CBD Nutraceuticals Market by Product Types (CBD Tinctures, Capsules & Softgels, CBD Gummies, and Others), Sales Channels (Retail Stores, Online, and Pharmacies), 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 nutraceuticals market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing standard of living, growing awareness about medical benefits CBD, increasing preference of plant based supplements, and legalization of CBD product in several countries.

Nutraceutical is a pharmaceutical alternative that gives physiological benefits. Nutraceutical product is a food that helps in prevention or treatment of the disease and also supplements the diet. Many nutraceutical companies are going for the CBD space offering a wide range of functional foods and supplements in various forms. Aphria Inc., in April 2019, entered the German market by launching CannRelief. CannRelief was the company’s first nutraceuticals product based on cannabidiol. Also, to enter in the Chinese CBD nutraceuticals space, MGC Pharmaceuticals - Australian biopharmaceutical firm, entered in partnership with YuShop Global- Chinese e-commerce platform.

Increasing competition in CBD nutraceuticals market is forcing market player to launch new products and enhance their geographical reach. Increasing demand of hemp protein among vegan population, athletes, and bodybuilders is anticipated to fuel the cannabidiol nutraceuticals market in coming years.

Hemp protein powder is a plant based high quality protein which contains 20 amino acids and easily digested by the human body. It contains more dietary fibers as compared to soy protein or rice protein. Therefore, adoption of hemp protein is increasing with growing awareness among users about the main ingredients present in the dietary supplements. On the other hand, there are many alternatives present such as herbal nutraceuticals including Echinacea, Garcinia Cambogia, turmeric, and raspberry ketones. All these herbal nutraceuticals have captured the global nutraceuticals space.

Market Trends, Drivers, Restraints, and Opportunities

• Growing population, increasing consciousness about health and well-being among people are expected to fuel the growth of the market.
• Superior properties such as relieve pain caused by traumatic brain injuries, several neurological conditions, and autoimmune conditions such as arthritis, inflammatory bowel disease, and fibromyalgia are anticipated to boost the market growth.
• Rising investment in R&D for developing new medical equipment and various treatment methods is projected to drive the market expansion in coming years.
• Legalization of hemp products and its derived products is anticipated to fuel the expansion of the market in coming years.
• Packed healthy nutrients includes fatty acids, dietary fiber, and amino acids. These are low glycemic index of hemp renders and suitable for consumption by diabetics is one of the responsible factor for the market growth.
• Stringent regulatory bodies, and increasing presence of several alternatives including turmeric, echinacea and raspberry ketones are anticipated to hamper the market growth.
• Changing prices of raw material and difficulty for new product launch due to ambiguous regulatory framework in various countries are expected to impede the market growth.

Scope of the Report

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

Market Segment Insights

Capsules and softgels segment is expected to grow at a rapid pace
In terms of product types, the CBD nutraceuticals market is divided into CBD tinctures, capsules & softgels, CBD gummies, and others. The CBD tinctures segment dominated the market in 2019. Increasing use of CBD tinctures due to their high bioavailability as compared to oils in anxiety, relieving severe pain, and stress is major factor for driving the demand. The accessibility of these tinctures in different volumes and concentrations as per suitable requirements is projected to boost the segment growth.

However, capsules and softgels segment is expected to expand at a rapid pace during the forecast period owing to travel-friendly and convenient products. Also, many consumers dislike the texture and test of tinctures, makes them hard for daily consumption. Therefore, users are switching to capsules and soft gels due to easy consumption and availability in premeasured doses

Online segment is projected to hold a major market share
Based on sales channels, the CBD nutraceuticals market is segmented into retail stores, online, and pharmacies. The retail store segment dominated the market in 2019 owing to increasing partnership of manufacturers with retailers to increase their distribution network.

 On the other hand, the online segment is anticipated to expand at a rapid pace during the forecast period. Companies present in CBD nutraceuticals market are supplying products through various available channels, majorly using online channel to reach remote locations. This channel gives detailed description of ingredients, dosage to the consumers, product content, and quality certification, which attracts the users towards online sales channel. All these factors are anticipated to drive the segment growth over the forecast period.

North America is expected to dominate the market
On the basis of regions, the CBD nutraceuticals market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to introduction of the 2018 Farm Bill. This bill legalized cultivation and processing of hemp and hemp-derived products. Moreover, growing awareness about health and presence of larger manufacturers in the region is anticipated to fuel the regional growth.

However, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to growing legalization and promising guidelines about the usage of cannabidiol infused products in the regional countries. Thailand, in September 2019, removed hemp oil and hemp seed from list of controlled substances and is projected to increase the use of CBD as health supplements. Several CBD nutraceuticals companies wants to enter into the Asia Pacific market, which is anticipated to fuel the regional growth.