Global CBD Consumer Health Market is Likely to Grow at a CAGR Value of 24.10% by 2028

27-Jul-2022 | Zion Market Research

The global CBD Consumer Health market was worth USD 10294.1 million in 2021 and is estimated to grow to USD 37602.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 24.10% over the forecast period. The report analyzes the CBD Consumer Health market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the CBD Consumer Health market.

Cannabidiol has become extremely popular in nutritional supplements, because of potential health benefits and non-narcotic characteristics. Unlike THC, it allows consumers to reap the health advantages of cannabis without becoming intoxicated. In addition, people feel that CBD supplements are more natural than prescription or over-the-counter medications for treating stiffness, pain, anxiety, stress, and other medical ailments. Because of the low THC percentage, hemp-derived CBD is a favored supply among producers. Cannabidiol is the newest consumer trend. Some primary drivers driving product demand include the growing number of benefits of cannabidiol in various health applications and marketing & advertising activities made by market participants. Owing to the demand for CBD consumer health, the global CBD consumer health market is estimated to grow at considerable rate during the forecast period.

Expanding consumer product options, like topicals, analgesics, edibles, oils, tinctures, and many other items, is also propelling the CBD consumer in the health sector. Furthermore, as individuals become more aware of the health advantages of CBD-infused goods, the number of people eager to buy them, regardless of price, has increased. Because of the larger profit margins and increased demand, mainstream merchants selling non-CBD products are now focusing on offering CBD-based products. Strategic actions by leading players are projected to impact the growth of CBD in the consumer health market during the forecast period. However, the lack of alternatives, as well as the high price of CBD products, are constraining market expansion.

Global CBD Consumer Health Market

The global CBD consumer health market is segregated based on product type, distribution channel, and region. Based on product type, the market is divided into medical OTC products and nutraceuticals. Among these, the nutraceuticals segment dominated the market in 2021. Based on distribution channels, the market is segmented into online stores, retail stores and retail pharmacies. Over the forecast period, the retail pharmacies segment is expected to develop significantly in 2021.

North America is expected to dominate the global CBD consumer health market in 2021. This is because there are more CBD businesses, and the laws governing how to utilize the products are more lenient. Additionally, some of the main factors influencing demand in North America include increased consumption, more excellent knowledge of their health benefits, expanding acceptance of food & health products containing CBD, legalization of hemp farming, and the production of hemp-derived goods in the US. Over the forecast period, the Asia Pacific regional market is expected to grow significantly in 2021. Numerous manufacturers now have significant commercial opportunities due to the increased legality and acceptability of cannabidiol for use in many products. Manufacturers' exploitation of customer awareness and product promotion is one of the primary drivers of market expansion. In addition, customers' perceptions are changing as they realize that cannabis has uses beyond simply getting high, promoting the development of this sector in the region.

Key players in the global CBD consumer health market include Elixinol Global Limited; ENDOCA; NuLeaf Naturals LLC; Medical Marijuana Inc; CV Sciences Inc; Isodiol International Inc.; Kazmira; Charlotte's Web and Joy Organics; Lord Jones.

Recent developments:

  • In June 2021, the cannabidiol business Vertical Wellness of the US announced a merger deal with CanaFarma Hemp Products Corp. of Canada, which provides a range of hemp-related goods and services. Vertical Wellness will become a public company with a total value of $50 million, thanks to this transaction.
  • In May 2021, new legislation submitted under the Hemp Access and Consumer Safety Act was presented in the US Senate. A specialized method for the labelling and packaging of cannabinol products is required under this act. Because of this, manufacturers will be able to create cannabidiol-based products using methods that have received FDA approval and distribute them through a variety of channels.

Browse the full CBD Consumer Health Market By Product Type (Medical OTC Products and Nutraceuticals), By Distribution Channel (Online Stores, Retail Stores, and Retail Pharmacies), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/cbd-consumer-health-market

Global CBD Consumer Health market is segmented as follows:

By Product Type

  • Medical OTC Products
  • Nutraceuticals

By Distribution Channel

  • Online Stores
  • Retail Stores
  • Retail Pharmacies

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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