The “Global Cannabidiol (CBD) Oil Industry Report 2020” report has been added to ResearchAndMarkets.com’s offering.
The global CBD market is anticipated to grow at a strong rate over the forecast period owing to the growing adoption of CBD-based products for treating various medical conditions.
Thanks to its rise in popularity, CBD has now crossed the boundaries into industries such as pharmaceuticals, food and drink, and cosmetics. Because it has grown so fast, there have been numerous headlines and stories in the main stream media, which has led to lots of analysis and even forecasts about future growth patterns.
Current landscape
By looking at where the market currently is right now, researchers are able to see where it will go in the future. With CBD and THC have two very different functions, the type of products that make sense for one, do not necessarily transfer over to the other. When looking to the future, it is important to consider how dispensary channels and free market channels will interact in order to assess if purchases of CBD products in one is incremental to the other.
Being able to accurately predict where the market is heading is not necessarily an easy thing to do given the fact that most CBD products that are sold within the general market are done so through distribution channels that are in no way tracked. With ecommerce and dispensaries dominating sales of cannabinoids right now, this will shift within the next five years.
Future expectations
One such report suggests that the market in the United States alone will pass the $20 billion mark by the year 2024. This more recent forecast is up on another similar piece of work conducted by a large investment bank that suggested that by 2025, the CBD market would be worth closer to $15 billion.
Each of these forecasts take into consideration cbd oil for pain etc. being sold through dispensaries that are officially licensed, the pharmaceutical industry, and through general retail, i.e. pharmacies, smoke shops, cafes, and even grocery stores. However, the research suggests that the vast majority of sales will actually come through general stores rather than specialist cannabis dispensaries.
This is not that difficult to believe given the fact that cannabis has now so widely become part of most societies within the Western world, through acceptance of its benefits and through legalization within certain states in America.
Other sales routes
As previously touched upon, there will be other sales routes that customers will purchase CBD oil, such as penguin cbd, through. The research identified that the yearly growth rate will be around 49 % by the year 2024, across every single distribution channel. With the CBD market being combined with the market for THC products, it is estimated that the total will be worth around $45 billion for all cannabinoids come 2024.
This is based on the fact that since 2014, the sale of CBD products through licensed dispensaries has grown at a considerably fast rate. This is backed up by a growing consensus (66 % of people) who believe that cannabis should be fully legalized within the United States at federal level. Those people who do consume CBD oil and other products are typically aged around 40, are well educated, in full time employment, and so have a good amount of disposable income to spend.
