The market for CBD-infused products has experienced significant growth over the past few years, driven by increasing consumer interest in wellness and natural remedies. Cannabidiol (CBD), a non-psychoactive compound derived from the cannabis plant, is praised for its potential therapeutic benefits, leading to a surge in products ranging from oils and edibles to cosmetics and beverages. As we look ahead to 2031, this article analyses the market size, share, and growth prospects for CBD-infused products.
Market Overview
Current Market Size - As of 2023, the global CBD-infused products market is estimated to be valued at approximately $29.68 billion. The demand for CBD products has been fueled by rising awareness about its health benefits, legalization in various regions, and an expanding product range.
Projected Growth - The CBD-infused products market is projected to grow at a compound annual growth rate (CAGR) of around 22.5% from 2024 to 2031. By the end of this period, the market size could exceed $184.38 billion, reflecting a robust demand across multiple sectors.
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Key Market Drivers
Increasing Health Consciousness - Consumers are increasingly seeking natural alternatives for health and wellness, driving the demand for CBD products known for their potential benefits in reducing anxiety, improving sleep, and managing pain.
Legalization and Regulatory Support - The legalization of hemp-derived CBD in many countries has created a more favourable environment for the market. Countries like the United States, Canada, and several European nations have established regulatory frameworks that support the sale of CBD-infused products.
Diverse Product Range - The expansion of product offerings—such as CBD-infused food, beverages, skincare, and pet products—appeals to a wide range of consumers. This diversification helps attract new customers and retain existing ones.
Market Segmentation
By Product Type
- Oils and Tinctures: Remain the most popular segment due to their versatility and ease of use.
- Edibles: CBD-infused gummies, chocolates, and beverages are gaining popularity among younger consumers.
- Topicals: Creams, lotions, and balms are increasingly used for localized relief of pain and inflammation.
- Capsules and Pills: These are preferred by consumers looking for precise dosing.
By Distribution Channel
- Online Retail: E-commerce platforms are dominating the market, providing consumers with a convenient shopping experience.
- Offline Retail: Brick-and-mortar stores, including health shops and pharmacies, are also significant players, offering customers direct access to products.
CBD-infused Products Market Top Player's Company Profiles - Charlotte's Web Holdings, Inc., CV Sciences, Inc., Cannara Biotech Inc., Canopy Growth Corporation, Elixinol Global Limited, Endoca BV, Aurora Cannabis Inc., Isodiol International Inc., Medical Marijuana Inc., MGC Pharmaceuticals Limited, Kazmira LLC, Green Roads of Florida, LLC, Curaleaf Holdings, Inc., Medterra CBD, Joy Organics, PureKana, CBD American Shaman, Hemp Bombs, Lazarus Naturals, Infinite CBD
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The CBD-infused products market is poised for substantial growth over the next decade, driven by increasing consumer awareness, diverse product offerings, and supportive regulatory frameworks. However, stakeholders must navigate challenges related to regulation and quality to maximize their potential in this evolving market. As the landscape continues to develop, companies that prioritize transparency, quality, and consumer education will be best positioned to thrive in this dynamic industry by 2031.