CBD Oil & CBD Consumer Health Market Trends, Industry | 2031

Report Description

CBD Oil & CBD Consumer Health Market Outlook 2031

The CBD Oil & CBD Consumer Health Market size was USD 32.02 Billion in 2022 and is likely to reach USD 249.07 Billion by 2031, expanding at a CAGR of 25.6% during 2023–2031. The growth of the market is attributed to the increased in the use of cannabidiol (CBD) and CBD-infused products for a variety of medical and wellness purposes.

Cannabidiol (CBD) is a chemical in Cannabis sativa, widely known as marijuana or hemp. The Cannabis sativa plant contains more than 80 compounds known as cannabinoids. While the main active element in marijuana is delta-9-tetrahydrocannabinol (THC), cannabidiol can also be produced from hemp, which contains only small quantities of THC. The 2018 Farm Bill made it lawful to sell hemp and hemp-based products in the United States.

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However, this does not mean that all cannabidiol products derived from hemp are lawful. Cannabidiol cannot be lawfully incorporated in meals or dietary supplements because it is still being studied as a new medication. Additionally, cannabidiol cannot be used in products that make medicinal claims. Only "cosmetic" items containing less than 0.3 percent THC are allowed to contain cannabidiol. However, cannabidiol-containing dietary supplements are still available on the market.

On the product label, the amount of cannabidiol contained in these goods is not always precisely indicated. The most prevalent usage of cannabidiol is for seizure disorders (epilepsy). It is also used to treat anxiety, pain, dystonia, Parkinson's disease, Crohn's disease, and a variety of other ailments, but there is no solid scientific proof to back up these claims.

CBD Oil & CBD Consumer Health Market Trends, Drivers, Restraints, and Opportunities

• Increasing legalization of CBD-based products and the increasing popularity of CBD as a consumer product are projected to boost the market growth during the forecast period.
• Favorable government laws as well as rising consumer awareness and demand for cannabidiol as a result of its health benefits are expected to drive the market growth during the forecast period.
• Increasing number of product alternatives available to customers, such as nutritional supplements, analgesics, consumables, topicals, oils, and capsules is anticipated to propel the market growth.
• Increased demand for cannabidiol in pharmaceutical formulations as a result of its therapeutic effects is expected to drive the market growth during the forecast period.
• Strict laws and regulations governing the use of CBD in meals, nutritional supplements, and cosmetics are estimated to impede the market growth.
• Due to the covid 19 outbreak transportation restrictions and a stringent lockdown was imposed which resulted in stoppage on companies’ operations is anticipated to hamper the market growth.
• Increased emphasis on R&D in the field of oncology is projected to create immense opportunities for the market players.

Scope of CBD Oil & CBD Consumer Health Market Report

The report on the global CBD oil & 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 Oil & CBD Consumer Health Market Segment Insights

CBD oil segment is expected to account for a key share of the market

Based on product, the CBD oil & CBD consumer health market is bifurcated into CBD oil and CBD consumer health. The CBD oil segment is further sub segmented into CBD oil, CBD isolate, synthetic CBD. The CBD consumer health is further sub segmented into medical OTC products, nutraceuticals, food and beverages, pharmaceuticals, personal care & cosmetic products, CBD infused hair care products.

The medical OTC products sub segment is further segmented into CBD analgesic products, CBD dermatology products, CBD mental health products, CBD sleeping aids products, other OTC products. The nutraceuticals sub segmented is further segmented into CBD vitamins and dietary supplements (VDS), CBD sports nutrition, CBD weight management and wellbeing.

The personal care & cosmetic products sub segment is further segmented into CBD infused skin care products, CBD infused beauty products. The CBD oil segment is expected to account for a key share of the market during the forecast period owing to the increasing awareness among people about cannabidiol's health advantages, favorable government legislation, and the increased use of bulk cannabidiol oil in numerous industries.

Furthermore, over the forecasted period, CBD isolate is predicted to be the fastest-growing segment. This increase can be ascribed to the increased use of isolates as a raw material in numerous applications due to their dependable forms in comparison to other cannabinoids, as well as a very high cannabidiol composition and relatively low THC levels.

On the other hand, the nutraceuticals segment is anticipated to expand at a rapid pace during the forecast period due to the favorable government legalization of products and  growing demand for plant-based ingredients in food supplements in various countries are responsible for this high proportion. Another important factor boosting demand for these goods is the rise in online and retail sales of cannabidiol supplements.

Consumer preference for plant-based products is growing, particularly in nutritional supplements and sports nutrition. Growing public awareness of cannabidiol's health and wellness advantages has boosted its use for a variety of applications.

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B2B segment is expected to account for a key share of the market

Based on distribution channel, the CBD oil & CBD consumer health market is bifurcated into CBD oil and CBD consumer health. The CBD oil segment is further sub segmented into B2B and B2C.

The B2B sub segment is further segmented into pharma manufacturers, consumer goods manufacturers, nutraceutical manufacturers and others. The CBD consumer health is further sub segmented into online, retail stores, retail pharmacies. The B2B segment is expected to account for a key share of the market during the forecast period owing to increasing demand of cannabidiol products in sectors such as pharmaceutical, food, and additives, health and wellness, and cosmetics sectors.

Because of the growing usage of bulk CBD oil and isolates in numerous application areas, the B2C market is projected to grow at the fastest rate. Due to the legalization of medicinal cannabis in many countries, the supply of these goods has greatly risen over the years through various forms of distribution such as online, offline, and specialized mode.

On the other hand, CBD consumer health segment is anticipated to expand at a rapid pace during the forecast period owing to increased availability of CBD-infused products, since retail pharmacies are one of the most trusted providers of medicinal cannabidiol products for customers. The online shop segment, on the other hand, is expected to develop at the quickest rate throughout the forecast period. Increased use of online shopping channels, as well as an increase in the number of producers in the e-commerce industry, are expected to boost the CBD oil and CBD consumer health market in the future.

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North America is anticipated to dominate the market

On the basis of regions, the CBD oil & CBD consumer health market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market at an impressive CAGR during the forecast period. The regional market growth can be attributed to increasing awareness about CBD oil, favorable legislation, increasing consumer preference, and an increase in the number of manufacturers.

The legalization of medicinal cannabis in the area, particularly in the United States, is fueling the rise of the CBD oil and CBD consumer health markets. Several states, including Indiana, Alabama, and Georgia, have authorized cannabis usage under certain circumstances. Because of the huge number of retail pharmacies, Utah is one of the most important states in the US for the distribution of cannabidiol-infused goods.

Furthermore, the growing popularity of CBD-based foods and health products, the commandment of the Farm Bill 2018, which legalizes hemp cultivation and manufacturing of hemp-derived products in the United States, the presence of a large pool of health-conscious people in the region, and the presence of major manufacturers are all factors driving market growth.

Furthermore, many organizations' supply chains are simplified as a result of partnerships with local farms. They are in charge of delivering high-quality cannabis that complies with federal and state regulations. As a result of the decreasing demand-supply gap and the growing number of companies as a result of legalization, the market is likely to grow at a healthy rate throughout the forecast period.

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