Global CBD Nutraceuticals Market: Overview
Cannabinoid or CBD is one of the several phytocannabinoids present in hemp plant, accounting for the medicinal properties of the plant. Right since their initial popularity in the early 1900s, herbal CBD has been used in numerous forms, thanks to its multifarious, applauded benefits. With the advent of clinical trials, cannabinoid has been widely recognized by doctors, scientists, and researchers alike. A safe and additive ingredient with the potential to treat a myriad of disorders and diseases, CBD has been incorporated into medical foods, functional foods, and dietary supplements. The primary reason for the greater preference for CBD in nutraceuticals instead of THC, another hemp-derived compound, is that CBD can cure ailments without the usual intoxicated state otherwise caused by hemp-derived products.
Global CBD Nutraceuticals Market: Growth Factors
According to a 2017 report by World Health Organization (WHO), consumption of CBD can significantly improve conditions such as Alzheimer’s, epilepsy, anxiety, and depression. The use of CBD also helps to mitigate general aches & pains and in the management of day-to-day stress and anxiety. Moreover, it can relieve pain caused by traumatic brain injuries, numerous neurological conditions, and autoimmune conditions including arthritis, inflammatory bowel disease, and fibromyalgia. Therefore, the promise of safety coupled with lack of psychoactivity will set the growth of the market in motion.
Even amongst healthy individuals without a serious health condition, CBD nutraceuticals can significantly improve mood and promote well-being by boosting cognitive health. Packed with healthy nutrients such as amino acids, fatty acids, and dietary fiber, the low glycemic index of hemp renders it suitable for consumption by diabetics. Furthermore, CBD is also a highly powerful antioxidant, immunity enhancing, energy boosting, and naturally anti-aging.
Moreover, in December 2018, with President Donald Trump signing the Farm Bill in the US, cultivation, processing, and distribution of hemp seed were legalized. The legalization of industrial hemp and derived products has opened up the avenue for further growth opportunities for CBD nutraceuticals and associated products. However, it is mandatory for CBD products such as CBD nutraceuticals to receive approval from regulatory bodies such as the FDA. This might impede the progression of the global CBD nutraceuticals market.
Global CBD Nutraceuticals Market: Segmentation
The global CBD nutraceuticals market can be segmented on the basis of type, form, application, and region. By type, the global CBD nutraceuticals market can be broadly classified into isolates, wax, and oils. The oils segment is expected to rise to prominence in the forthcoming years. Gels, creams, oils, tinctures, capsules, and sprays are the major segments of the global CBD nutraceuticals market based on form. The sprays segment offers considerable promise for expansion, driven by the immediate relief offered by sublingual application. Medical, biomedical, pharmaceutical, and nutraceutical are the primary segments based on application.
Global CBD Nutraceuticals Market: Regional Analysis
The North America CBD nutraceuticals market will advance at a rapid pace, supported by the presence of a number of industrial pharmacists in the region. As several food and supplement manufacturers have been eagerly exploring the extensive possibilities presented by innovative CBD nutraceuticals, the growth of the market is assured. Several research institutes, agriculture departments at universities, and other organizations have been displaying an increasing interest in research activities pertaining to the benefits and uses of CBD across the region, guaranteeing the growth of the North America CBD nutraceuticals market over the coming times.
Asia Pacific is also ripe with opportunities, driven by the increasing research initiatives alongside favorable government initiatives. Rising awareness about the physiological and medical benefits of CBD nutraceuticals, alongside the growing popularity of nutritional supplements amongst youth has been a key driver. The boom in the medical & pharmaceutical industry will also induce substantial expansion of the Asia Pacific CBD nutraceuticals market over the forthcoming timeframe.
Global CBD Nutraceuticals Market: Competitive Players
Diamond CBD, Medical Marijuana, Inc., Charlotte’s Web, CV Sciences, Inc., MEDTERRA, Green Roads, Irwin Naturals, and Garden of Life are some market players worth mentioning in the global CBD nutraceuticals market. A majority of prominent players are focusing on research and development of innovative medical treatments and products in order to distinguish themselves in this highly competitive business scenario.
Global CBD Nutraceuticals Market: Regional Segment Analysis
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