North America Hemp-derived Cannabidiol Market Size, Share & Trends Analysis Report By Product Type (Hemp-derived CBD Isolate, Hemp-derived CBD Distillate, Hemp-derived CBD Terpenes), By End-use, And Segment Forecasts, 2020 - 2027
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Hemp-derived Cannabidiol Market Size, Share & Trends Analysis Report By Product Type, By End-use And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05999607/?utm_source=GNW
North America Hemp-derived CBD Market Growth & Trends
The North America hemp-derived cannabidiol market size is expected to reach USD 16.1 billion by 2027. It is expected to expand at a compound annual growth rate (CAGR) of 27.7% over the forecast period. Growing awareness and adoption of cannabidiol (CBD) for various health conditions are the key factors driving the growth of this market. The liberalization of laws related to hemp cultivation by North America countries is further increasing its adoption.
Based on product type, hemp-derived CBD distillate dominated the market with a share of 58.5% in 2019. The large share is attributed to factors such as high consumption of cannabidiol distillate in various applications due to its wellness and therapeutic uses. Also, encouraging government reforms regarding its utilization is increasing the adoption of these products. Furthermore, the hemp-derived CBD terpenes segment is expected to grow at the fastest CAGR over the forecast period. Rising awareness and additional health benefits provided by terpenes are expected to propel the demand for cannabidiol terpenes over the forecast period.
In 2019, based on end-use, personal care, and cosmetics accounted for the highest revenue share owing to the growing application of hemp-derived cannabidiol in personal care and cosmetic products.On the other hand, the food and beverage segment is expected to grow at the highest CAGR over the forecast period.
The legalization of cannabidiol-infused edibles, coupled with increasing awareness regarding the health benefits of CBD, is one of the major factors driving the growth of this segment.
The U.S. dominated the North America market, with a revenue share of 82.4% in 2019. Increasing awareness about cannabidiol benefits, growing consumer preference towards such products, supportive government reforms, and favorable climatic conditions are some of the key factors fueling the market growth. Mexico is expected to exhibit a lucrative CAGR over the forecast period owing to rising awareness regarding CBD based products and their utilization.
North America Hemp-derived CBD Market Report Highlights
• The is anticipated to be valued at USD 16.1 billion by 2027, owing to growing awareness and adoption of cannabidiol for various health conditions
• The hemp-derived CBD distillate segment dominated the market in 2019, owing to the high product consumption for wellness and medicinal purposes
• The personal care and cosmetics segment dominated the market in 2019, owing to the growing application of hemp-derived CBD in various personal care and cosmetic products
• The U.S. dominated the market with a revenue share of 82.4% in 2019, owing to increasing awareness about hemp-derived cannabidiol benefits and growing consumer preference for such products
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