As CBD and hemp-derived products become increasingly popular, the market for cannabidiol is multiplying. The popularity of these items is largely due to their massive variety of products such as CBD vape, THC capsules and HHC Gummies.
Numerous companies have joined the fray, vying for a piece of an estimated $20 billion industry by 2025. In this blog post, we take an in-depth look at the size and growth prospects for the global CBD market over the coming years – analyzing prominent players involved in this space and forecasted trends leading up to 2025.
CBD Market Growth
The CBD market has seen unprecedented growth in the past two years, with sales reaching 22 billion dollars in 2023. With this kind of growth and demand, producers are looking to capitalize on this market boom with increased products such as capsules and topical formulations that offer various options for customers.
Additionally, we are also seeing a rise in retail outlets catering to the CBD industry online and on the streets. Many major retailers even have dedicated product lines for these products. While no medical claim is made about these products’ use, consumers can be sure to find plenty of options when looking at all that have come onto the market within such a short time.
Factors Driving Growth of the CBD Market
As mentioned above, legalization across multiple states has opened new opportunities for companies to explore different ways of using CBD. It includes everything from food additives to topical creams and supplements.
Moreover, with research into the therapeutic effects of CBD continuing to rise, its potential applications are also increasing. This means that there are now more options for companies to pursue when developing new products and services related to CBD.
Another factor driving this growth is consumer awareness about the benefits of using CBD-infused products. This increased awareness has led to increased demand for these products, resulting in higher sales figures and, thus, greater market growth.
There’s Been a Decline in The Stigma Surrounding Cannabis Use
Cannabis has been used for centuries; however, there has traditionally been a negative perception of cannabis use. In recent years, the stigma surrounding cannabis has been fading as legalization efforts have gained traction in many states across the country, and public opinion is shifting on its benefits.
The growing acceptance of cannabis is evidenced by an array of products such as edibles, topicals, and smoke-free delivery systems to meet consumer demand.
More physicians are also discussing cannabis with their patients, and policymakers at both the state and federal levels are beginning to view it differently than they did a few decades ago. While opinions vary on how to regulate it properly, there’s no denying that the role of cannabis in society is continuing to evolve.
A Vast Range of Products Is Another Factor in The Growth of The CBD Market
The CBD market has experienced explosive growth due to various factors, including a wide range of products. The options are virtually endless; from oils and edibles to creams and lotions, there is something available for everyone looking to make the most out of their CBD experience.
For consumers who are brand loyal or prefer retail chains, there is an increasing selection of products that can be conveniently purchased online and in brick-and-mortar stores.
With so many delivery methods and product variations available, it’s easy to find the perfect choice for individual needs. Whether one chooses cannabis edibles, capsules, or topical solutions, customers now have access to an abundant selection of quality CBD products that meet their lifestyle.
Finally, the availability of hemp-based derivatives has also played a role in fueling this market’s growth. Hemp-derived derivatives such as cannabigerol (CBG) and cannabinol (CBN) provide additional therapeutic benefits compared to traditional THC-based products and have become popular among consumers.
The availability of these derivatives also allows companies to create novel products with unique formulations which can cater to specific needs or preferences that customers may have.
The Market Has Spread to Several Countries
As awareness of the potential benefits of CBD grows, so too has its market. Over the past few years, CBD-related products have rapidly gained traction in countries worldwide. From food items infused with cannabidiol to topical creams and oral drops, virtually every imaginable product is now available.
In North America alone, the market size for hemp-derived CBD was estimated at over $6 billion in 2020 and is projected to grow exponentially by 2024. As acceptance spreads and more governments relax restrictions, more countries will likely join the growing list of places where the CBD industry continues to blossom.
How Much Is The CBD Market Expected to Grow by 2025?
The CBD industry is growing exponentially, with some estimates suggesting its worth will reach an impressive $19.5 billion by 2025. It’s no surprise that the global Cannabidiol market is increasing rapidly; this natural alternative to pharmaceuticals has been gaining traction in recent years due to its purported benefits.
This newfound enthusiasm for CBD-infused products has encouraged countless entrepreneurs and companies to utilize this lucrative market and raised awareness of potential healing qualities.
With more information and research being made available, the demand and growth of the CBD industry will likely remain strong through 2025 and beyond.
Overall, numerous factors are driving the rapid growth of the global CBD market right now, including legalization across multiple states, increased consumer awareness about its benefits, and the availability of hemp-derived derivatives like CBG and CBN.
These combined factors allow companies operating within this space to innovate and create novel products that cater specifically to customer needs and preferences, further fueling growth within this industry.
It will be interesting to see how this market evolves as more research continues into both hemp-derived compounds like CBG & CBN as well as other forms of cannabis such as marijuana & recreational marijuana use among consumers all over the world!