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The CBD market has been on the rise recently. With a market size of almost $12 million as of 2024, expected to grow to over $122 million by 2031. There is a shift in priorities in regards to the application of CBD, whereas the base product production is remaining steady. Online stores have almost 50% of sales, with North America leading the market with 40-45% market share.

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Which base product to buy

CBD oil has been and remains the main form of CBD, holding 40% of the market. Due to its ease of application to other products. This should stand as the primary form of CBD for the foreseeable future.

CBD Isolates are for more specialised products that are high-purity or zero THC. They hold 30% of the market due to their usage in regions with stricter regulations or for products that need precise doses.

CBD concentrates are exclusively for high-potency products, mainly in the health and wellness industry. They are used for faster and stronger relief, but due to their niche market only hold 20% of the market.

 

How to apply it?

The food and beverage sector is pushing ahead with infusions into teas, energy drinks, and baked goods, holding about 40% of the market. 

Followed closely by the pharmaceutical sector, offering treatment for neurological and psychological disorders, holding about 35% of the market.

The cosmetics sector is slowly increasing, with skincare products being infused with CBD in high-end markets, holding about 25% of the market.

The pet care sector is on the rise, but it has not found its own foothold in the industry. It is something worth looking out for in the future.

 

Where to sell it? 

Online retail far outshines all the others. With 45% of sales going through online stores, it is the clear option. It is easier to offer a wider range of products, and you can offer home delivery, so it is easier on the customer.

Healthcare stores come in second with 25% of the market, as they can offer in-store consultation. Furthermore, there is an increase in customer confidence when buying in person, this helps in this developing market.

 

What are the biggest markets?

North America has, by far, the biggest market share of 45% due to looser regulation and the larger industry companies with their bases there. This is furthered by research and development facilities also basing themselves in North America. 

Europe has a 30% market share that is growing with the increase in countries that are putting regulations for medical use. This is continuing to grow with recreational legislation coming in and softening public opinion. 

Asia-Pacific is slow on the uptake of accepting CBD products, but it is the next closest with 20% market share. There is growing consumer education, but the regulatory bodies have not fully opened up to the idea.

 

What to look out for

The main driver in the CBD industry is regulation. Due to its muddied history, there is still slow adoption across some countries. CBD products can be severely bottlenecked by this. Due to the industry being in its youth, there is not as much clinical research to calm some of the nerves about the products. This is likely due to the limitations of financial services to invest in the CBD industry. On the other hand, this does leave the industry wide open to expansion when regulation loosens. 

 

What does this mean for you?

Overall, the best options are to sell food and beverage products online in North America that are made with CBD oil. Looking forward, the Asia-Pacific market will benefit from in-person healthcare stores that sell cosmetic products made from CBD isolates. To sell products with more precise dosages in a market that is only just accepting CBD will garner the most customer confidence.

If you want to start your journey into the CBD sector or advance your CBD business further, come to White Label World Expo. We have leaders in the CBD industry who can source products for you and educate you on the upcoming trends in the market. 

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