|Market Size in 2021||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 10,294.1 Million||USD 37,602.7 Million||24.10%||2021|
CBD Consumer Health Market
The global CBD consumer health market size was worth USD 10,294.1 million in 2021 and is estimated to grow to USD 37,602.7 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 grown in popularity in nutritional supplements due to its potential health advantages and non-narcotic properties. Unlike THC, it lets users benefit from the health benefits of cannabis without becoming drunk. CBD supplements are perceived as more natural than prescription or over-the-counter drugs for treating stiffness, pain, anxiety, stress, and other medical conditions.
Hemp-derived CBD is a preferred supplier among producers due to its low THC concentration. Cannabidiol is the most recent consumer craze. The expanding number of benefits of cannabidiol in various health applications and marketing & advertising operations by market participants are some of the key forces driving product demand.
The increased availability of consumer product options, such as topicals, analgesics, edibles, oils, tinctures, and a variety of other goods, is also propelling the CBD consumer in the health sector. Furthermore, as people become more aware of the health benefits of CBD-infused products, the number of people ready to purchase them, regardless of price, has grown. Mainstream retailers who previously supplied non-CBD products are increasingly focusing on supplying CBD-based products due to higher profit margins and greater demand. However, the availability of alternatives and the high cost of CBD products are limiting the market growth.
The COVID-19 epidemic had a huge impact on the CBD consumer health sector. The industry had a major reduction in 2020-2021 due to supply chain disruption, store access restrictions, and restrictions on people's migration. This has had a significant impact on the functioning of various companies. Furthermore, market participants disclosed that overall CBD sales decreased during the pandemic but gradually rebounded due to increased demand for CBD supplements and vitamins.
Increasing government approvals for CBD products are likely to pave the way for global market growth
Growing approvals for CBD products are a result of the quick development of treatments, medications, and other consumer goods derived from cannabis and its advantageous health effects. The Food and Drug Administration (FDA) of the United States has acknowledged several possible uses for CBD and the possibility of incorporating it into various food and non-food applications. As a result, the producers are putting more effort into finding CBD to add to food and other items. Thus, during the projection period, the expansion of the global CBD business would benefit from the increasing dependence on products.
Additional barriers in terms of marketing CBD products may hamper the global market growth
Consumers in industrialized nations like the United States, Canada, the United Kingdom, Russia, and others are becoming increasingly fond of CBD-based goods, but not in emerging nations like Asia and the Middle East. The misconception that the product produces psychoactive effects as a result of its popularity among customers for recreational uses hinders its performance on the market. In addition, the features, services, and offerings that are advantageous in numerous ways are not generally known to the consumers.
The abundant utility of CBD in the pharmaceutical sector brings up several growth opportunities
Globally, the constantly expanding pharmaceutical business is aware of the value and advantages of cannabis and its byproducts. One of the main components of cannabis that the pharmaceutical business has used to provide health safety assurance for various illnesses is CBD. It has qualities like being naturally plant-based and a natural substitute for several conventional medicines that are aggressively sold to producers and customers globally.
The presence of alternative plant-based products is likely to limit the global market growth
Due to the availability of substitute plant-based nutraceuticals, including Echinacea, garcinia cambogia, turmeric, and raspberry ketones, and the usage of CBD is illegal in some countries and subject to stringent regulations, the consumer health market for CBD has been hindered.
The global CBD consumer health market is segregated on the basis of product type, distribution channel, and region.
The market is divided into medical OTC products and nutraceuticals by product type. Among these, the nutraceuticals segment dominated the market in 2021. The primary factors driving the growth are rising consumer awareness of the health advantages of cannabidiol, shifting consumer preferences toward organic ingredients in nutritional supplements, and positive regulatory CBD legislation. This is due to the growing usage of CBD-infused nutraceutical products in a variety of applications, including weight control, sports nutrition, and health & well-being.
Furthermore, the growing number of companies joining the CBD nutraceuticals industry, lucrative investment prospects, and an expanding consumer base are expected to boost demand for these products rapidly during the projected period.
The distribution channel divides the market into online stores, retail stores, and retail pharmacies. Over the forecast period, the retail pharmacies segment is expected to develop significantly in 2021. Following the legalization of CBD products in many jurisdictions, the options for supplying those products to consumers expanded. This is mostly due to increased cannabidiol-infused over-the-counter (OTC) drugs or goods through retail pharmacies.
Furthermore, due to the convenience of availability of products through online portals, the online retailer's segment is expected to grow at the quickest rate during the projection period. Furthermore, numerous companies have launched online shopping platforms for CBD-based items. This has expanded consumer awareness of cannabidiol products, especially in remote areas. Furthermore, corporations have partnered with specialty stores such as Sephora and GNC for both online and offline sales.
|Report Attributes||Report Details|
|Report Name||CBD Consumer Health Market Research Report|
|Market Size in 2021||USD 10,294.1 Million|
|Market Forecast in 2028||USD 37,602.7 Million|
|Growth Rate||CAGR of 24.10%|
|Number of Pages||255|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||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.|
|Segments Covered||By Product Type, By Distribution Channel, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Historical Year||2019 to 2021|
|Forecast Year||2022 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
A higher number of CBD firms is likely to help North America dominate the global market
North America is expected to dominate the global CBD consumer health market during the forecast period. This is due to a higher number of CBD firms and more flexible rules regulating the use of the products.
Furthermore, an increase in consumption, increased awareness of their health benefits, expanding acceptance of CBD-based food & health products, legalizing hemp farming, and production of hemp-derived products in the United States are some of the primary reasons driving demand in North America.
Consumer demographics keep evolving radially, and the utility of CBD has become popular among various manufacturers, including food, pharmaceutical, and cosmetics. The rising demand among various age groups and genders is likely to drive their expenditure on goods.
Over the forecast period, the Asia Pacific regional market is expected to grow significantly in the CBD Consumer Health market. The growing legality and acceptance of cannabidiol for usage in a variety of goods provide various producers with significant market prospects.
Manufacturers' capitalization on customer awareness and product marketing are some of the primary drivers driving market expansion. The region's cannabis sector is expanding due to customers' shifting perspectives since there is more to cannabis than just getting high.
Some of the main competitors dominating the global CBD consumer health market include -
By Product Type
By Distribution Channel
The expanding number of benefits of cannabidiol in various health applications and marketing and advertising operations by market participants are some of the key forces driving product demand. The increased availability of consumer product options, such as topicals, analgesics, edibles, oils, tinctures, and a variety of other goods, is also propelling the CBD consumer in the health sector.
According to the report, the global CBD Consumer Health market was worth 10294.1 (USD million) in 2021 and is predicted to grow to 37602.7 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 24.10%.
North America is expected to dominate the CBD Consumer Health Market in 2021. This is due to a higher number of CBD firms and more flexible rules regulating the use of the products. Furthermore, an increase in consumption, increased awareness of their health benefits, expanding acceptance for CBD-based food and health products, legalizing hemp farming, and production of hemp-derived products in the United States are some of the primary reasons driving demand in North America.
Some of the main competitors dominating 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.