Cannabis has been growing in acceptance across nations and CBD (cannabidiol) is a non-psychoactive cannabis extract from flowers, resins, and leaves of hemp or marijuana plant. This safe plant compound is mainly infused with various food products and beverages due to its neuroprotective, anti-inflammatory, and antioxidant features. The world cannabis market prospect with regard to food and beverage is geared towards achieving USD 3411.43 million by 2030 as per the latest study. CBD has emerged as a healthier option for smoking cannabis and the market is swarming with CBD-infused ingestible products in the form of gummies, chocolates, vegan capsules, bakery goods, snacks, tea, and ice cream to name a few.
Trends Emerging In CBD Food And Beverage Market
The growing legalization of recreational cannabis in different countries, like the United States, Mexico, and Canada, is positively affecting the sales of CBD food and beverages. Further, the switchover from smoking cannabis to healthier edible options due to the increasing prevalence of respiratory ailments are fueling the market. Besides this, the increasing adoption of CBD-infused edible products for treating poor appetite, weight loss, nausea, and muscle spasms in cancer patients is expected to fortify the growth of the market.
There is also a constant effort by premium CBD producers on creating organic, vegan, and chemical-free products with botanical composition, which is also fueling the market expansion. Moreover, the demand for broad-spectrum CBD sourced from hemp, CBD gummies for pain management from athletic exertions, and the growing fame of CBD protein bars within the sports community, and fitness buffs are burgeoning the demand for the product. Further, various developments have also brought about the introduction of alcohol-free beer produced using CBD.
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Inferences From The Market Study Of CBD-infused Products
1. The CBD-infused Products Market To Be Dominated By The Hemp Segment
The hemp segment is anticipated to bag the biggest share of the CBD-infused products market in 2021. The growing share of this segment is primarily attributed to its lesser THC concentrations, which reduce or remove its psychoactive effects and elevate hemp-sourced products for different medical applications. Moreover, its anti-aging, anti-inflammatory, antioxidant properties, and great effectiveness of CBD drawn from hemp is a major factor for the big share of this segment. The CBD edibles segment is forecasted to grow at the greatest CAGR during the forecast period.
On the basis of type, the CBD edibles sector is expected to bag the biggest share of the CBD-infused products market in 2021. The big share of this sector is primarily attributed to the rising prevalence of recreational cannabis, growing demand for food infused by cannabis like CBD and THC, increasing adoption of CBD in various verticals like bakery, confectionery, etc., and cannabis consumer are seeking alternatives to smoking cannabis. Moreover, the growing use of CBD edibles to treat psychiatric ailments, neurological ailments, and cancer, together with pain management, is expected to direct the demand for CBD edibles. Nevertheless, it is also anticipated to increase at the highest CAGR during the forecast period. The fast growth of this segment is primarily attributed to the growing social approval of CBD-infused edibles.
2. The CBD-infused Products Market To Be Dominated By The Offline Stores Segment
The offline store’s section is anticipated to form the biggest portion of the CBD-infused products market in 2021. The huge share of this section is primarily ascribed to the idea of purchasing genuine and high-quality products. Nonetheless, the online store division is expected to develop at the highest CAGR in the forecast period. The speedy growth of this section is mainly ascribed to the ease of convenience and quick penetration of CBD-infused products on E-commerce platforms.
3. Fastest-growing Regional Market To Be North America
The region of North America is anticipated to form the largest share of the CBD-infused products market in 2021, followed by Europe, Latin America, the Middle East & Africa, and Asia-Pacific. The extensive share of this region is mainly ascribed to the ease of accessibility, technological developments in CBD-infused products processing and production, a huge base of CBD consumers, altering notions concerning CBD consumption for medical as well as recreational purposes, increasing awareness concerning different medical advantages of CBD among users, and growing investments for major players. The U.S. is expected to rule the North American market through 2028, primarily due to the rising R&D expenditures on CBD and growing consumer spending on CBD-infused products. Nonetheless, it is also anticipated to experience the quickest growth during the forecast period.
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Key Market Segmentation
An analysis of the main trends is provided by IMARC Group in each sub-segment of the global CBD food and beverage market report, together with forecasts at the regional and global levels from 2022-2027. Their report has designated the market on the basis of origin, product type, and distribution channel.
