The North American Cannabidiol Market size is expected to grow at a remarkable CAGR of 36.9% between 2022 to 2027 and worth USD 2.01 Billion by the end of 2027. Steady and progressive growth from countries like U.S. and Canada has helped North America account for most of the share in the global market in 2020.
One of the key factors driving the market's growth in the region is the rising awareness of cannabidiol's health and wellness benefits. CBD nutraceuticals are becoming increasingly popular because they contain multiple amino acids, making them effective protein supplements. In addition, growing applications in medical cannabis and usage and its acceptance among the people in developed countries such as the United States and Canada is projected to increase the growth of the North America Cannabidiol Market. Cannabidiol is the most extensively utilized cannabinoid for medicinal purposes due to its absence of psychoactive effects. Consumers are looking for more natural and effective supplements and medicines that will meet all of their nutritional needs, which will help these products gain traction. However, increasing the legalization of cannabis across the North American region is more likely to augment the North American CBD Oil Market growth. Plant-based ingredients are becoming more popular among consumers, particularly in dietary supplements and sports nutrition.
Cannabidiol oil is utilized in various medicinal applications, including anxiety and depression therapy, stress reduction, diabetes prevention, pain reduction, cancer symptom reduction, and inflammation alleviation. Due to a rising number of people promoting the advantages of cannabidiol, it has become the newest consumer craze. Apart from the pharmaceutical and food and beverage sectors, cannabidiol is extensively accepted in the personal and skin care industries. The North America CBD Oil market is expected to develop rapidly over the projected period, owing to the increased acceptance of CBD-based products to cure diseases. Owing to the cannabidiol's outstanding restorative, anti-aging, and anti-acne characteristics, the popularity of cannabidiol-based skincare products is projected to surge. Many firms use CBD oils to treat a variety of skin disorders and decrease inflammation.
The complex regulatory structure for the usage of cannabis is one of the major factors restraining the growth of the North American Cannabidiol Market. However, Companies offering cannabis and cannabis-infused products must comply with different regulatory guidelines, which is expected to be the growth restraining factor for the market growth.
U.S. Cannabidiol Market:
The U.S. Cannabidiol market size is forecasted to grow at a remarkable CAGR of 39.48% between 2022 to 2027. The medical benefits of cannabidiol in treating various diseases such as Alzheimer's and depression are majorly accelerating the U.S. CBD market. Additionally, Y-O-Y growth in the aging population in the United States and growing healthcare expenditure further favor the U.S CBD Oil market. to grow. However, high costs associated with CBD products are a significant challenge to the market growth. Companies like Aphria Inc., Aurora Cannabis Inc., Canopy Growth Corporation, Charlotte's Web Holdings Inc., CV Sciences Inc., and Medical Marijuana, Inc. are expected to account for most of the U.S. cannabidiol market share the forecast period.
COVID 19 impact on the North America Cannabidiol Market:
COVID 19 cases are surging, and there is no sign of slowing down until the vaccine is supplied to all people worldwide. Many researchers are developing a drug or vaccine and trying various resources to know which one will be more effective. As of now, government organizations are approving some drugs only for emergency case-patients. To lower the risk of the insidious virus impact, medicinal cannabidiol oil plays an effective role in treating the mild symptoms of the COVID 19. In fact, CBD oil-based medicines are lowering the severity of the symptoms in the patients. For 80% of the population, the coronavirus shows mild symptoms like fever, cold, and cough, but for some people, the severity is worst. Due to the anti-inflammatory properties of CBD oil, it has a high potential to treat the symptoms of COVID 19. Hence, the demand for the North American Cannabidiol Market has grown faster during this pandemic.
This research report on the North America Cannabidiol Market has been segmented & sub-segmented into the following categories:
By Distribution Channel:
By End Users:
Geographically, The cannabidiol market in North America held the dominant shares of the market for the past few years and is expected to grow at a higher rate in the forecast period. Increasing investments in the development of drugs or vaccines in healthcare are fueling the market demand in this region. The rise in the demand for effective product launches from the public greatly influences the market's growth rate.
The U.S. Cannabidiol Market is the highest contributing country for the market. The rise in the consumption of cannabidiol oil for various industries is likely to promote the market's demand. The easy availability of CBD oil-based products online is promoting the growth rate of the market. The U.S. CBD Oil market growth is attributed to the Consumer preference for cannabidiol-based goods expanding, supporting government regulations, the existence of important hemp-growing firms, and suitable climatic conditions. The increased use of cannabidiol-based products owing to the availability of non-psychoactive components is driving market expansion. Furthermore, favorable government regulations and economic development that encourage cannabidiol-based products drive a rising market in the U.S.
The Canadian Cannabidiol Market is next to the US in dominating the shares of the North American Cannabidiol Market. Increasing awareness and growing funds in healthcare by private and public sectors are outraging the market demand in this country. Besides, the increasing prevalence of CBD oil from the food industry elevates the demand of the market.
Companies such as Pharmahemp d.o.o, ENDOCA, NuLeaf Naturals LLC, Folium Biosciences, Elixinol, Cannoid LLC, Medical Marijuana Inc., and Isodiol International Inc. dominate North America Cannabidiol Market
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