The North American Cannabidiol Market size is expected to grow at a remarkable CAGR of 36.9% between 2023 to 2028 and be worth USD 2.76 Billion by the end of 2028 from USD 0.57 billion in 2023. 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 2022.
Increasing cannabidiol demand in healthcare and fitness is the primary factor driving the North American Cannabidiol market growth.
Due to the increasing benefits of cannabidiol drugs, many people in North America prefer to take cannabidiol drugs for anxiety, seizures, and cancer symptom relief. In addition, to increasing consciousness of their health, people prefer daily workouts to reduce the chances of heart attack, obesity, and diabetes. As a result, most people work out after taking the cannabidiol-related drug to reduce stress, improve oxygen delivery and reduce pain and inflammation after the workout. Additionally, it also helps to spend more time in the gym and make the body fit by providing energy.
Increasing advancements in the manufacturing of cannabidiol drugs are the other reason for market growth.
Manufacturers are focusing on developing a different form of cannabis that the government legalizes. The manufacturers are also focusing on developing skin care products due to the increasing number of skin problems among Americans. Several cosmetic companies also show interest in manufacturing cannabidiol cosmetic products, which demand market growth. Cannabidiol products were available in different forms, such as oils and lip balm, and edible products, such as coffee, baked products, chocolate, and candies. Increasing government investment, reimbursement policies, and raw material production are the other reasons for the market growth.
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 high cost of cannabidiol products and the unavailability of cannabidiol drugs in a few areas are the major factors restraining North America's market growth.
In addition, side effects after using cannabidiol for the long term may challenge the market growth. Some side effects are diarrhea, dry mouth, fatigue, and drowsiness. Furthermore, a lack of awareness about cannabidiol products and the selling of unapproved cannabidiol products in the market also hamper the market growth.
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 North American Cannabidiol market growth.
U.S. Cannabidiol Market:
The U.S. Cannabidiol market size is forecasted to grow at a remarkable CAGR of 39.48% between 2023 to 2028. 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:
North America has the highest market share due to the presence of many key players and the increasing acceptance of cannabidiol-related products. Nearly 26% of Americans are using Cannabidiol drugs as per a survey in the year 2022. People in this region are using cannabidiol drugs to treat heart diseases, acne, joint pains, and autoimmune diseases. Increasing clinical trial centers and manufacturing facilities also help with market growth.
The United States holds the maximum share of the market. Most US people use cannabidiol drugs for arthritis pain. The drug is available in several forms, such as solid, oil, gel, and ointment. In many areas in the United States, cannabidiol is available for medical use under state law. The government has taken several measures to approve a drug based on cannabidiol which does not harm the patient's health. As a result, they focus on the safety and quality of cannabis for medical use.
In the Canadian region, Health Canada is mainly responsible for distributing and selling cannabidiol-related drugs for medical purposes. In addition, Health Canada is a department responsible for helping the Canadian people to improve their health. As a result, cannabidiol drugs must be sold online and offline with the approval of a license from the government; otherwise, the online site or the medical distribution place will be sealed. In addition, increasing farming of cannabis plants in the region by the government to manufacture drugs for various diseases also helps the market growth.
KEY MARKET PLAYERS: Pharmahemp d.o.o, ENDOCA, NuLeaf Naturals LLC, Folium Biosciences, Elixinol, Cannoid LLC, Medical Marijuana Inc., and Isodiol International Inc. are some of the companies which dominate North America Cannabidiol Market
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