Global CBD Consumer Health Market: Overview
Cannabidiol, abbreviated as CBD is a phytocannabinoid that is been derived from species of the cannabis plant and does not pose psychoactive activity. CBD is obtained from hemp or marijuana. It has anti-inflammatory, chemopreventive, antineoplastic as well as analgesic activities. CBD does not cause “high" and as per the WHO report, CBD does not have any effects that indicate any dependence potential or abuse. The report also states that with the use of pure form CBD, by far there is no evidence of health-related problems in humans. In recent years, the beneficial properties of CBD are been studied and confirmed by researchers across the world.
Global CBD Consumer Health Market: Growth Factors
The increasing legalization of cannabis cultivation, as well as CBD-based products in many countries and growing recognition by the regulatory bodies to conduct research & trials for CBD as well as easing down the regulatory requirements for approval of CBD products, are some of the major factors fostering the growth of the global CBD consumer health market. For instance, in June 2018, Epidiolex, a pure form of pharmaceutical CBD formulation was been approved by the FDA for the treatment of Dravet syndrome and Lennox-Gastuat syndrome. In addition to this, most people are looking for good alternatives for pharmaceuticals as they cause side-effects. CBD, supported by evidence is found to be a potential treatment for numerous conditions including metabolic syndromes, skin diseases, autoimmune diseases, neurological conditions, and gut disorders. Moreover, evidence also shows that CBD helps relieve chronic pain, inflammation, anxiety, and depression. Owing to all these health benefits of CBD, there is a substantial rise in the growth of the market. Furthermore, ongoing research on CBD in the field of oncology may create huge opportunities for the global consumer health market in the forecast period. However, stringent laws and regulations on the use of CBD in foods, dietary supplements, or cosmetics may hinder the growth of the market.
The outbreak of covid-19 has negatively affected the growth of the global CBD consumer health market. The restriction on transport as well as strict lockdown has enforced most of the manufacturing companies to temporarily halt their operations. It has also resulted in a shortage of labors. All these factors have impacted cannabis cultivation and ultimately in the production of CBD products. Moreover, the disruption of the supply chain, as well as a distribution channel, has also hampered the growth of the market. However, the increase in online shopping during the pandemic for the products beneficial to increase immunity as well as stress relief has increased the sales of CBD products. This has maintained stability in the growth of the market.
Global CBD Consumer Health Market: Segmentation
The global CBD consumer health market is classified by distribution channel, product, and region. Based on the distribution channel, the global CBD consumer health market is categorized into retail stores, online, and retail pharmacies. Among these, the online segment is anticipated to grow with the highest CAGR due to the increasing introduction of online portals by the major players for the sale of CBD products. Based on the product, the market is bifurcated into nutraceuticals and medical OTC products. Among these, the nutraceuticals segment is anticipated to grow with the highest CAGR. This is attributed due to the rising evidence-based health benefits of CBD thereby attracting consumers and a wide range of applications of CBD in nutraceutical products used for health & wellness, sports nutrition, weight management, and dietary supplements.
Global CBD Consumer Health Market: Regional Analysis
North America is estimated to dominate the global CBD consumer health market in terms of revenue. Factors such as easing rules and regulations by regulatory bodies for use of CBD, the introduction of Farm bill 2018 which legalized the manufacture of hemp-derived products as well as cultivation of hemp in the US are contributing to the growth of the market in North America. On the other hand, Europe is anticipated to grow with the highest CAGR owing to the presence of major players, rising adoption of CBD oil in the UK & Germany, and in Germany amendment of narcotics law in 2017, which exempted hemp and CBD from the list of dangerous substances.
Global CBD Consumer Health Market: Competitive Players
Joy Organics, ENDOCA, Medical Marijuana Inc, Elixinol Global Limited, CV Sciences Inc, NuLeaf Naturals LLC, Lord Jones, Charlotte's Web, Isodiol International Inc, and Kazmira are some of the key players operating in the global CBD consumer health market.
Global CBD Consumer Health Market: Regional Segment Analysis
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