REDDING, Calif., June 30, 2021 /PRNewswire/ -- According to a new market research report "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 2028", published by Meticulous Research, the CBD-infused products market is expected to grow at a CAGR of 45.6% from 2021 to 2028 to reach $216.8 billion by 2028.
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The growth of this market is mainly attributed to the rising demand and increasing legalization of cannabis, growing application of cannabis in cancer, and health benefits offered by cannabis-infused products. In addition, the usage of cannabis in pet food and the increasing demand for cannabis-infused drinks provides significant opportunities for manufacturers of CBD-infused products. However, the high cost associated with cannabidiol and stringent government regulations against cannabis in certain countries hinders the growth of this market.
The CBD-infused products market studied in this report is majorly segmented by source (hemp and marijuana), type [edibles (confectionery products, bakery products, beverages, coffee & tea products, and other CBD edible products), oil and extracts, personal care products (skincare products, haircare products, deodorants & perfumes, other personal care products), smoke & vape products, supplements, and other CBD products]; distribution channel [offline (dispensaries, pharmacies, natural health foods store, and others) and online], and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.
Based on the source, the CBD-infused products market is mainly segmented into hemp and marijuana. In 2021, the hemp segment is estimated to account for the larger share of the overall CBD-infused products market. The large share of this segment is mainly attributed to its lower THC concentrations, which decrease or eliminate its psychoactive effects and increasing number of 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.
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Based on type, the CBD-infused products market is mainly segmented into CBD edibles, CBD oil and extracts, CBD personal care products, CBD smoke & vape products, CBD supplements, and other CBD products. In 2021, the CBD edibles segment is estimated to account for the largest share of the overall CBD-infused products market. The growth of this market is mainly attributed to the growing popularity of recreational cannabis; rising demand for food infused by CBD; rising adoption of CBD in different verticals, such as confectionery and bakery; and cannabis consumers 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.
Based on distribution channel, the CBD-infused products market is divided into offline and online stores. In 2021, the offline stores segment is estimated to account for the larger share of the overall CBD-infused products market. However, the online store segment is expected to grow at the fastest CAGR during the forecast period, owing to the ease of convenience and rapid penetration of CBD-infused products on E-commerce platforms.
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Based on geography, the global CBD-infused products market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is estimated to account for the largest share of the global CBD-infused products market in 2021, followed by Europe, and Latin America. The ease of accessibility, technological advancements in production and processing of CBD products, a large base of CBD consumers, changing perceptions towards CBD consumption for medical and recreational purposes, growing awareness regarding various medical benefits of CBD among users, and increasing investments from leading players are the major factors driving the growth of this regional segment.
The key players profiled in the global 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), among others.
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Scope of the Report:
CBD-infused Products Market, by Source
- Hemp
- Marijuana
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 Store
CBD-infused Products Market, by Geography
- North America
- U.S.
- Canada
- 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
- Chile
- Uruguay
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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