Redding, California, April 07, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “CBD-infused Products Market by Source, Type (Personal Care Products, Supplements, and Pet Products), Beverages (Non-alcoholic Beverages and Alcoholic Beverages), and Distribution Channel (Offline Store and Online Store) — Global Forecast to 2027’, the CBD-infused products market is expected to grow at a CAGR of 48.1% from 2020 to 2027 to reach $165.7 billion by 2027.
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Cannabidiol (CBD) is a naturally occurring compound found in the leaves, flowers, and stems of hemp and cannabis plants. Today, CBD-infused products are becoming increasingly popular. The therapeutic properties of CBD-infused products are being tested and confirmed by scientists and doctors around the world. CBD-infused products are non-intoxicating and used to treat several medical conditions, including epilepsy, psychosis, and anxiety disorders. As researchers understand more about the potential benefits, more manufacturers are infusing their products with CBD. The major factors driving the CBD-infused products market include 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 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. Also, ill effects on health due to over-consumption of CBD is the major challenge for the growth of the CBD-infused products market.
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 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 are gradually accepting the value and benefits of medicinal cannabis. Thus, this factor is expected to boost the demand for CBD-infused products.
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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, 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.
The CBD-infused products market is mainly 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 accounted for the largest share of the overall CBD-infused products market in 2020. 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.
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, CBD pet products, and other CBD products. The CBD edibles segment accounted for the largest share of the overall CBD-infused products market in 2020. 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, etc. Also, the increasing use of CBD edibles to treat psychiatric disorders, neurological disorders, and cancer and pain control is expected to drive the demand for CBD-edibles.
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Based on type, the CBD-infused beverages market is segmented into non-alcoholic beverages and alcoholic beverages. The non-alcoholic beverages segment accounted for the largest share of the overall CBD-infused beverages market in 2020. The large share of this segment is mainly attributed to the increasing product demand from newcomers and rising demand for wellness drinks among consumers. However, the alcoholic beverages segment is expected to grow at the highest CAGR during the forecast period.
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 accounted for the largest share of the overall CBD-infused personal care products market in 2020. The large share of this segment is mainly attributed to its antioxidant property, which reduces the pain of inflammatory skin and helps prevent aging signs problems. However, it is also expected to witness significant growth due to its various benefits, such as improved sleep. It 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 stores segment accounted for the largest share of the overall CBD-infused products market in 2020. The large share of this segment is mainly attributed to the perception of purchasing authentic and good quality products. However, the online stores 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 accounted for the largest share of the global CBD-infused products market in 2020. 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. 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
CBD-infused Products Market, by Type
- CBD Edibles
- Confectionery Products
- Bakery Products
- Non-alcoholic Beverages
- Alcoholic Beverages
- Coffee & Tea Products
- Other Products
- CBD Oil & Extracts
- CBD Personal Care Products
- Skincare Products
- Haircare Products
- Deodorants and Perfumes
- Other Personal Care Products
- CBD Smoke & Vape Products
- CBD Supplements
- CBD Pet Products
- Other CBD products
CBD-infused Products Market, by Distribution Channel
- Offline Stores
- Natural Health Foods Store
- Other Stores
- Online Stores
CBD-infused Products Market, by Geography
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- New Zealand
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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