The Cannabidiol (CBD) consumer health market is estimated to be valued at US$ 19.0 Bn in 2023 and is expected to exhibit a CAGR of 23.2% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
CBD, a non-psychoactive compound found in cannabis plants, has gained significant popularity in the consumer health industry due to its potential therapeutic benefits. CBD is commonly used in various forms such as oils, tinctures, capsules, topicals, and edibles. The market is witnessing high growth due to the increasing acceptance of CBD products among consumers and the expanding product portfolio offered by market players. CBD products are being widely used for the management of various health conditions such as chronic pain, anxiety, depression, and sleep disorders. Additionally, CBD-infused products are also gaining traction in the beauty and skincare industry.
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TOP Players in Market Report are: – CV Sciences, Inc., Medical Marijuana, Inc., AXIM-Biotechnologies, Inc., Charlotte’s Web, Endoca, Isodiol International Inc., Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, Cannoid, LLC, among others.
The market dynamics of the CBD consumer health market are primarily driven by two factors. Firstly, the growing acceptance of CBD products among consumers is a major driver for market growth. The increasing awareness about the potential medical benefits of CBD, along with the changing regulatory landscape, is driving consumer demand for CBD products. Secondly, the expanding product portfolio offered by market players is creating new opportunities in the market. Companies are investing in research and development to introduce innovative CBD-infused products in various categories, such as cosmetics, beverages, and pet care. This is attracting a larger consumer base and driving market growth.
In conclusion, the Cannabidiol consumer health market is expected to witness high growth driven by the growing acceptance of CBD products and the expanding product portfolio offered by market players.
- Global Cannabidiol (CBD) Consumer Health Market, By Products:
- Medical OTC Products Targeted Therapy
- Mental Health
- Sleeping Aids
- CBD Vitamins and Dietary Supplements (VDS)
- CBD Sports Nutrition
- CBD Weight Management and Wellbeing
- Medical OTC Products Targeted Therapy
- Global Cannabidiol (CBD) Consumer Health Market, By Distribution Channel:
- Online Stores
- Retail Pharmacies
- Retail Stores
- Increasing Awareness and Acceptance of Cannabis Products:
In recent years, there has been a significant shift in public perception and acceptance of cannabis products, including CBD. This change in attitude can be attributed to the growing body of scientific evidence supporting the potential health benefits of CBD, as well as widespread media coverage highlighting its therapeutic properties. As a result, more consumers are becoming aware of CBD’s potential to alleviate various health conditions, ranging from chronic pain and anxiety to epilepsy and insomnia. This increasing awareness has fueled the demand for CBD consumer health products, driving the growth of the market.
Moreover, several countries and states have now legalized the production, sale, and use of CBD products for medicinal and/or recreational purposes. This regulatory support has further contributed to the market’s growth by removing the legal barriers associated with the sale and consumption of CBD products. As a result, consumers can now access a wider range of CBD consumer health products, thereby driving market expansion.
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- Growing Demand for Natural and Alternative Healthcare Products:
Another significant driver for the CBD consumer health market is the increasing demand for natural and alternative healthcare products. With rising concerns about the side effects and long-term consequences of pharmaceutical drugs, many consumers are turning to natural remedies and plant-based alternatives for their health and wellness needs. CBD, being a naturally derived compound from the hemp plant, fits in well with this growing trend.
CBD consumer health products are often marketed as organic, non-toxic, and free from chemical additives, making them an attractive choice for individuals seeking holistic and sustainable healthcare options. Furthermore, CBD’s potential to provide relief from various health conditions without causing psychoactive effects associated with THC (another compound found in cannabis) makes it an appealing choice for consumers who want to experience the therapeutic benefits of cannabis without getting high.
- Lack of Regulatory Clarity and Standards:
While the legalization of CBD products in many regions has opened up opportunities for market growth, the lack of clear regulations and standards remains a significant restraint. CBD is still considered a relatively new and evolving industry, with varying levels of oversight and regulation across different countries and states. This lack of uniformity in regulations creates confusion and uncertainty, both for consumers and businesses operating in the CBD consumer health market.
Inadequate regulatory frameworks can lead to concerns over product quality, safety, and labeling accuracy. Without proper oversight, there is a risk of substandard or contaminated products entering the market, which can compromise consumer trust and hamper market growth. Additionally, the lack of consistent guidelines for dosage, labeling, and claims can make it difficult for consumers to make informed decisions, further hindering market expansion.
- Limited Research and Clinical Evidence:
Despite the growing popularity of CBD consumer health products, some consumers and healthcare professionals remain skeptical due to the limited research and clinical evidence supporting their efficacy and safety. While there is a growing body of preclinical and anecdotal evidence suggesting the potential health benefits of CBD, more robust scientific studies and clinical trials are needed to validate these claims.
The lack of extensive scientific research can deter certain consumers from trying CBD products and influence healthcare professionals’ reluctance to recommend them. Without adequate evidence, mainstream acceptance and adoption of CBD consumer health products may be hindered, limiting the market’s growth potential. As such, further research and investment in clinical trials are crucial to establish the efficacy, safety, and optimal usage guidelines for CBD consumer health products.
- In May 11, 2023, 1606 Corp., an acquisition-based CBD holding company announced that production of US$150,000 in new inventory has been ordered to meet demand from new distributor’s representing 1606’s Brio Nutrition line of CBD products.
- In March 24, 2023, Irwin Naturals Inc., nutraceuticals company, announced the release of Irwin Naturals Cannabis’ new CBD 25mg Softgels in Canada, available nationwide through the Starseed Medicinal Medical Group platform.
- In October 2022, Bloomios, Inc., a leading white-label and private-label manufacturer and wholesaler of hemp-derived nutraceutical, cosmetics and pet products, has acquired Infusionz, a wholly-owned subsidiary of Upexi.
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