The global CBD nutraceuticals market size is expected to reach USD 19.85 billion by 2028 according to a new study by Report Ocean. The report “CBD Nutraceuticals Market - By Product (CBD Capsules, CBD Tinctures, Others); By Distribution Channel (Offline, Online); By Regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa); Global opportunity analysis and industry forecast 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for CBD nutraceuticals is expected to increase during the forecast period owing to increasing obesity and related disorders, growing health consciousness, and greater awareness regarding benefits associated with cannabidiol nutraceuticals. The legalization of the U.S. Farm Bill in late 2018 leading to the commercialization of hemp-derived products, increasing disposable income of consumers, and growing shift towards health and wellness products has significantly increased the demand for cannabidiol nutraceuticals.
In March 2018, MGC Pharma expanded its product portfolio through the introduction of cannabis and hemp-enhanced nutraceutical products. The company launched several vegan products including supplements and food-grade products under its new line, MGC Nutraceuticals. Its new offerings include capsules, water-soluble cannabinoids, and ready-to-drink products containing high-grade phytocannabinoids aimed at reducing stress, boosting immunity, and maintaining muscle and bone structure. This product launch enables the company to tap growing opportunities in the dietary supplement and cannabidiol nutraceuticals market.
On the basis of product, the market is segmented into CBD capsules, CBD tinctures, and others. The tinctures segment accounted for a major share in 2019. Health benefits associated with the tinctures, increasing health consciousness among users, and shifting trend towards diet and nutritious food products boosts the growth of this segment.
Cannabidiol tinctures are increasingly being used for pain relief, insomnia, muscle spasms, nervous system degradation, and anxiety, among others. Governments across the globe are gradually introducing regulations supporting the growth of cannabidiol nutraceuticals.
The different distribution channels covered in the report include offline sales channels and online sales channels. The offline sales channel accounted for a major market share of the global CBD nutraceuticals industry. Rapid urbanization, increasing penetration of retail stores, and growing awareness towards health have driven the overall growth of this distribution channel.
In addition, the rapidly growing health and beauty service industry in the developing economies has fueled the growth of health and beauty stores, supporting the growth of this segment. The growth of the fitness industry further supplements the growth of retail stores proving cannabidiol nutraceuticals and supplements.
North America dominated the global market for CBD Nutraceuticals in 2020 and is expected to maintain its dominance over the forecast period. High living standards, increasing health awareness, and supportive government regulations support market growth in this region. However, Asia-Pacific is expected to exhibit significant growth during the forecast period.
The increasing geriatric population coupled with rising awareness regarding the benefits of CBD nutraceuticals fuels the growth in this region. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries.
Owing to technological advancements, and the greater need to cater to customer requirements, companies are collaborating to strengthen the market presence and gain market share. Broadening of the product portfolio is another trend that is visible in the industry.
Major Players:
Some of the major market participants include Foria Wellness, CV Sciences, Inc., Green Roads, Charlotte’s Web, Isodiol, Garden of Life LLC, Diamond CBD, MGC Pharma, Elixinol, Medterra CBD, Endoca BV, Medical Marijuana, Inc., Aphria Inc., and Irwin Naturals.
Segmentation:
CBD Nutraceuticals Product Outlook (Revenue, USD Million, 2016 – 2028)
CBD Nutraceuticals Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)
CBD Nutraceuticals Regional Outlook (Revenue, USD Million, 2016 – 2028)
