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Report Overview: CBD Consumer Health MarketThe global CBD consumer health market size was valued at USD 7.1 billion in 2020 and is projected to expand at a compounded annual growth rate (CAGR) of 23.5% from 2021 to 2027. The leading factor attributed to the growth is the positive government reforms for the legalization of cannabidiol (CBD) in various regions. CBD consumer products are gaining significant acceptance owing to rising awareness regarding their health benefits. Furthermore, the demand for hemp-derived CBD products is increasing globally due to the legalization of hemp in various countries. Cannabidiol has become increasingly popular in dietary supplements due to its health benefits and non-narcotic properties. Unlike Tetrahydrocannabinol (THC), it helps users obtain the health benefits of cannabis without intoxication. People believe that CBD supplements offer more natural alternatives when compared to prescription or over-the-counter drugs, for relieving stiffness, pain, anxiety, stress, and other medical conditions. Hemp-derived CBD is a preferred source by manufacturers, owing to the low concentration of THC. The presence of favorable regulations about hemp cultivation in various countries, such as the U.S., Canada, China, India, the U.K., and several European countries has supported the demand for hemp-derived CBD products and help these countries boost the exports. Cannabidiol has become the latest consumer trend. Increasing number of benefits of cannabidiol in various health applications, and marketing and advertising efforts taken by the market participants are some of the major factors driving the product demand. Subsequently, the increase in the product options for consumers such as topicals, analgesics, edibles, oils, tinctures, and many other products are also driving the CBD consumer in health market. In addition, increasing awareness about the health benefits of CBD-infused products has led to an increase in the number of people willing to buy these products, irrespective of the cost. The mainstream retailers earlier engaged in the sale of non-CBD products are focusing on selling CBD-based products due to the higher profit margin and growing demand. For instance, in March 2019, CVS Pharmacy started selling hemp-derived CBD topicals across 800 retail stores in eight states in the U.S. In addition, after a short span, another company, Walgreens Boots Alliance, announced its decision of stocking their CBD topicals in 1,500 stores across the U.S. Some players such as Green Roads, Elixinol LLC, and Isodiol International, are expanding their presence in various geographies and are creating visibility of their brand to the consumers. For instance, in January 2019, Aphria acquired a German pharmaceutical distributor company named CC Pharma GmbH. This company serves more than 13,000 pharmacies across Germany and other EU member states. This is expected to strengthen Aphrias global presence in Germany as well as other European countries. Many such strategic initiatives, by major players, are expected to influence the growth of the CBD in consumer health market over the forecast period 2021-2027.
Product Type Insights: CBD Consumer Health MarketNutraceuticals accounted for the largest revenue share of 62.4% in 2019. The increasing awareness amongst consumers regarding the health benefits of cannabidiol, changing consumer preferences towards organic ingredients in dietary supplements, and favorable government reforms regarding CBD are the key factors driving the growth. Furthermore, nutraceuticals segment is expected to expand at the fastest CAGR of 27.8% over the forecast period. This is attributable to the increasing adoption of CBD infused nutraceutical products in various applications such as weight management, sports nutrition, and health and wellness. Moreover, the increasing number of companies entering the CBD nutraceuticals space, lucrative investment opportunities, increasing consumer base, are likely to generate the demand for these products at a substantial pace over the forecast period.
Distribution Channel Insights: CBD Consumer Health MarketIn terms of revenue, retail pharmacies segment lead the overall market with a revenue share of 40.8% in 2019 and is anticipated to grow at a lucrative pace over the forecast period. After the legalization of CBD products in various geographies, the avenues for supplying those products to the consumers broadened. This is mainly due to the higher consumption of cannabidiol-infused OTC medicines or products through retail pharmacies. In addition, the online stores segment is estimated to register the highest CAGR during the forecast period owing to ease of availability of products through online portals. Furthermore, many companies have introduced their online portals for the purchase of CBD based products. This has increased their visibility of cannabidiol products to consumers, even in remote locations. In addition, companies have tied up with specialty stores such as Sephora or GNC, for online as well as offline sales.
Regional Insights: CBD Consumer Health MarketNorth America lead the market for cannabidiol consumer health products with a revenue share of 59.8% in 2019. This is attributed to the higher concentration of CBD companies and relaxed laws regarding the utilization of the products. In addition, an increase in the consumption, rise in awareness about their health benefits, growing popularity for CBD-based food and health products, and introduction of the Farm Bill 2018, legalizing hemp cultivation and manufacturing of hemp-derived products in the U.S. are some major factors driving the demand in North America. Furthermore, Europe is anticipated to witness the fastest CAGR during the forecast period, attributed to rising consumer awareness and positive attitude regarding CBD and its products and strategic investments of major companies operating in Europe. Moreover, there is growing adoption of cannabidiol oil in countries such as Switzerland, Germany, and the U.K., which is expected to drive the regional market. As per a conducted study published by the Frontier Financial Group, Inc., European cannabis consumers are embracing CBD edibles and topicals.
Key Companies & Market Share Insights: CBD Consumer Health MarketKey players are focused on increasing their geographical presence and acquiring other minor players, which will help gain a strong foothold in the market. For instance, in 2019, the U.S. based company named Medicine Man Technologies acquired a leading Colorado-based cannabis manufacturer Canyon LLC. This acquisition is expected to be beneficial for Medicine Man Technologies in gaining the goodwill of Canyon for increasing market penetration in the state of Colorado. In addition, Cronos Group Inc., partnered with Delfarma Sp. Zo.o, which is a Polish company known for its distribution of CBD products to more than 200 hospitals and 5,000 pharmacies. This strategic move from Cronos will help in increasing penetration in the Polish CBD market. Such initiatives by the key participants are fueling the market competition. Some of the prominent players operating in the CBD consumer health market are:
Key companies Profiled: CBD Consumer Health Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights, Inc. has segmented the global CBD consumer health market report on the basis of product type, distribution channel, and region:
- Elixinol Global Limited
- NuLeaf Naturals LLC
- Charlottes Web
- Joy Organics
- Lord Jones
- Medical Marijuana Inc
- CV Sciences Inc
- Isodiol International Inc.
Product Type Outlook (Revenue, USD Million, 2016 - 2027)
- Medical OTC Products
- CBD Analgesic Products
- CBD Dermatology Products
- CBD Mental Health Products
- CBD Sleeping Aids Products
- Other OTC Products
- CBD Vitamins and Dietary Supplements (VDS)
- CBD Sports Nutrition
- CBD Weight Management and Wellbeing
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Online Stores
- Retail Stores
- Retail Pharmacies
Table of Contents Chapter 1 Research Methodology 1.1 Research Methodology 1.1.1 Information procurement 1.2 Information or Data Analysis 1.3 Market Formulation & Validation 1.3.1 Region Market: CAGR Calculation 1.4 Region Based Segment Share Calculation 1.5 List of Secondary Sources Chapter 2 Executive Summary 2.1 Market Snapshot, Revenue (USD Million) Chapter 3 Cannabidiol (CBD) Consumer Health Market | read more...