US Cannabidiol (CBD) Market Analysis

US Cannabidiol (CBD) Market Analysis


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US Cannabidiol (CBD) Market is projected to grow from $xx Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. Growing consumer demand for CBD products due to increased awareness of their potential health benefits, legalisation efforts in many regions, expanding product applications, increasing awareness and education, shifting consumer preferences toward natural alternatives, favourable regulatory environment, and growing investment and industry support are the drivers for the cannabidiol (CBD) market. CV Sciences, Elixinol LLC, Medterra, NuLeaf Naturals, and Charlotte's Web are global leaders in the Cannabidiol (CBD) market.

ID: IN10USPH253 CATEGORY: Pharmaceuticals GEOGRAPHY: US AUTHOR: Riddhi Solanki

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US Cannabidiol (CBD) Market Analysis Summary

US Cannabidiol (CBD) Market is valued at around $4670.4 Mn in 2022 and is projected to reach $22253.3 Mn by 2030, exhibiting a CAGR of 21.55% during the forecast period 2023-2030.

CBD, derived from the hemp plant, is gaining popularity due to its potential therapeutic properties, which include pain alleviation and anxiety relief. Oils, tinctures, pills, topicals, edibles, and beverages are among the CBD products available on the market. CBD is also finding its way into more skincare, cosmetics, and health products. The availability of many product types and consumption techniques has led to market uptake. Growing consumer demand for CBD products due to increased awareness of their potential health benefits, legalization efforts in many regions, expanding product applications, increasing awareness and education, shifting consumer preferences towards natural alternatives, favorable regulatory environment, and growing investment and industry support are the drivers for the cannabidiol (CBD) market. These factors contribute to the overall growth and market expansion of CBD products by meeting the needs and preferences of people looking for natural cures and alternative wellness solutions. CV Sciences, Elixinol LLC, Medterra, NuLeaf Naturals, and Charlotte's Web are global leaders in the Cannabidiol (CBD) market.

Market Dynamics

Market Growth Drivers

  1. Growing Customer Demand: As people become more aware of the potential health advantages of CBD products, there is a huge increase in consumer demand for them. Consumers are looking for natural and alternative therapies for a variety of health concerns, including pain management, anxiety, sleeplessness, and skincare, which is driving demand for CBD products
  2. Efforts to Legalize CBD: The legalization of CBD in many nations and areas has aided market growth. As legislative restrictions are removed, enterprises will find it easier to develop and sell CBD products, increasing market reach and accessibility
  3. Increased formulation: CBD is being put into a wide variety of products, including oils, tinctures, capsules, sweets, topicals, and beauty items. This product variety appeals to a broader consumer base and fosters market growth
  4. Increasing Knowledge and Education: Increasing awareness of CBD's potential advantages through education and information distribution is driving market expansion. Customers are getting more knowledgeable about CBD's numerous applications and are more eager to try CBD products
  5. Consumer Preferences are Shifting: Consumers are increasingly looking for natural, plant-based alternatives to conventional drugs and therapies. CBD, which is produced from the hemp plant, is popular because it corresponds with this demand for natural and holistic treatments
  6. Favorable Regulatory Environment: Favorable regulatory reforms and growing CBD acceptance in many locations have produced a more favorable environment for CBD enterprises. This facilitates market access, increased product availability, and the expansion of distribution channels
  7. Growing Investment and Industry Support: The CBD industry is attracting significant investment from both established companies and startups. This influx of capital supports research and development efforts, innovation in product formulations, and market expansion

Market Restraints

  1. Lack of Standardization: There are no defined restrictions for product quality, potency, or safety in the CBD sector. This can lead to differences in product quality, making it difficult for consumers to make informed decisions and trust the efficacy and safety of CBD products
  2. Consumer Perceptions and Misconceptions: Because CBD is associated with cannabis, some consumers may still be confused about its psychoactive effects or legality. This can stymie market adoption, especially among more conservative demographics
  3. Supply Chain Challenges: The production of high-quality CBD involves various stages, including cultivation, extraction, and processing. Supply chain challenges such as inconsistent crop yields, quality control issues, and limited access to reliable sources can impact the availability and reliability of CBD products

Competitive Landscape

Key Players

  • CV Sciences
  • Elixinol LLC
  • Medterra
  • NuLeaf Naturals
  • Charlotte's Web

Development in Cannabidiol (CBD) Market Analysis

  1. CV Sciences, Inc. announced the launch of +PlusCBD pain relief topicals in January 2022, with four distinct over-the-counter (OTC) medicines designed to detect the source of mild aches and pains. This product introduction will allow the company to broaden its +PlusCBD product offering
  2. The Valens Company paid almost USD 60 million for Green Roads in June 2021. The acquisition provides The Valens Company with access to the CBD market in the United States via a well-developed network of Green Roads

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

US Cannabidiol (CBD) Market Segmentation

By Product Type

  • Oils and Tinctures
  • Capsules and Pills
  • Edibles (Gummies, Chocolates, etc.)
  • Topicals (Creams, Lotions, Balms, etc.)
  • Vapes and Inhalation Products
  • Others (Beverages, Pet Products, etc.)

By Source

  • Hemp-Derived CBD
  • Marijuana-Derived CBD

By Application

  • Anxiety/stress
  • Sleep/insomnia
  • Chronic pain
  • Migraines
  • Skincare
  • Seizures
  • Joint pain & inflammation
  • Neurological conditions
  • Others

By Distribution Channel

  • Online Retailers
  • Pharmacies
  • Specialty CBD Stores
  • Others

By End User

  • Medical
  • Wellness and Lifestyle
  • Personal Care and Beauty
  • Sports and Fitness
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 27 February 2024
Updated by: Keta Vora

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