CBD Consumer Health Market Will Hit Double Digit Growth of 14.67% Globally

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08 Sep 2024

Table of Content

The growth of the CBD consumer health market is driven by the effective governmental changes that have allowed cannabidiol (CBD) to be legalized in various areas. The CBD consumer health market is expected to surpass around USD 62.41 billion by 2032 and it is growing at a double digit growth of 14.67% from 2023 to 2032.

Market Overview:

Contrary to tetrahydrocannabinol (THC), it enables consumers to take advantage of cannabis' health benefits without getting high. For treating stiffness, pain, anxiety, stress, and other medical ailments, some think that CBD supplements are more natural options than prescription or over-the-counter medications. Consumable health products like meals, drinks, oils, capsules, topicals, and gummies are increasingly being found to contain CBD. The market for CBD in consumer health is expected to expand as the use of cannabis for some therapeutic purposes is accepted more widely by the medical community.

The market for CBD consumer health is expected to expand significantly as the use of cannabis for medicinal purposes spreads across a variety of geographical areas. Among the nations where cannabis can now be grown for medical use are Canada, Germany, the United States, and Italy. In addition, medical marijuana is permitted in France and Portugal. So, it's expected that the market for CBD in consumer health will grow.

Reports Highlights:

• By Products, more than 64% of the revenue share was produced by the nutraceutical segment in 2022. The market is expanding as people become more aware of the health benefits of nutritional supplements. Nutraceuticals can also be divided into three subcategories: nutrition for sports, nutrition for vitamins and minerals, and nutrition for weight management. Younger generations are now more at risk for obesity due to rising fast-food and junk-food consumption as well as sedentary lifestyles.
• Medical over-the-counter (OTC) products are expected to hold a sizable market share at the same time. The legalization of these products has increased sales of CBD products for the treatment of skin conditions, sleep disorders, and over-the-counter analgesics. In addition, the market for medical over-the-counter (OTC) products is growing more quickly than usual due to the growing acceptance of painkillers infused with CBD.
• By Distribution, Channels, Retail pharmacies held the largest revenue share in the market in 2019 (xx%), and it is predicted that their growth will be profitable throughout the projection period. There were more options for providing CBD products to consumers as these goods became legal in several different jurisdictions. The consumption of over-the-counter drugs and prescription medications infused with cannabidiol that are bought from retail pharmacies has increased, which is primarily to blame.  Moreover, a lot of businesses have launched online stores where consumers can buy goods containing CBD. Due to this, their cannabidiol products are now more visible to customers, even in faraway places.

CBD Consumer Health Market Report Scope:

Regional Insights:

In 2022, North America generated more than 61% of revenue because of the expanding use of CBD in the medical industry. This can be due to the greater concentration of CBD businesses and the laxer regulations on the use of the products. The US Food and Drug Administration (FDA) has approved the use of CBD for medicinal purposes. Epidiolex, a CBD-based medication used to treat seizure disorders, has also received FDA approval.

A rise in consumption, greater awareness of their health benefits, expanding acceptance of food and health products containing CBD, the legalization of hemp farming, and the production of products derived from hemp in the US are additional key factors influencing demand in North America. The rising incidence of insomnia and other sleep-related issues in the region is another factor boosting demand for CBD in the medical sector.

On the other hand, over the anticipated period, Asia-Pacific is expected to experience significant growth. The use of CBD compounds for medical purposes is becoming more widely accepted, which is accelerating the market's growth in Asia Pacific. In addition, it is anticipated that the market in India for pharmaceuticals or other products containing CBD compounds will grow as the prevalence of other neurologic diseases rises. Utilizing customer awareness and product promotion by manufacturers is one of the key drivers of market expansion. Due to customers' evolving perceptions that cannabis offers more than just getting high, the cannabis industry in the region is growing.

Market Dynamics:

Drivers

Epilepsy and other neurological diseases are growing more prevalent

According to the World Health Organization (WHO), five million people are estimated to receive an epilepsy diagnosis each year. Recent studies have shown an increase in the incidence of childhood epilepsy due to abnormal brain development, illness, or brain damage.

The number of people with neurological conditions like epilepsy, cerebral issues, mental disabilities, and ADD is rising, which is causing the consumption of CBD to increase. Lennox-Gastaut disease and Dravet syndrome are two epilepsy types that have been successfully treated with CBD in both children and adults. The FDA has approved the CBD medication Epidiolex to treat these conditions.

The National Institutes of Health state that anxiety is the most typical symptom of a neurologic condition or may manifest in people with neurological illnesses. Market participants have turned their attention toward creating CBD medicines or CBD-derived items that support anxiety reduction in light of the increasing incidences of neurologic disease.

Restraints:

The marketing of CBD products has additional obstacles

Contrary to expanding economies like those in Asia and the Middle East, consumers in developed countries like the United States, Canada, the United Kingdom, Russia, and others are growing fonder of products made with CBD.  Because it is widely used by consumers for recreational purposes, there is a misperception that the product has psychoactive effects that limit its success on the market.

Opportunities:

Increasing demand for non-traditional medicines

Alternative medications were created to restore the body's balance and are distinct from traditional therapy. These medicines are typically made using natural, side-effect-free components. Due to patients' growing discontent with conventional medicine, the growing emphasis on holistic health, and their increased involvement in their care, alternative treatments are becoming more and more in demand.

Challenges:

The availability of substitute plant-based products

The consumer health market for CBD has been hampered by the availability of replacement plant-based nutraceuticals, such as Echinacea, garcinia cambogia, turmeric, and raspberry ketones, as well as the fact that the use of CBD is prohibited in some countries and subject to strict regulations.

Recent Development:

• October 2022, Charlotte's Web Holdings, Inc., a global leader in full-spectrum CBD products derived from hemp, recently signed a distribution deal with Gopuff. Under the agreement, Chalotte's CBD products will be made available on the Gopuff platform in a few key locations, including Arizona, California, and New York. Products including CBD oil, CBD cream, CBD balms, and CBD gummy bears will be among those offered on the Gopuff platform.
• April 2021, KD Pharma, a pioneer in the field of lipid technology, purchased the manufacturing facilities of a Swiss company that specialized in phytoextracts and cannabidiol. The company will be better able to supply active pharmaceutical ingredients (APIs) for the development of new cannabinoid-based products for the expanding market by making this change.

Major Key Players:

• ENDOCA
• Lord Jones
• CV Sciences Inc
• Joy Organics
• Isodiol International Inc
• Medical Marijuana Inc
• NuLeaf Naturals LLC

Segments Covered in the Report:

By Product

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

By Distribution Channel

• Online Stores
• Retail Stores
• Retail Pharmacies

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