Published Date: 2021-06-08
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North American CBD Market size is anticipated to reach USD 61.2 billion by 2027, according to a latest forecast report by Graphical Research.
The increasing popularity of CBD and its benefits among patients and healthcare professionals alike, creates a significant demand for the products. Further, with increasing focus on R&D activities and its subsequent results widen the scope of the market. Cumulatively, these factors compel the regulatory authorities to draft a supportive regulatory structure to monitor, regulate and support the budding cannabidiol industry in the region. One such examples of supportive regulatory frameworks in North America is the Farm Bill, 2018. The Farm Bill virtually laid the foundation of cannabidiol industry in U.S., legalizing CBD formulations with less the 0.3% THC composition across 50 states. Further, different policy structures are observed in individual states for different composition levels, the compound with less than 0.3% THC remains legal at a federal level.
However, regulatory framework is also noted to create hurdles in the potential expansion of the cannabidiol industry across sectors. As CBD products are granted access for medicinal and cosmetic use in the U.S., FDA does not approve the use of CBD as a food and beverage additive at a federal level. As certain states such as Texas authorize the sale of hemp-derived CBD-infused food and beverages, negligible recognition on the federal level creates obstacles in the supply chain and restricts the market growth.
The tinctures segment accounted for the second largest market proportion pegged at over USD 600 million in 2020 and is expected to witness an above average growth grate over the forecast period. While being versatile and easy-to-use, tinctures have witnessed a steady demand in the recent years and the trend is anticipated to continue throughout the forecast period.
Browse detailed statistical insights from the report, “North America Cannabidiol (CBD) Market Forecast 2027 by Product (Oil, Tinctures, Suppository, Transdermal Patches, Isolates, Tablet, Capsules, Vape Oil, Creams And Roll-On), Application (Anxiety/Stress, Sleep/Insomnia, Chronic Pain, Migraine, Skin Care, Seizures, Joint Pain & Inflammation, Neurological Conditions), Route Of Administration (Oral, Topical, Inhalation, Transdermal Patches, Rectal, Sublingual), Source (Marijuana, Hemp), Distribution Channel (Online, Offline {Hospital Pharmacies, Retail Stores}), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1821/north-america-cannabidiol-cbd-market
The joint pain & inflammation segment is expected to witness a robust 33.6% CAGR between 2021 and 2027. The segment is expected to witness a steady growth owing to the high prevalence of arthritis-related joint pain in the region. For instance, according to The Arthritis Society, Canada, nearly 20% of the country’s population aged over 15 has arthritis. Similarly, high prevalence of joint pain is observed in U.S. as well. Hence, the demand for CBD products as a medication for joint pains & inflammation is anticipated to increase over the forecast period.
The inhalation segment was noted account for over USD 450 million in 2020. The inhalation route of administration is gaining popularity as several studies suggest that patients experience a faster relief to pain as compared to oral route of administration.
The marijuana segment is estimated to account for over USD 17.1 billion by the end of 2027. The segment witnesses a significant demand owing to its legal status across certain states. With relatively higher THC content, the compound is highly efficient against medical disorders such as Alzheimer’s disease and Parkinson’s disease, among others. Hence, the demand for marijuana-derived CBD products is expected to gain traction in the coming years.
The offline segment is further segmented into hospital pharmacies and retail stores. The online segment accounted for nearly 49% of the North America CBD market in 2020. Online channels are noted to offer several advantages over its offline counterparts such as timely delivery and ensuring adequate supply. Additionally, online channels also minimize costs associated with maintaining brick and mortar stores. The segment is expected to show a higher growth rate as more consumers get accustomed to the online CBD sales model.
Canada cannabidiol industry is expected to show a lucrative growth rate of nearly 35% between 2021 and 2027. As Canada has a liberal stance on the consumption of cannabidiol, it is one of the most active markets in the world.
North American cannabidiol (CBD) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
North America Market, By Product
North America Market, By Application
North America Market, By Route of Administration
North America Market, By Source
North America Market, By Distribution Channel
The above information has been provided for the following countries:
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