Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) —
As per a recent industry report put forward by Graphical Research, the North America cannabidiol (CBD) market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 30 billion by 2027.
North America cannabidiol market revenue share is poised to gain an uptick with rising interest in the wellbeing and health potential of CBD products. Trendsetting millennials exhibit a shift towards CBD following a favorable regulatory structure. Besides, massive online advertising of these products is driving consumer curiosity in the U.S., Canada and Mexico, and several CBD retailers are following the suit in response to the shifting trend.
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Pioneering companies are expected to invest in CBD for therapeutic purposes and medical applications, including anxiety depression, pain relief and inflammation. In terms of revenue, the North America cannabidiol (CBD) market could surpass USD 61.2 billion by 2027, reflecting growth prospects for CBD tincture and marijuana-derived products.
In respect of how dynamics might evolve, CDB retailers and other stakeholders will explore the following trends:
- Traction for CBD tincture to surge
CBD tinctures are expected to spark considerable interest among American stores as consumers show interest to use products for therapeutic purposes. CBD tincture has become trendier as an oral product and is gradually gaining traction in cold and warm beverages. CBD tincture is advertised as treating chronic pain, sleeping problems and anxiety. The CBD tincture segment in North America was valued at more than USD 600 million in 2020 and is poised to witness commendable gains by 2027.
- Oral route to be highly prioritized
End-users are likely to inject funds into the oral route for the treatment on the back of government approvals. To illustrate, in July 2020, the U.S. FDA gave a green signal to GW Pharmaceuticals’ CBD-based formulation—Epidiolex—an oral solution for the treatment of seizures in patients over one year of age. The oral cannabidiol segment could capture a significant share of the North America CBD market through 2027.
- CBD marijuana penetration to grow
Expanding legalization of marijuana, along with the product’s use across medical applications, has reinforced the growth of CBD across the U.S. Medical marijuana is expected to exhibit profound growth in the light of public and industry support. The explosion of marijuana products across North America is likely to be noticeable with rising product uses for medicinal purposes. The marijuana segment share in the North America industry is forecast to surpass USD 17.1 billion by 2027.
- Offline sales to counter challenges from online counterparts
In-store sales of CBD products will continue to dominate the industry growth on the back of surging demand for CBD oil in pharmacies and retail stores. The offline cannabidiol segment is likely to grow at a healthy growth rate of 32.6% through 2027. Retailers are promoting CBD products to provide relief for depression, anxiety, migraine, and insomnia. CBD products, including oil, vape oil, capsules and tablet will continue to be sought after across the offline distribution channels.
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- The U.S to stay ahead of the curve
The traction in the wellbeing and health potential of CBD products indicates an upsurge in investments in the industry. The country’s strength in pharmaceuticals alludes to the sector is slated to play a pivotal role in the development of the CBD industry. The U.S. cannabidiol market accounted for more than USD 3.8 billion in 2020 and could grow at a strong CAGR of 33% through 2027. The robust projection is partly due to softening stance of the U.S. FDA and rising research activities.
Several dynamics and market developments suggest the trend around CBD is likely to endure and would not be a fad. Many US states have passed legislations supporting CDB consumption, with strict policies for material production and testing. A large number of CBD testing labs have opened up across the region to ensure high quality products are available for consumers, further driving North America CBD market forecast.
Browse Related Report:
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
Source: Globenewswire