Biotechnology and Life SciencesAugust 1, 2023

Global CBD Nutraceuticals Market

As stated in our extensive report; the Global CBD Nutraceuticals Market accounted for USD 7.2 Billion in 2022 and is projected to reach a value of USD 28.2 Billion by 2030.

Cannabidiol (CBD) nutraceuticals are dietary supplements containing cannabidiol (CBD), a chemical component found in the cannabis plant. Despite the fact that CBD is derived from the cannabis plant, it does not induce the intoxication effects that are generally associated with cannabis. CBD Nutraceuticals are available in various forms, including capsules, tinctures, gummies, and topical creams. CBD is believed to have multiple therapeutic benefits, making it a popular ingredient in different nutraceutical products.

Several nutraceutical companies are entering the CBD market, offering a variety of supplements and functional foods. For example, MGC Pharma has introduced nutraceutical-based products such as CBD capsules, water-soluble CBD solution, and hemp powder. These products have quickly acquired favor among consumers because they provide the medical benefits of cannabidiol without intoxication.

Furthermore, growing competition in the CBD Nutraceuticals industry pressures companies to introduce new products and expand geographically. For instance, Aphria Inc. entered the German market in April 2019 by launching CannRelief, the company’s first cannabidiol-based nutraceutical product line. Also, In April 2019, MGC Pharmaceuticals, an Australian biopharmaceutical business, teamed with the Chinese e-commerce platform YuShop Global to enter the Chinese CBD Nutraceuticals industry. This greater competition is projected to boost market expansion.

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Key factors influencing CBD Nutraceuticals Market Growth

The growth of the global CBD Nutraceuticals market can be attributable to the following:

  1. As more research emerges supporting the potential health benefits of CBD, consumer awareness and acceptance of CBD Nutraceuticals is growing. Consumers are seeking natural remedies and are open to trying CBD-based products for various ailments such as pain, anxiety, and sleep disorders.
  2. Legalizing hemp-derived CBD products in many countries and regions has created new market opportunities for CBD Nutraceuticals. This has also led to increased investment and innovation within the industry, with numerous companies launching new CBD Nutraceutical products.
  3. Consumers are increasingly seeking natural and organic alternatives to conventional pharmaceuticals. CBD Nutraceuticals fit this demand, as they are derived from natural sources and often marketed as organic and sustainable products.
  4. The availability of CBD Nutraceuticals through various distribution channels, including e-commerce platforms, health food stores, specialty retailers, and pharmacies, contributes to the market’s growth. This allows for greater accessibility and convenience for consumers.
  5. CBD Nutraceuticals are available in various forms, including oils, capsules, gummies, beverages, and topicals. This diversification of product offerings allows companies to cater to different consumer preferences and target various health conditions, thereby driving market growth.
  6. As the market potential for CBD Nutraceuticals becomes more evident, there is a significant increase in investments, and research focused on developing new and improved CBD Nutraceutical products. This investment fosters innovation and the development of novel delivery methods, further fueling market growth.

North America to Express the Largest Market Growth

The North America market is accounted to have the most significant market growth in 2022. This growth is driven by changing consumer attitudes, regulatory changes, and technological advancements. The market is poised for continued expansion in the coming years as more people become aware of the potential health advantages of CBD and companies continue to invest in innovative production methods.  With the demand for natural-based supplements on the rise and the legal barriers to the production and sale of CBD now removed, the potential for growth in the CBD Nutraceuticals market is significant. In addition, Natural alternatives are growing more popular as people become more aware of possible adverse effects of standard pharmaceuticals.

The CBD Nutraceuticals market in Asia Pacific is expected to witness significant growth in the coming years. Factors such as increasing consumer awareness about the potential health benefits of CBD, changing regulations surrounding CBD products, and the growing acceptance of CBD-infused products are driving the market growth in the region. In addition, the growing acceptance of CBD-infused products among consumers in Asia Pacific is also contributing to the market growth. CBD products were previously associated with the cannabis plant and had a stigma attached to them. However, as more studies highlight the potential health benefits of CBD, consumers are becoming more open to using CBD-infused products, including nutraceuticals. This increasing acceptance is expected to drive the region’s demand for CBD Nutraceuticals.

Conclusion

The CBD Nutraceuticals market has seen exceptional growth recently. Growing awareness of CBD’s benefits, increased availability of CBD products, many health benefits, and cannabis legalization, among other things, have all contributed to a surge in the use and demand for CBD Nutraceuticals. CBD Nutraceuticals are non-psychoactive, easily consumable, and offer multiple health benefits, making them a popular choice for consumers. Moreover, as research into the therapeutic effects of CBD Nutraceuticals continues, there will be more acceptance and demand for these products in the future.

Some of the key players in the Global CBD Nutraceuticals Market includes- Charlotte’s Web (U.S.), Elixinol (Australia), Medical Marijuana Inc. (U.S.), CV Sciences Inc. (U.S.), Irwin Naturals (U.S.), Diamond CBD (U.S.), Green Roads (U.S.) and others.