In the past few years, CBD has started getting more and more attention. CBD has certain properties that people seek – as a result, many individuals are interested in it. Only in 2018, the global CBD market grew to as much as $4.6 billion. Then, in 2019, it increased to $7.1 billion. It grew even more in 2020, and most probably, 2021 will make no exception.

Even though cannabis didn't have an excellent reputation in the past, people are learning about the benefits it can bring and are more interested in buying their own CBD products. Now, CBD is everywhere, as the popularity grew considerably. CBD is found in different forms, not only in oil form. You can now find makeup, bath bombs, gummies, and more that contain CBD. 

With that being said, how much did the CBD market grow so far in 2021? Let's find out. 

What makes the CBD market so successful?

As mentioned, the CBD market has skyrocketed in recent years, and it's expected to grow even more this year and in the years to come. This is because there is an increasing number of people who are interested in CBD products. 

Now, why is that? What caused people to change their mind and not look at cannabis-based products like they're the embodiment of evil? The reason is the fact that people have more access to information now, thanks to the Internet. They can look up anything and find out the benefits that CBD can bring into their life. On top of that, more CBD experts now go into detail about the benefits of this compound. 

So, as a result, people are looking for CBD products for wellness or medical reasons. CBD is known to have certain health benefits, while the side effects are low. Users who get positive results are sharing their stories, prompting even more people to try CBD. As a result, the CBD market is thriving. 

CBD legalization started the growth

The numbers wouldn't have been possible without the legalization of CBD. Since it became legal in certain places, people are more confident to try it without worrying about being possibly punished if their whereabouts are discovered. 

CBD became legal back in 2018 in the United States, Canada, and some other parts of the world. But America was not the first to legalize it; some did it even sooner than that. 

Certain laws in the U.S. say that the plants should not contain more than 0.3% THC. Meanwhile, the EU amount has a 0.2% limit. 

Where is the most significant market share?

North America was in the lead in 2018 when it came to the market share. This includes Canada and the United States. They had the largest market share, and the legalization might be one of the reasons for that. 

Overall, the largest share of the market has been captured by North America, which also had a lot of REDACTED sales in 2019. 

Statistics of CBD in America

According to a SingleCare report from 2020, 33% of American adults have used CBD at least one time. According to the Food and Drug Administration, all hemp-derived CBD products should have no more than 0.3% THC to be legal in all 50 states. 

According to JAMA Network, CBD searches on the Internet saw an increase of 160.4% from 2017 to 2018. SingleCare declared that 42% of uses in America are for insomnia, 49% are for anxiety, and 64% are for pain relief. These are also the most common uses of the compound. 

CBD growth so far

Canopy Growth is one of the stocks that are at an all-time high. It has the best growth since 2019. It has the biggest worth, as its value sits at $12.7 billion on the market. Not to mention that during the reports given in November last year, the company said they want to channel products through the U.S. infrastructure. Of course, this would happen when the U.S. laws make it possible. The company's Canadian shops also grew in number, and Canada's market share increased as well. 

On January 14, another stock that had an increase was Alpharia. On top of that, Alpharia and Tilray planned to merge in December, with the merger being $3.9 billion. As a result, they want to make the biggest multinational weed company by revenue. 

Innovative Ind Prop stocks grew as well. IIPR purchases different properties from individuals who grow pot, and afterward, they lease these properties back. They can raise a lot of capital as a result. Not to mention that they plan on buying even more properties. 

Cronos Group also saw some growth, especially after there have been changes at the top, with Kurt Schmidt becoming the new CEO. Meanwhile, Mike Gorenstein became executive chairman. 

In the last six months, at least one in four CBD users entered the category, and as for new users, there were nine million new CBD users. This information comes from a High Yield Insights research. On top of that, more than three longer-term users of CBD tried at least one of the new formats of CBD products in the last months. This is an estimated amount of 13.4 million adult consumers.

Within the same period, around 46% of long-term users of CBD also tried new product formats due to the stress and anxiety related to COVID.

Growth expectations

Experts expect the CBD market to grow even more in 2021 and in the following years. According to a report by the Brightfield Group, the market might reach $22 billion by 2022, and that's only for the U.S. Furthermore, the Global CBD Oil Market alone is expected to grow at 38.4%. 

Final thoughts

The CBD market has grown a lot, and it may grow even more since there is such a variety of CBD products out there. If you're interested yourself, click here to buy your own CBD-based products.