CBD Products - North America | Statista Market Forecast

Revenue in the CBD Products market in North America is forecasted to reach US$2.96bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.09%, leading to a market volume of US$2.94bn by 2029.
When compared globally, the United States is expected to generate the most revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$18.80 are generated in relation to the total population figures.
In North America, the CBD Products market is booming, with a surge in demand for innovative cannabis-derived wellness products.

Definition:
The CBD Products market encompasses products derived from the cannabis plant that contain Cannabidiol (CBD), a non-psychoactive compound. These products may include oils, tinctures, edibles, topicals, and capsules. They are typically sold in health food stores, pharmacies, online platforms, and specialty CBD stores. These products are consumed for wellness purposes, and depending on the product, can be ingested, applied topically, or inhaled.

Structure:
The CBD Products market includes products used for general wellness, relaxation, and stress relief. The CBD Products market includes various forms of CBD such as oils, edibles, topicals, and capsules.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C).

Cannabidiol (CBD) used for recreational purposes

CBD based medicine holding marketing authorisation
CBD based medicine not holding marketing authorisation

The CBD Products market in North America is experiencing a significant surge in demand and growth.

Customer preferences: Consumers in North America are increasingly drawn to CBD products due to their perceived health and wellness benefits. The shift towards natural remedies and alternative medicine has driven the popularity of CBD-infused products across the region.

Trends in the market: In the United States, the legalization of hemp-derived CBD products under the 2018 Farm Bill has opened up a lucrative market for manufacturers and retailers. The market is flooded with a variety of CBD products including oils, edibles, topicals, and beverages, catering to diverse consumer preferences. Additionally, Canada has established itself as a key player in the CBD market, with a growing number of licensed producers and a well-established regulatory framework.

Local special circumstances: One of the key factors influencing the CBD market in North America is the patchwork of regulations governing the sale and marketing of CBD products. While some states and provinces have embraced CBD products, others have imposed restrictions, creating a complex regulatory environment for businesses to navigate. This regulatory uncertainty can impact market growth and consumer access to CBD products.

Underlying macroeconomic factors: The growing acceptance and legalization of cannabis for both medical and recreational use in various states and provinces have contributed to the expansion of the CBD market in North America. As consumer awareness about the potential benefits of CBD increases, the market is expected to continue its upward trajectory. Additionally, the economic impact of the COVID-19 pandemic has prompted more consumers to explore natural remedies for stress relief and overall well-being, further driving the demand for CBD products.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.