Breakup By Origin
- Hemp Derived
- Marijuana Derived
Breakup By Product Type
- Bakery Products
- Cereal Bars
- Ice Cream
Bakery products presently account for the majority of the market share due to the growing demand for CBD-infused food products.
Breakup By Distribution Channel
- Specialty Stores
- Supermarkets and Hypermarkets
- Convenience Stores
Specialty stores form the majority of the global market proportion.
Global CBD-Infused Beverages Market
Global CBD-Infused Beverages Market Expected To Touch $1,018.3 Million by 2025.
- Health Benefits Connected With CBD-Infused Beverages
- Rising Demand And Growing Legalization of Cannabis
- Growing Approval of CBD-Infused Drinks by Consumers and Legalization In Different Sports
- The growth in the legalization of medical cannabis and its by-products by countries during the last decade has hugely altered the CBD-infused beverages industry. CBD comprises the non-psychoactive compound of the cannabis plant, which is also involved in treating different health conditions, like depression, anxiety, and mood upliftment. Following the legalization of CBD in sports by the World Anti-Doping Agency (WADA), the industry has been exposed to a huge opportunity due to CBD’s benefit in treating pain and inflammation.
- Producers are actively engaged in inventing new products to serve various consumer categories, like sportsperson, general use, medicinal purposes, and the ever-altering consumer taste. Numerous alcoholic and carbonated drinks giants are also displaying interest in the emerging industry and made substantive investments in building their product ranges. Consequently, the industry is experiencing a boom with rising customer knowledge and demand for products, and constant investments in product inventions.
- CBD-infused food and beverages are establishing a new trend in the food and wellness industries. These nutritious drinks have bagged a powerful position in the food and beverage industry. Despite the hurdles concerning the legalization and control of CBD products, CBD drinks have experienced global acceptance due to their advantages. A few of the factors accountable for molding the CBD beverage industry’s future shifting customer tastes, awareness, product innovations, and applause for these drinks.
- Growing health concerns, like depression which affected 264 million people as of 2019, and anxiety, have also driven the demand for cannabis-based products that have displayed positive reactions in the therapy of conditions. CBD has also gained popularity for mood improvement, pain relief, and relaxation. Consequently, people have begun drinking CBD-infused beverages in their daily lives, thereby enhancing market growth.
- The industry is encountering a few challenges concerned with marketing the product as dietary supplements across different regions. Nevertheless, the constant research and development for the manufacture of healthier versions of CBD beverages will reveal further avenues for the CBD-infused drink industry.
- The market is sectioned on the basis of the legal landscape, product type, and region. Each of these sections encloses the snapshot of the market during the projected years, the tendencies of the market revenue, basic patterns, and trends by employing analytics on the primary and secondary data acquired.
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Competitive Landscape Of The Beverage Industry
The exponential growth in the acceptance of CBD-infused beverages on the international level had driven companies to invest in this industry. Numerous global companies that provide various types of alcoholic and non-alcoholic drinks also provide CBD-infused beverages.
Based on region, North America acquires the biggest share of CBD-infused beverages vended in terms of value, due to growing demand for cannabis-related products, concerns toward wellbeing and health, and legalization of marijuana for both recreational and medical purposes in the region. Besides this, Japan, Australia, and the U.K. are expected to develop at the fastest CAGR during the forecast duration of 2020-2025.
A globally-renowned CBD brand sourcing its products from organic hemp and growing its proprietary strains in in-house Colorado farms is Hemp Depot Co. They follow the best manufacturing practices and they maintain the highest standards regarding purity with the whole of their bulk and wholesale CBD products being third-party lab tested.
Conclusion On CBD Food And Beverage Market
There are thrilling times awaiting in the CBD food and beverage market sector as CBD-infused items increasingly become a natural part of the market. Some trends will grow, and others will fail to achieve results, but it is the suppliers who acquire and keep the trust of their customers who will thrive. Faith in the product, the manufacturing process, security of supply, and the labeling are key elements in the association between supplier and customer. The global cannabidiol market is projected to increase from $3,675.1 million in 2021 to $55,791.3 million in 2028 at a CAGR of 47.49% between 2021 and 2028.