Introduction
Cannabidiol is everywhere: CBD-infused products: beers, gummies, chocolates and marshmallows; lotions to rub on aching joints; oils to swallow; vaginal suppositories for soothing and so on.
CBD products have been made legal in most of the U.S states and they are easily available for use.
In 2018 Brightfield estimated that the total CBD market sat at around $591 million and is set to grow 40 times to $22 billion by 2022.
This makes CBD one of the fastest growing industries on the planet – with Baby Boomers being the primary consumers. Reuters estimates that the US dominates with 78% of the global CBD market, while studies show that 7% of the US population reports using CBD frequently.
CBD chocolates contain super refined cannabidiol and come in different strengths. In fact, CBD has become so popular in food that 77% of US chefs believe CBD-infused food will be huge in 2019
Table of Contents
Market Overview
The value of the total CBD market was $591 million in 2018 and is set to grow 40 times to $22 billion by 2022.
Cannabidiol is one of the main cannabinoids extracted from the hemp or from marijuana, which is primarily found in the Cannabis Sativa plant.
The Asia Pacific market is anticipated to witness the fastest growth over the forecast period owing to the setup of hemp manufacturing plants, especially in China.
Key Trends
CBD chocolate making companies are forming partnerships with Companies that have more access, a stronger distribution network and those that have existed for a while.
CBD gummies are going to be more popular than ever, and demand is expected to surge.
Solid edibles, which includes CBD chocolate, make up 90% of CBD sales. This staggering number is a testament to the popularity of CBD chocolate, which will continue into the future
Key Market Players
Growth Drivers and Challenges
One major factor for the growth of CBD infused chocolate market is the growth of the chocolate industry, overall.
CBD chocolate is being bought by people who are fond of the flavor of chocolate while who also believe in healthy eating.
CBD chocolate is also being preferred by those people who want to avail the health benefits of CBD while don’t want to have any inconvenience during consumption. Hence instead of using oils, etc, customers now prefer chocolate bars that they can easily gulp down.
Increasing awareness about the therapeutic benefits of cannabidiol has influenced people to buy CBD based products, irrespective of their cost.
Despite the opportunities, there are some challenges that remain. The presence of stringent regulations and the high cost of CBD products are some of the major factors restraining the growth of the market for cannabidiol. Moreover, the absence of legalization programs in several Asian and African countries is another key factor impeding the growth of the CBD market.