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Westford USA, Feb. 27, 2023 (GLOBE NEWSWIRE) — The CBD-infused products market in North America is witnessing notable growth owing to numerous factors. With the increasing prevalence of chronic diseases in the region, CBD-induced products and medicine have emerged as viable therapy options. Further, the growing demand for cannabis products and increased worldwide healthcare spending have supported the market’s overall growth. Additionally, it is anticipated that the increasing urbanization and population growth will hasten market expansion as CBD has many advantages for treating anxiety, preventing seizures, easing pain, and lowering inflammation. Due to its expanding application in the cosmetics, culinary, and pharmaceutical industries, the market is developing more quickly. As consumers become more aware of the advantages of the product and the legalization of cannabis and VBD-induced products is estimated to boost the market growth in the near future.
SkyQuest’s latest insight shows that nearly 48 states in the USA have legalized the sale of CBD products made from hemp as long as the THC content is less than 0.31%. Over 30% of adult Americans have taken CBD at least once and 65% of Americans are acquainted with CBD and/or CBD products. In 2019, an estimated 64.1 million Americans experimented with CBD, and more than 20% of those who did so reported that it complemented or replaced their usage of prescription or over-the-counter medications.
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Pages – 225
Tables – 105
Figures – 75
Cannabis sativa, usually referred to as cannabis or hemp, contains a substance called cannabidiol (CBD). Cannabidiol can be produced from both cannabis and hemp, however, hemp is favored since it has a higher concentration of CBD by nature. Tetrahydrocannabinol (THC), a psychotropic derivative of the same plant, is frequently combined with the drug. CBD has lower or negligible THC content and is therefore widely used in the pharmaceutical sector.
Prominent Players in CBD-Infused Products Market
- 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.)
- Elixinol Global Limited (Australia)
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Hemp Segment to Dominate the Market Growth Owing to its Lower THC Concentration
The hemp segment holds the greatest market share for CBD-infused goods in 2021 and it is anticipated to keep dominating the global CBD-induced products market throughout the projected time frame by gaining maximum market share. Lower THC levels, which lessen or eliminate euphoric effects and enhance hemp-derived products for different medical purposes, are mostly to credit for this segment’s huge market share. Also, the high effectiveness of CBD produced from hemp and its anti-inflammatory, anti-aging, antioxidant, and anti-inflammatory qualities play a significant role in this segment’s significant market share.
SkyQuest noted during research that the market for cosmetics containing CBD is anticipated to reach $3 billion during the forecast period. Also noted that the greater the product’s size, such as a body lotion, the more CBD will likely be required to make it efficacious and hence cosmetic manufacturers are most likely to use 35mg~350mg of CBD in these products.
In 2021, North America dominated the global CBD-induced products market. A large base of CBD consumers, technical advances in the processing and manufacturing of these products, ease of access, shifting attitudes towards CBD usage for both recreational and medicinal purposes, growing user awareness of the different healthcare advantages of CBD, and significant investments from major players are the main reasons for this region’s large share. Until 2028, the US is anticipated to dominate the North American market due to increased consumer spending on CBD-infused goods and rising CBD R&D costs.
During their research, SkyQuest found that Canada had legalized cannabis for medical purposes in 2000. In the early 2000s, legislation was passed that decriminalized the use of the drug for both recreational and therapeutic uses. Canada became the first nation to fully legalize marijuana sales and possession on October 17, 2018.
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Online Segment to Grow at the Fastest Rate Thanks to Increasing Online Shopping Trends
The segment for online stores is anticipated to experience the fastest CAGR growth during the forecast period. The ease of use and quick adoption of CBD-infused product lines on e-commerce platforms are the main drivers of this segment’s explosive growth. Additionally, the government’s support for cannabis cultivation is expanding, major investments in research and development have been made by major market players in order to create user-friendly and accessible internet applications, and the rising penetration of online shoppers is predicted to boost the segment growth. SkyQuest noted that in 2021 there were around 185~195 online shoppers across the globe.
The CBD-induced products market in the Europe region is predicted to grow at a notable CAGR during the forecast period. The growth of the market can be ascribed to the increasing legalization of cannabis products and the growing utilization of CBD-infused products in the pharmaceutical and cosmetic sector is predicted to boost the market growth. Also, it is anticipated that increased government assistance for the production of cannabis with low THC levels will hasten market expansion.
A thorough analysis of the CBD-induced products market and its competitive environment has been released by SkyQuest in a study paper. Making educated decisions is made possible for stakeholders thanks to the report’s insightful analysis of the market and helpful insights. The research team has also thoroughly analyzed the top market participants, paying particular attention to important elements like unit sales, target markets, manufacturing costs, distribution methods, growth factors, and much more.
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Key Developments in the CBD-Infused Products Market
- The availability of CBD toothpaste, CBD toilet paper, CBD gummies, and even a package of pumpkin spice CBD gummies created by none other than domestic goddess Martha Stewart will all be accessible in stores starting in October 2022. Even if the majority of the supposed health advantages of CBD products are untested, selling CBD oil can be a successful economic venture.
- Sweet Leaf Madison Capital (SLMC), a national provider of specialized finance solutions for the middle-market cannabis industry, has granted Cultio a $116,000 loan. The funds will be utilized to purchase extraction machinery.
- EnWave Corporation announced that it has reached an agreement on a royalty-bearing commercial license with a sizable Canadian cannabis business. In accordance with that, the Cannabis Partner is granted permission to use EnWave’s proprietary Radiant Energy Vacuum dehydration technology on a non-exclusive basis to produce cannabis products in Canada.
Key Questions Answered in the CBD-Infused Products Market Research Report
- What new causes are anticipated to propel the market’s expansion during the projection period?
- What are the main trends propelling this expansion and how is the present market situation affecting it?
- What are the market-wide growth factors, and which regions are most likely to show the greatest growth?
- What impact have the market’s top players had on the development of the sector’s general outlook and future prospects?
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