Meticulous Research®, a leading global market research firm,
has released a detailed report titled “CBD-infused Products Market—Global
Opportunity Analysis and Industry Forecast (2024-2031).” This report forecasts
that the CBD-infused products market is expected to reach an impressive $291.39
billion by 2031, growing at a compound annual growth rate (CAGR) of 30.6% from
2024 to 2031.
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The significant growth of the CBD-infused products market is
driven by several factors. The increasing demand for and legalization of
cannabis, coupled with a rising interest in cannabis-infused edibles, plays a
crucial role in market expansion. Additionally, the therapeutic health benefits
associated with CBD-infused products are attracting more consumers. However,
challenges remain, particularly the high cost of cannabidiol (CBD) and
stringent government regulations concerning cannabis use in certain regions.
Another area of potential growth is the increasing demand
for CBD-infused products in pet food, along with the rising popularity of
cannabis-infused beverages. These segments present significant opportunities
for market stakeholders looking to innovate and expand their offerings.
The competitive landscape of the CBD-infused products market
is moderately crowded, featuring a mix of large, medium, and small players from
global, regional, and local markets. Key companies in this sector include
Canopy Growth Corporation, Aurora Cannabis Inc., and Tilray Brands, all based
in Canada, as well as U.S. firms such as Cresco Labs, MariMed Inc., and Irwin
Naturals Inc. Other notable players include GW Pharmaceuticals (U.K.), Elixinol
Global Limited (Australia), and various companies from India and Europe.
The market is segmented based on source, type, and
distribution channel. Among the sources analyzed, the hemp segment is expected
to dominate, accounting for approximately 76.3% of the market in 2024. The
preference for hemp-sourced CBD products is driven by their lower
tetrahydrocannabinol (THC) concentrations, which eliminate psychoactive
effects, making them suitable for a wide range of medical applications.
Moreover, the anti-inflammatory and antioxidant properties of hemp-derived CBD
contribute to its popularity.
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Within the types of products, the edibles segment is
projected to hold a substantial share of 33.6% in 2024. The growing trend of
cannabis for recreational use, alongside increasing demand for cannabis-infused
foods, significantly boosts this segment. Factors contributing to its growth
include the expanding use of CBD in confectionery and bakery products, as well
as a growing consumer base seeking alternatives to smoking.
Regarding distribution channels, the offline segment is
anticipated to lead the market due to consumer preferences for in-person
shopping experiences. This preference is fueled by the desire for authentic and
high-quality products, as well as the enhanced shopping experience that
physical stores provide.
Geographically, the report offers a comprehensive analysis
of various regions, including North America (U.S. and Canada), Europe (Germany,
France, U.K., Spain, Italy, and others), Asia-Pacific (Australia, China, India,
Japan, and others), Latin America (Mexico, Brazil, Argentina, and others), and
the Middle East & Africa (GCC, Israel, South Africa, and others).
North America is expected to dominate the market, holding a
59.5% share in 2024, valued at approximately $26.76 billion. This dominance is
attributed to factors such as accessibility, technological advancements in CBD
production, a large consumer base, and a growing shift towards CBD for both
medical and recreational use. Increased consumer awareness of the health
benefits of CBD and rising spending on these products further solidify North
America’s leading position in the CBD-infused products market.
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