Market size for cannabidiol in North America to exceed USD 61 billion

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Pune, India, January 19, 2022 (GLOBE NEWSWIRE) —

According to a recent industry report by Graphical Research, the Cannabidiol (CBD) Market in North America is projected to make a name for itself in the billionaire fraternity in seven years and surpass $30 billion in revenue by 2027.

The revenue share of the North American cannabidiol market will increase as interest in the wellness and health potential of CBD products increases. Millennial trendsetters are showing a shift towards CBD due to a favorable regulatory structure. Also, massive online promotion of these products is fueling consumer curiosity in the US, Canada, and Mexico, and several CBD retailers are following suit in response to the changing trend.

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Pioneering companies are expected to invest in CBD for therapeutic and medical uses, including anxiety, depression, pain relief, and inflammation. In terms of revenue, the North American cannabidiol (CBD) market could surpass $61.2 billion by 2027, reflecting growth prospects for CBD tinctures and marijuana-derived products.

In terms of how the momentum might unfold, CDB retailers and other stakeholders will examine the following trends:

  1. Traction for the CBD tincture to soar

CBD tinctures are expected to generate considerable interest in American stores as consumers show an interest in using products for therapeutic purposes. CBD tincture has become trendier as an oral product and is gradually gaining traction in cold and hot beverages. CBD tincture is advertised to treat chronic pain, sleep problems, and anxiety. The CBD tincture segment in North America was valued at more than $600 million in 2020 and is poised to record substantial gains through 2027.

  1. High priority oral route

End users are likely to inject agents into the oral route for treatment based on government approvals. To illustrate, in July 2020, the U.S. Food and Drug Administration (FDA) gave a green signal to GW Pharmaceuticals’ CBD-based formulation – Epidiolex – an oral solution for treating seizures in patients over the age of one. The oral cannabidiol segment could capture a significant portion of the North American CBD market by 2027.

  1. Penetration of CBD marijuana is growing

The expansion of the legalization of marijuana along with the use of the product in medical applications has fueled the growth of CBD in the US. With public and industry support, medical marijuana is expected to see profound growth. The explosion of marijuana products across North America will likely be reflected in the increased use of products for medical purposes. The marijuana segment’s share of the North American industry is forecast to exceed $17.1 billion by 2027.

  1. Offline sales to meet challenges from online counterparts

In-store sales of CBD products will continue to dominate industry growth due to increasing demand for CBD oil in pharmacies and retail stores. The offline cannabidiol segment is expected to grow at a healthy 32.6% growth rate through 2027. Retailers are promoting CBD products to relieve depression, anxiety, migraines and insomnia. CBD products including oil, vape oil, capsules and tablets continue to be sought out through the offline distribution channels.

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  1. The US is ahead of the curve

The traction of the well-being and health potential of CBD products points to a surge in investment in the industry. The country’s strength in pharmaceuticals hints that the sector will play a crucial role in the development of the CBD industry. The US cannabidiol market accounted for more than $3.8 billion in 2020 and could grow at a strong CAGR of 33% through 2027. The robust outlook is due in part to the US FDA’s softening stance and increasing research activity.

Several dynamics and market developments suggest that the CBD trend is likely to continue and not be a fad. Many US states have passed laws supporting CDB consumption, with strict guidelines for material manufacturing and testing. A large number of CBD testing labs have opened across the region to ensure quality products are available to consumers, further driving North American CBD market forecasts.

Browse related reports:

Cannabidiol (CBD) Market in Europe Forecast 2027 by route of administration (oral, topical, inhalation, transdermal patches, rectal, sublingual), product (oil, tinctures, suppositories, transdermal patches, isolates, tablet, capsules, vape oil, creams and roll-on), application (Anxiety /Stress, Sleep/Insomnia, Chronic Pain, Migraines, Skin Care, Seizures, Joint Pain and Inflammation, Neurological Disorders), Source (Marijuana, Hemp), Distribution Channel (Online, Offline {Hospital Pharmacies, Retail Stores}), Research Report, Country Outlook (France, Switzerland, UK, Netherlands, Italy, Germany, Denmark, Austria), COVID-19 Impact Statistics, Price Trends, Historical Data, Growth Prospects, Competitive Industry Share

https://www.graphicalresearch.com/industry-insights/1823/europe-cannabidiol-cbd-market

Asia Pacific Cannabidiol (CBD) Market 2027 Forecast by Application (Anxiety/Stress, Sleep/Insomnia. Chronic Pain, Migraines, Skincare, Seizures, Joint Pain & Inflammation, Neurological Disorders), Product (Oil, Tinctures, Suppositories, Transdermal Patches, Isolates, Tablet, Capsules, Vape Oil , Creams and Roll-On), 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 (Japan, Australia, New Zealand, Thailand), COVID-19 Impact Statistics, Price Trends, Historical Data, Growth Prospects, Competitive Industry Share

https://www.graphicalresearch.com/industry-insights/1824/asia-pacific-cannabidiol-cbd-market

About Graphic Research:

Graphical Research is an economic research firm providing industry insights, market forecasts and strategic input through granular research reports and consulting services. We publish targeted research reports aiming to address diverse client needs, from market penetration and entry strategies to portfolio management and strategic prospects. We understand that business needs are unique: our syndicated reports are designed to be relevant to industry participants across the value chain. We also provide custom reports tailored to the client’s exact needs, with dedicated analyst support throughout the purchase lifecycle.


        
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