and anxiety. As a result, sales of these products are surging, propelling the Global CBD-infused Products Market forward. Furthermore, the legalisation of recreational cannabis in various countries, rising demand for CBD-infused wellness drinks, rising consumer disposable income, and improving living standards are some of the factors driving the market growth during the forecast period.
Global Market Size
USD 15.6 billion
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Global CBD-infused Products Market is segmented based on the Source, Type, Distribution Channel, and region. Based on Source, the market is segmented Hemp and Marijuana. Based on Type, the market is segmented into Edibles (Confectionery Products, Bakery Products, Beverages, Coffee & Tea Products, and Other Edible Products), Oil & Extracts, Personal Care Products (Skincare Products, Haircare Products, Deodorants and Perfumes, and Other Personal Care Products), Smoke & Vape Products, Supplements, and Other CBD Products. Based on Distribution Channel, the market is segmented into Offline Store (Dispensary, Pharmacies, Natural Health Foods Store, and Other Stores), Online Stores. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Analysis by Source
In 2021, hemp is expected to account for the largest share of the CBD-infused product market. This segment's large share is primarily due to lower THC concentrations, which reduce or eliminate psychoactive effects and increase hemp-derived products for various medical applications. Furthermore, the anti-inflammatory, anti-aging, antioxidant properties, and high effectiveness of CBD extracted from hemp are important factors in this segment's large share.
Marijuana legalisation is gaining traction all over the world. The increasing recognition that the product may have a variety of legitimate medicinal benefits and therapeutic applications is driving this momentum. According to the United Nations Office on Drugs and Crime, it is the most widely cultivated, trafficked, and consumed drug in the world (UNODC).
Analysis by Distribution channel
The offline stores segment is expected to account for the majority of the Global CBD-infused Products Market in 2021. This segment's large share is primarily due to the perception of purchasing genuine and high-quality products.
During the forecast timeframe, the online store segment is expected to expand at the fastest CAGR. This segment's fast expansion is primarily due to the simplicity of usage and rapid penetration of CBD-infused product lines on E-commerce platforms.
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North America dominated the global CBD-infused products market in 2021, followed by Europe, Latin America, the Middle East and Africa, and Asia-Pacific. The large share in this region is primarily due to ease of access, technological advancements in the production and processing of these products, a large base of CBD consumers, changing perceptions toward CBD consumption for both medical and recreational purposes, growing awareness among users of the various medical benefits of CBD, and increased investments from leading players. Because of rising CBD R&D expenditures and rising consumer spending on CBD-infused products, the United States is expected to dominate the North American market through 2028. It is expected to grow the fastest during the forecast period.
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Various government bodies around the world strictly regulate the global market. Companies operating in countries that received cannabis product approval status much earlier than other countries dominate the industry. Better product know-how, raw material production, extensive research and development for launching various product categories, and a stronghold on the supply chain are just a few of the benefits that help these companies gain a competitive advantage in the market. This helps the companies expand their presence in other countries.
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According to our Global CBD-infused Products Market analysis, CBD's popularity among consumers will be boosted by increased demand in the health and fitness industries. These products are in high demand due to rising demand and increased legalisation of cannabis. Legislative actions, ballot measures, and public opinion polls in the United States. Furthermore, a recent Quinnipiac University poll found that 54% of American voters polled favour cannabis legalisation without additional restrictions. In 2021, hemp will dominate the CBD-infused product market. In 2021, the offline stores segment will dominate the Global CBD-infused Products Market. North America is expected to be the region's fastest-growing market.
|Market size value in 2021||USD 15.6 billion|
|Market size value in 2028||USD 216.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global CBD-infused Products Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global CBD-infused Products Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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