The global CBD consumer health market size was valued USD 10.1 Billion in 2020 and is projected to reach USD 57.6 Billion by 2028, expanding at a CAGR of 24.6 % during the forecast period, 2021–2028. The growth of the market is attributed to the beneficial government reforms for cannabidiol (CBD) legalization in various regions.
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Cannabidiol has become more favored dietary supplements due to non-narcotic qualities. It helps consumers to get benefited by health advantages of cannabis without getting intoxicated, unlike tetrahydrocannabinol (THC). CBD supplements, compared to prescription or over-the-counter medicines, are thought to offer better natural alternatives for treating stiffness, pain, anxiety, stress, and other medical issues. The low THC content has made hemp-derived CBD favored among manufacturers. The availability of favorable hemp farming rules in a number of countries, including the US, Canada, China, India, the UK is boosting demand for hemp-derived CBD products and helping them to increase their exports.
The availability of products as topicals, analgesics, edibles, oils, and tinctures is propelling the CBD consumer health products globally. Brick and mortar stores that previously sold non-CBD products are now focusing on offering CBD-based products. For instance, in March 2019, CVS Pharmacy began offering hemp-derived CBD topicals in 800 retail locations across eight states in the US. Additionally, Walgreens Boots Alliance announced its intent to offer CBD topicals in 1,500 shops across the US in the coming years.
Market Trends, Drivers, Restraints, and Opportunities
- Growing awareness about health benefits of CBD products is driving the growth of the market.
- Legalization of hemp in a number of countries is spurring the demand for them globally.
- Rising number of benefits of cannabidiol in various health applications and market participants' marketing and promotional efforts are some of the key reasons driving the product demand globally.
- Increasing awareness about the health benefits of CBD-infused products is expected to boost the market growth during the forecast period.
- Increasing product options for consumers such as topicals, analgesics, edibles, oils, tinctures, and many other products is anticipated to drive the market growth during the forecast period.
CBD Consumer Health Market Segment Insights
Nutraceutical’s segment is projected to constitute a key market share
Based on products, the market is bifurcated into medical OTC products and nutraceuticals. The nutraceuticals segment is further sub-segmented into CBD vitamins and dietary supplements (VDS), CBD sports nutrition, and CBD weight management and wellbeing. Moreover, the medical OTC products segment is further divided into CBD analgesic products, CBD dermatology products, CBD mental health products, CBD sleeping aids products, and other OTC products.
Online store segment is anticipated to expand at a high CAGR
On the basis of distribution channels, the CBD consumer health market is segregated into retail pharmacies, online, and retail stores. The online store segment is expected to represent a key market share by end of year 2028. The retail pharmacies segment dominated the entire market in terms of revenue in 2020, with around 40% market share. Following the legalization of CBD products in several jurisdictions, the options for distributing CBD products to consumers has increased exponentially.
Europe is anticipated to dominate the market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to expand at a robust CAGR during the forecast period. The regional market growth is attributed to the increasing consumer preference and rising strategic investments by big Europe-based corporations. According to a survey published by Frontier Financial Group, Inc., cannabis consumers in Europe are embracing CBD edibles and topicals.
Competitive Landscape
Key players competing in the CBD consumer health 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.
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