CBD Products - United States | Statista Market Forecast

Revenue in the CBD Products market in the United States is forecasted to hit US$2.58bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.20%, leading to a market volume of US$2.55bn by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$18.29 are generated concerning the total population figures.
The United States is experiencing a surge in demand for CBD products, reflecting a growing trend towards natural wellness solutions in the cannabis market.

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

In recent years, the CBD Products market in the United States has experienced significant growth and evolution.

Customer preferences: Consumers in the United States have shown a growing interest in natural and alternative health remedies, leading to an increased demand for CBD products. There is a shift towards wellness and self-care, with many individuals seeking out CBD products for their potential health benefits.

Trends in the market: One notable trend in the CBD Products market in the United States is the diversification of product offerings. Companies are introducing a wide range of CBD-infused products, including skincare items, beverages, pet treats, and more. This diversification is catering to different consumer needs and preferences, driving further market growth.

Local special circumstances: The United States has a complex regulatory environment surrounding CBD products, with varying laws at the state and federal levels. This has created challenges for businesses operating in the market, leading to a fragmented landscape. Additionally, the presence of well-established wellness and beauty industries in the U. S. has influenced the marketing and distribution strategies of CBD product manufacturers.

Underlying macroeconomic factors: The growing acceptance and legalization of cannabis for medical and recreational use in several states have contributed to the expansion of the CBD market in the United States. Economic factors such as increasing disposable income and a focus on health and wellness have also played a role in driving consumer spending on CBD products. Moreover, the competitive landscape and presence of key players in the market have fostered innovation and product development to meet the evolving needs of customers.

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.