CBD-infused Products Market Tracking Towards $216.8 billion by 2028
General cannabis use for recreational and medicinal purposes is becoming increasingly accepted across the U.S., boosted by legislation, ballot measures, and public opinion polls. According to a new market research report by Meticulous Research, the CBD-infused products market is expected to grow at 45.6% from 2021 to 2028, to reach $216.8 billion in value by 2028.
Application of cannabis in cancer treatment & pet food growing
MiisterCBD is but one of the resources tracking the many new product types flooding the market, encompassing confectionery, bakery, beverages, coffee and tea, oil and extracts, personal care products, and supplements, while the growth of the CBD-infused market is also being bolstered by rising consumer demand, increasing legalization, and the growing application of cannabis in cancer treatment.
The pet food sector is also taking an interest in cannabis applications, while cannabis-infused drinks are providing significant opportunities in this market. As legalization continues to roll out around the globe, demand is expected to increase gradually, accelerating overall CBD-infused products growth.
Upsides of COVID-19 on CBD-infused product market
State and local governments have begun to accept the value and benefits of medicinal cannabis, and this is expected to boost sales of CBD-infused products, many of them seen to ease COVID-19 respiratory effects.
CBD-infused products, what’s more, have become an attractive entertainment and stress and anxiety relief option for those subject to stay-at-home orders. Recreational cannabis is finding legalization in more and more countries, driving up demand alongside the phenomenon of increasing disposable income, and improving standards of living.
Marijuana consumption has been put at an annual prevalence rate of approximately 147 million individuals—or nearly 2.5% of the global population—by the World Health Organization (WHO). A Quinnipiac University poll puts 54% of American voters surveyed in favor of the legalization of cannabis without additional constraints, while 81% of respondents said they favored the legalization of cannabis for medicinal purposes.
Regulation of CBD products is also expected to make CBD products safer for consumers by ensuring reliable potency levels and reducing the presence of toxic substances.
Care products—segmented into skincare products, hair care products, deodorants, perfumes, and other personal care products—is driving growth, with the skincare products segment accounting for the largest share of the overall CBD-infused personal care products market in 2021. This is mainly attributed to the antioxidant propensity of the products on offer and the extent to which they help reduce the pain of inflamed skin and help prevent signs of aging.