The global market for the CBD Consumer Health is anticipated to develop at a compound annual growth rate (CAGR) of 24.1% throughout the course of the forecast, to reach USD 37602.7 Million by 2028.
The global CBD consumer health market was valued at USD 8.5 billion in 2019 and is expected to grow at a CAGR of over 20% in the forecast period. Strong government reforms to legalise cannabidiol (CBD) in different regions are the leading factor attributed to growth. Given high awareness of the medical benefits, CBD consumer products are gaining significant popularity. In addition, due to the legalisation of cannabis in different nations, the market for hemp-derived CBD goods is growing globally.
Due to its health advantages and non-narcotic effects, cannabidiol has become relatively popular in nutritional supplements. It allows patients to acquire the health benefits of cannabis without intoxication, unlike tetrahydrocannabinol ( THC). People agree that CBD supplements provide more natural options for relieving stiffness, discomfort, anxiety , tension, and other medical problems relative to prescription or over-the-counter medications. Owing to the low concentration of THC, hemp-derived CBD is a favoured choice for producers.
In different countries, such as the U.S. , Canada, China , India, the U.K., and many European countries, the existence of favourable laws on hemp production has supported the market for CBD goods extracted from hemp and helped these countries raise exports.
Key vendors in the market include Elixinol Global Limited, ENDOCA, NuLeaf Naturals LLC, Kazmira, Charlotte's Web, Joy Organics, Lord Jones, Medical Marijuana Inc, CV Sciences Inc, and Isodiol International Inc.
CBD Consumer Health Market Scope
|Revenue forecast in 2028
|USD 37602.7 Million
|CAGR of 24.1% during 2018-2028
|By Product Type, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Elixinol Global Limited, ENDOCA, NuLeaf Naturals LLC, Medical Marijuana Inc, CV Sciences Inc, Isodiol International Inc., Kazmira, Charlotte's Web, Joy Organics, Lord Jones.
Key Segment Of The CBD Consumer Health Market
By Product Type,(USD Million)
• Medical OTC Products
By Distribution Channel,(USD Million)
• Online Stores
• Retail Stores
• Retail Pharmacies
Regional Overview, (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The most recent consumer trend has been cannabidiol. Any of the key factors influencing pharmaceutical demand are the growing number of benefits of cannabidiol in different health applications and the promotion and promotional strategies pursued by industry players. Consequently, the growth in product choice, such as skin creams, pain relievers, edibles, liquids, ointments and many other products, is also pushing the consumer of CBD in the market.
Furthermore, the awareness of the health benefits of CBD-infused items has contributed to an rise in the amount, regardless of the cost, of people able to consume these products. Because of the higher profit margin and rising demand, the mainstream retailers historically interested in the sale of non-CBD goods are focused on selling CBD-based products.
The aim of key players is to expand their regional reach and to absorb other minor players, which will help to achieve a good market position. For example, in 2019, Canyon LLC, a leading cannabis producer based in Colorado, was purchased by the U.S.-based corporation called Medicine Man Technologies. This purchase is supposed to be helpful for Medicine Man Technologies in acquiring Canyon 's goodwill to expand market share in Colorado.
The global market has been segmented on the basis of product and distribution channel. On the basis of product, the market has been divided into Nutraceuticals and Medical OTC Products. On the basis of distribution channel, the market has been divided into Retail Pharmacies, Retail Stores, and Online. In 2019, nutraceuticals segment accounted for majority of the market. The key drivers driving growth are growing market understanding of the health benefits of cannabidiol, shifting consumer tastes for organic ingredients in dietary supplements, and favorable regulatory changes surrounding CBD.
In addition, the category of nutraceuticals is projected to grow over the forecast timeframe at the quickest CAGR. This is due to the growing acceptance in numerous applications such as weight loss, sports nutrition, and fitness and wellbeing of CBD infused nutraceutical items. In addition, the rising number of companies entering the room for CBD nutraceuticals, attractive investment prospects and a growing customer base are expected to boost demand for these goods at a considerable rate over the forecast period.
On the basis of region, the global market is classified into North America, Europe, Asia Pacific, Central & South America, and Middle East and Africa. As of 2019, North America's CBD consumer health industry accounted for the dominant share compared to other regional markets, and is projected to retain its domination throughout the forecast period. Furthermore, increased use, increased recognition of their health benefits, increased popularity for food and health goods dependent on CBD, and the passage of the 2018 Farm Bill, the legalisation of hemp cultivation and the manufacture of hemp products in the U.S. are some of the key factors driving demand in North America.
In addition, during the projected timeframe, Europe is expected to see the highest CAGR, due to growing market perception and a favorable outlook towards CBD and its goods and the strategic investments of the major corporations operating in Europe. In addition, cannabidiol oil is gradually being used in countries such as Switzerland, Germany and the United Kingdom, which is projected to boost the regional demand. European cannabis users are accepting CBD edibles and topicals, according to a survey released by Frontier Financial Company, Inc.