One of the global sectors with the quickest growth is the CBD one. It is crucial to keep up with the most recent CBD industry statistics as its acceptance and demand grow. The present situation of the CBD industry, including market size, consumer patterns, and more, will be covered in this blog post.
We’ll also consider how the CBD market might develop in the future and what that would entail for customers and businesses. Finally, we’ll talk about how statistics about the CBD market are crucial to knowing and how they may aid businesses in making wise choices.
Cannabidiols (CBD) Market Overview
According to a recent analysis by Grand View Research, Inc., the market for cannabidiols (CBD) is anticipated to reach USD 2.9 billion by 2025. Non-psychoactive CBD has demonstrated possible treatment advantages for a number of illnesses, including cancer, epilepsy, cancer pain, and depression. Moreover, the best CBD products are now offered in many different formats, including easy-to-use oils, tinctures, capsules, sweets, and lotions. Over the forecast period, the CBD market is anticipated to be driven by the expanding legalization of cannabis across the U.S. and Canada.
Cannabis use for medical purposes and for recreational purposes is legal across Canada. Due to its sizable population and significant desire for natural health goods, the nation is anticipated to be a significant market for CBD products. Sativex, Epidiolex, and Marinol are three CBD-containing medications that have received the approval of Health Canada. Over the projected period, the Canadian market is anticipated to be driven by expanding access to CBD products.
In the US, products containing CBD derived from hemp are permitted in all 50 states, whereas those containing CBD derived from cannabis are only permitted in select states. While 10 states had authorized cannabis usage for recreational purposes as of October 2018, 32 states had legalized the use of cannabis for medical purposes. Throughout the forecast period, the CBD store in U.S is anticipated to be driven by the rising acceptance of cannabis as a treatment.
CBD Market Trends
In the upcoming years, it is anticipated that the CBD market would expand dramatically. Some of the trends that are fueling this growth include the ones listed below:
1. Growing public knowledge of CBD’s potential health advantages has led to an increase in the use of the substance for a variety of ailments, including anxiety, pain, and sleep difficulties. The CBD market is anticipated to develop as a result of this.
2. Cannabis legalization is expanding: Cannabis use is becoming permitted in an increasing number of countries worldwide. The CBD market is benefiting from this as it becomes more widely available to consumers.
3. Growing demand from the medical industry: The medical industry is employing CBD for a variety of ailments including epilepsy, cancer, and pain management as it becomes more and more aware of its medicinal potential.
CBD Market Segments
From 2019 to 2024, the market for cannabidiols is projected to expand at a CAGR of over 28%. The CBD oil, CBD edibles, and CBD topical product categories are used to segment the market. With 55.8% of the market’s overall revenue in 2018, CBD oil is the most popular product category.
CBD oil is used for a variety of things, including pain relief, lowering anxiety and depression, and enhancing sleep. Moreover, it is used to treat cancer and epilepsy. Since they provide a simple and practical method of consuming CBD, CBD edibles are growing in popularity. Acne, eczema, and psoriasis can all be successfully treated with CBD topicals.
The cannabidiol market is divided into wellness, medical, and recreational segments based on the use. In 2018, 41% of the market was accounted for by the wellness category. An increasing understanding of the health advantages of CBD products is likely to cause this segment to expand at the quickest rate over the forecast period.
Due to the growing use of CBD products for treating illnesses like pain, anxiety, depression, epilepsy, and cancer, the medical market is anticipated to expand at a CAGR of more than 29% over the forecast period. The sector for leisure covers applications like relaxing and quitting smoking.
Conclusion
The CBD market is expanding quickly and is expected to do so in the years to come. It comes as no surprise that the market is booming given that more and more individuals are turning to CBD for its alleged health benefits.
To assure that you are making wise judgments as the market grows, it is crucial to keep up with the most recent CBD industry statistics. You can take full advantage of the chances that the CBD market has to offer if you have the appropriate information.
