CBD Consumer Health Market by Products (Medical OTC Products [CBD Analgesic Products, CBD Dermatology Products ,CBD Mental Health Products, CBD Sleeping Aids Products, and Other OTC Products], Nutraceuticals [CBD Vitamins and Dietary Supplements (VDS), CBD Sports Nutrition, and CBD Weight Management and Wellbeing]), Distribution Channels (Retail Pharmacies, Online, and Retail Stores), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

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.

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.

The COVID-19 pandemic began to spread over the world in the first half of 2020, infecting millions of people globally, prompting major countries around the world to impose prohibitions on manufacturing facilities and retail stores. Most businesses have been severely hit, with the exception of medical supplies and life support items. However, relaxation in restrictions is expected to positively influence the market growth.

Green Roads, Elixinol LLC, and Isodiol International are increasing their presence in different geographies and increasing customer awareness of their brand.

In January 2019, Aphria bought CC Pharma GmbH, a Germany-based pharmaceutical wholesaler. More than 13,000 pharmacies in Germany and other EU member states are served by this company. Aphria's global presence in Germany and other Europe-based countries is expected to strengthen due to their acquisition move.

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.

Scope of the 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

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.

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, shifting consumer preferences toward organic ingredients in nutritional supplements, and positive legislative developments in the CBD industry. This segment is expected to expand at a CAGR of 26% during the forecast period. This is due to the growing usage of CBD-infused nutraceuticals in a variety of applications, including weight loss, sports nutrition, and health and wellbeing. Furthermore, growing number of companies entering the CBD nutraceuticals industry, lucrative investment prospects, and expanding consumer base are expected to propel the segment growth.

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. Furthermore, rising convenience of access to products through online portals, the online segment is expected to expand at a high CAGR during the projection period. Furthermore, 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 partnered with specialty stores such as Sephora and GNC to sell their products both online and offline.

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.

North America is expected to account for a market share of more than 55% in 2020. This is due to presence of CBD firms and more permissive rules regulating the use of CBD products, CBD consumer health market is growing at an impressive rate in the projected timeline. Furthermore, 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 manufacturing of hemp-derived products in the US, are driving the demand for CBD-derived products in North America.

Segments

• Medical OTC Products
  • CBD Analgesic Products
  • CBD Dermatology Products
  • CBD Mental Health Products
  • CBD Sleeping Aids Products
  • Other OTC Products
• Nutraceuticals
  • CBD Vitamins and Dietary Supplements (VDS)
  • CBD Sports Nutrition
  • CBD Weight Management and Wellbeing

• Retail Pharmacies
• Online
• Retail Stores

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• Elixinol Global Limited
• ENDOCA
• NuLeaf Naturals LLC
• Kazmira
• Charlotte's Web
• Joy Organics
• Lord Jones
• Medical Marijuana Inc
• CV Sciences Inc
• Isodiol International Inc.

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.

Key firms are concentrating on expanding their geographic footprint and acquiring smaller competitors in order to leverage their position in the industry.

In 2019, Medicine Man Technologies acquired Canyon LLC, a renowned Colorado-based cannabis manufacturer. The former company is projected to benefit from this transaction in terms of gaining Canyon's goodwill and boosting market penetration in Colorado.

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 in the Poland CBD market.

In January 2019, Aphria bought CC Pharma GmbH, a Germany-based pharmaceutical wholesaler. More than 13,000 pharmacies in Germany and other EU member states are served by this company. Aphria's global presence in Germany and other Europe-based countries is expected to strengthen due to their acquisition move.