CBD-infused products market is expected to grow at a CAGR of 48.1% from 2020 to reach $165.7 billion by 2027. This market is majorly driven by factors such as rising demand and increasing legalization of cannabis, growing application of cannabis in cancer, and health benefits offered by cannabis-infused products. Moreover, the usage of cannabis in pet food and increasing demand for cannabis-infused drinks provide significant opportunities in this market. However, the high cost associated with CBD and stringent government regulations against cannabis in certain countries obstructs the growth of this market to some extent. The major ill effects on health due to over-consumption of CBD are major challenges for the growth of the CBD-infused products market.

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The CBD-infused products market is mainly segmented based on source, type, distribution channel, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on source, the CBD-infused products market is mainly segmented into hemp and marijuana. The hemp segment is accounted for the largest share of the overall CBD-infused products market in 2020. The large share of this segment is mainly attributed to its lower THC concentrations, which decrease or eliminate its psychoactive effects and increase hemp-derived products for various medical applications. Also, its anti-inflammatory, anti-aging, antioxidant properties, and high effectiveness of CBD extracted from hemp is a key factor for the large share of this segment.

Based on type, the CBD-infused products market is segmented into CBD edibles, CBD oil and extracts, CBD personal care products, CBD smoke & vape products, CBD supplements, CBD pet products, and other CBD products. The CBD edibles segment accounted for the largest share of the overall CBD-infused products market in 2020. The large share of this segment is mainly attributed to the growing popularity of recreational cannabis; increasing demand for food infused by cannabis such as THC and CBD; and rising adoption of CBD in different verticals such as confectionery, bakery, etc. Also, the increasing use of CBD edibles to treat psychiatric disorders, neurological disorders, and cancer and pain control is expected to drive the demand for CBD-edibles.

Based on type, the CBD-infused beverages market is segmented into non-alcoholic beverages and alcoholic beverages. The non-alcoholic beverages segment accounted for the largest share of the overall CBD-infused beverages market in 2020. The large share of this segment is mainly attributed to the increasing product demand from newcomers and rising demand for wellness drinks among consumers. However, the alcoholic beverages segment is expected to grow at the highest CAGR during the forecast period.

Based on type, the CBD-infused personal care products market is segmented into skincare products, haircare products, deodorants and perfumes, and other personal care products. The skincare products segment accounted for the largest share of the overall CBD-infused personal care products market in 2020. The large share of this segment is mainly attributed to its antioxidant property, which reduces the pain of inflammatory skin and helps prevent aging signs problems. However, it is also expected to witness significant growth due to its various benefits, such as improved sleep. It helps in the treatment of various skin conditions, such as eczema and psoriasis.

Based on distribution channel, the CBD-infused products market is segmented into offline and online stores. The offline stores segment accounted for the largest share of the overall CBD-infused products market in 2020. The large share of this segment is mainly attributed to the perception of purchasing authentic and good quality products. However, the online stores segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the ease of convenience and rapid penetration of CBD-infused products on E-commerce platforms. Also, the availability of CBD-infused drinks on leading online platforms is playing a crucial role in the CBD-infused products market.

Based on Geographically, the North America region accounted for the largest share of the CBD-infused products market in 2020. The large share of this region is primarily attributed to the ease of accessibility, technological advancements in CBD-infused products production and processing, a large base of CBD consumers, changing perceptions towards CBD consumption for both medical and recreational purposes, growing awareness regarding various medical benefits of CBD among users, and increasing investments from leading players. The U.S. is expected to dominate the North American market through 2027, mainly due to the increasing R&D expenditures on CBD and rising consumer spending on CBD-infused products.

The Impact of COVID-19 on the CBD-infused Products Market

The COVID-19 pandemic has severely impacted many economies around the globe. As a measure to control the spread of this disease and to avoid its associated consequences, governments across the globe have announced partial or complete lockdowns, majorly impacting many industries. Still, the cannabis industry is having a breakthrough moment. Since it is beneficial for COVID-19 respiratory effects, state and local governments are gradually accepting the value and benefits of medicinal cannabis. Thus, this factor is expected to boost the demand for CBD-infused products.

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Key Findings in the CBD-infused Products Market Study:
The hemp segment dominated the CBD-infused products market in 2020
The hemp segment accounted for the largest share of the CBD-infused products market in 2020. The large share of this segment is mainly attributed to its lower THC concentrations, which decrease or eliminate its psychoactive effects and increase hemp-derived products for various medical applications. Also, its anti-inflammatory, anti-aging, antioxidant properties, and high effectiveness of CBD extracted from hemp is a key factor for the large share of this segment.

The CBD edibles segment is projected to grow at the highest CAGR during the forecast period
Based on type, the CBD edibles segment accounted for the largest share of the CBD-infused products market in 2020. The large share of this segment is mainly attributed to the growing popularity of recreational cannabis, increasing demand for food infused by cannabis such as THC and CBD, rising adoption of CBD in different verticals such as confectionery, bakery, etc., and cannabis consumer are looking for alternatives to smoking cannabis. Also, the increasing use of CBD edibles to treat psychiatric disorders, neurological disorders, and cancer, along with pain control, is expected to drive the demand for CBD edibles. However, it is also expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing social acceptance of CBD-infused edibles.

The offline stores segment dominated the CBD-infused products market in 2020
The offline stores segment accounted for the largest share of the CBD-infused products market in 2020. The large share of this segment is mainly attributed to the perception of purchasing authentic and good quality products. However, the online store segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the ease of convenience and rapid penetration of CBD-infused products on E-commerce platforms.

North America to be the Fastest-growing Regional Market
The North America region accounted for the largest share of the CBD-infused products market in 2020, followed by Europe, Latin America, the Middle East & Africa, and Asia-Pacific. The large share of this region is primarily attributed to the ease of accessibility, technological advancements in CBD-infused products production and processing, a large base of CBD consumers, changing perceptions towards CBD consumption for both medical and recreational purposes, growing awareness regarding various medical benefits of CBD among users, and increasing investments from leading players. The U.S. is expected to dominate the North American market through 2027, mainly due to the increasing R&D expenditures on CBD and rising consumer spending on CBD-infused products. However, it is also expected to witness the fastest growth during the forecast period.

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Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the industrial wastewater treatment market over the last four years (2018-2021). The key players profiled in the CBD-infused products market are Canopy Growth Corporation (Canada), Aphria, Inc. (Canada), Aurora Cannabis Inc. (Canada), Docklight Brands, Inc. (U.S.), Maricann Inc. (Canada), Tilray, Inc. (Canada), GW Pharmaceuticals plc (U.K.), VIVO Cannabis Inc. (Canada), Cresco Labs, Inc. (U.S.), Tauriga Sciences, Inc. (U.S.), MariMed Inc. (U.S.), CV Sciences, Inc. (U.S.), Puration, Inc. (U.S.), Kona Gold Solutions Inc. (U.S.), Bhang Inc. (U.S.), DT Brands & Co (N.I.) Ltd. (U.S.), Forest Coffee Trading Co. (U.S.), G&Juice (U.S.), Honeydrop Beverages Inc. (U.S.), and Elixinol Global Limited (Australia).

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