The United States and Canada will continue to dominate the worldwide cannabidiol (CBD) market over the next three years, according to a new study published by London, UK-based analytics firm Technavio.
The two North American countries will account for 53% of future growth in the global market through 2025, Technavio said. The rising number of countries decriminalizing and legalizing CBD products will drive additional market growth for CBD producers in those countries, but the U.S. and Canada remain best poised with mature production capabilities to meet increasing demand worldwide.
Technavio projected growth of the global CBD market to increase by 22.5% through 2025, when CBD sales are forecast to hit US$28.7 billion.
But CBD market growth will also face challenges, such as perceptions that many CBD products are priced too highly. Technavio also highlighted fragmentation in the worldwide CBD market brought about by different regulatory requirements across geographies, as well as a hodgepodge of organic and inorganic growth strategies being followed by various CBD vendors.
Technavio advised CBD product makers to invest more in the fast-growing segments of the CBD market like edibles, while aiming for more stability in slow-growing segments.
The report draws data from a number of top legal North American cannabis vendors, including Aurora Cannabis of Edmonton, Canada, Canopy Growth of Smiths Falls, Canada, CV Sciences of San Diego, CA, Elixinol of Westminster, CO, Cannoid of Denver, CO, and NuLeaf Naturals of Denver, CO.Advertisement
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