CBD Consumer Health Market Share, Size & Growth | Report 2031

Report Description

CBD Consumer Health Market Outlook 2031

The global CBD consumer health market size was valued at USD 32.02 Billion in 2022 and is projected to reach USD 249.07 Billion by 2031, expanding at a CAGR of 25.6% during the forecast period, 2023 - 2031. The growth of the market is attributed to the beneficial government reforms for cannabidiol (CBD) legalization in various regions.

Cannabidiol has become a favored dietary supplement, due to its non-narcotic qualities. It helps consumers to benefit from the health advantages of cannabis without getting intoxicated, unlike tetrahydrocannabinol (THC). CBD supplements, as compared to prescription or over-the-counter medicines, offer natural alternatives for treating stiffness, pain, anxiety, stress, and other medical issues. For instance,

• In July 2020, according to a report published by the National Center for Biotechnology Information, medical and non-medical cannabis use is legal in many states in the US, while the legalization of hemp has expanded in many countries, leading to the growing demand for cannabinoid-based products.

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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, and the UK, is boosting the demand for hemp-derived CBD products and helping them to increase their exports.

Increasing number of benefits offered by cannabidiol in various health applications is driving the market. Manufacturers are contributing to the market growth through their marketing and promotional efforts. The availability of products such as analgesics, oils, edibles, topicals, and tinctures is propelling 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.

CBD Consumer Health Market Dynamics

Major Driver

Growing awareness about the health benefits of CBD products is driving the market. Many people are becoming aware of the potential benefits of these products, which are boosting the demand for CBD. Additionally, the legalization of hemp in many countries is contributing to the CBD consumer health market growth. This has created opportunities for businesses operating in the market. For instance,

• In May 2022, Medical Marijuana, Inc., the first publicly traded cannabis company in the US, launched its pharmaceutical subsidiary, HM Pharma, in Brazil. This is contributing to the growth of the global cannabidiol (CBD) consumer health market.

Increasing awareness about the health benefits of CBD-infused products is expected to boost the market during the forecast period. This variety of products allows consumers to choose the product that suits their needs and preferences, which is expected to contribute to the overall CBD consumer health market growth.

Existing Restraints

Lack of standardization is restraining the CBD consumer health market. Presently, a lack of standardized regulations and quality control measures for CBD products has been registered. This leads to inconsistencies in product quality and potency, which undermine consumer confidence. Additionally, limited scientific research and clinical data are hampering the CBD consumer health market growth. This makes it challenging for consumers to make informed decisions about CBD products.

Emerging Opportunities

Growing acceptance and legalization of CBD in various countries and regions present significant opportunities for market expansion. Many jurisdictions are legalizing CBD, which allows for increased consumer access. Additionally, increasing awareness among consumers about the potential health benefits of CBD products is fueling the CBD consumer health market. This presents an opportunity for businesses to educate and engage with consumers, thereby building trust and driving product demand.

Diversification in product offerings is expected to create opportunities in the market. This includes the development of innovative formulations, such as CBD-infused topicals, beverages, and pet products, catering to different consumer preferences and needs. Furthermore, the rise of e-commerce platforms and digital marketing channels provides opportunities for businesses to reach a wide consumer base and expand their market presence. Online platforms offer convenience and accessibility for consumers to purchase CBD products.

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Scope of CBD Consumer Health Market Report

The report on the global CBD consumer health market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

CBD Consumer Health Market Segment Insights

Product Segment Insight

Based on product, the global CBD consumer health 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.

The nutraceuticals segment is expected to account for a key market share during the forecast period, owing to the increasing consumer awareness about cannabidiol's health benefits. Additionally, shifting consumer preferences toward organic ingredients in nutritional supplements and positive legislative developments in the CBD industry are boosting the segment.

Usage of CBD-infused nutraceuticals in a variety of applications, including weight loss, sports nutrition, and health and wellbeing, is increasing. Furthermore, the growing number of companies entering the CBD nutraceuticals industry, lucrative investment prospects, and expanding consumer base are expected to propel the segment. For instance,

• On March 24, 2023, Irwin Naturals Inc., a nutraceuticals company, released its CBD 25mg Soft gels in Canada through the Starseed Medicinal Medical Group platform.

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Distribution Channel Segment Insight

On the basis of distribution channel, the global CBD consumer health market share is segregated into retail pharmacies, online, and retail stores. The retail pharmacies segment holds a major share of the market. Following the legalization of CBD products in several jurisdictions, the options for distributing CBD products to consumers have increased exponentially.

The online segment is expected to expand at a high CAGR during the projection period, owing to the rising convenience of access to products through online portals. Many companies have launched online shopping platforms for CBD-based items. This has expanded consumer awareness of cannabidiol products, even in rural places. Additionally, corporations have entered into partnerships to sell their products both online and offline.

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Regional Analysis

In terms of regions, the global CBD consumer health market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to account for a market share, owing to the presence of CBD firms and permissive rules regulating the use of CBD products. The CBD consumer health market is expected to expand at an impressive rate in the projected timeline.

Increasing consumption, growing awareness of CBD health benefits, rising preference for CBD-based food and health products, and the introduction of the Farm Bill 2018, which legalizes hemp cultivation and manufacture of hemp-derived products in the US, are driving the demand for CBD-derived products in North America.

The market in 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. Based on a study conducted by Frontier Financial Group, Inc., CBD edibles and topicals are gaining popularity among cannabis users in Europe. For instance,

• Cronos Group Inc. teamed up with Delfarma Sp. Zo.o., a Poland-based firm that distributes CBD products to more than 200 hospitals and 5,000 pharmacies. Cronos' strategic strategy is expected to aid in the company's penetration of the CBD market in Poland.

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