Published Date : 31 Mar 2023
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.
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.
CBD Consumer Health Market Report Scope:
|Market Size in 2023||USD 18.21 Billion|
|Projected Forecast Value in 2032||USD 62.41 Billion|
|Growth Rate||14.67% from 2023 to 2032|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||By Product and By Distribution Channel|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
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.
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.
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.
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.
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.
Major Key Players:
Segments Covered in the Report:
By Distribution Channel
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