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The Cannabidiol Consumer Health Market is estimated to be valued at US$ 19.0 Bn or in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cannabidiol or CBD is a non-psychoactive compound found in cannabis plant. It is mainly used to provide relief from various heath conditions such as anxiety, depression, chronic pain, skin conditions and insomnia. CBD consumer health products include lotions and salves, capsules, oils and edibles which are easy to use and readily available online and in retail stores. These products deliver substantial health benefits to consumers without any psychoactive effects.
Market Dynamics:
One of the major driver for the CBD consumer health market is rising preference for natural products over prescription medicines. People are increasingly turning towards plant-based extracts and herbal remedies to alleviate health issues, due to growing concerns about side-effects of pharmaceutical drugs. Further, legalization of cannabis in many countries has encouraged mainstream acceptance and demand for CBD products. However, lack of proper guidelines and regulations for quality and consistency of CBD products is a challenge for the market. Manufacturers need to adhere to safety and potency standards to gain consumer confidence in these products.
Segment Analysis
The global cannabidiol consumer health market can be segmented on the basis of source, distribution channel, and application. Based on source, the market is segmented into hemp and marijuana. Hemp is currently dominating the source segment owing to the easy availability of hemp-derived CBD products and government approval.
PEST Analysis
Political: Legality of cannabis products is changing in many countries. Some countries and states have legalized medical and/or recreational use of cannabis which is positively impacting the market.
Economic: High growth in disposable income in developing nations is fueling the demand for high-quality health and wellness products including CBD consumer products.
Social: Increasing social acceptance of cannabis-based products and growing awareness about associated health benefits are driving the market growth.
Technological: Emerging technologies are enabling new product formats like edibles, beverages, tinctures which are gaining popularity among young consumers. Research is ongoing to explore new therapeutic uses of CBD.
Key Takeaways
Global Cannabidiol (CBD) Consumer Health Market Size is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period, due to increasing social acceptance of cannabis-derived products and growing awareness about associated health benefits.
The North America region currently dominates the market and is expected to maintain its lead position over the forecast period. Increasing commercialization and legalization of cannabis-based products along with growing sales of hemp-derived CBD are expected to drive the regional market.
Key players operating in the cannabidiol consumer health market 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. Partnerships and collaborations with established players to tap new regional markets is the key strategy adopted by these companies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
