CANNABIDIOL CONSUMER HEALTH MARKET ANALYSIS

The global cannabidiol (CBD) consumer health market was valued at US$ 14.7 Bn in 2022 and is forecast to reach a value of US$ 82.0 Bn by 2030 at a CAGR of 23.2% between 2023 and 2030. The global cannabidiol (CBD) consumer health market is experiencing strong growth due to the increasing demand for CBD nutraceuticals. Moreover, growing adoption of CBD topicals across the world is expected to boost the market growth. However, factors such as high cost of cannabidiol (CBD) consumer health are expected to hamper the market growth.

Global Cannabidiol (CBD) Consumer Health Market: Regional Insights

• Based on geography, the global cannabidiol (CBD) consumer health market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• Among regions, North America is expected to gain highest share in the market during the forecast period due to recent global policy changes that have increased access to medical cannabis or cannabinoid-based pharmacotherapeutics in this region. For instance, in July 2020, according to the article published in National Center for Biotechnology Information, In U.S. for example, medical cannabis use is legal in 33 states and the District of Columbia (D.C.) and non-medical use is legal in 11 states. In addition to cannabis, the legalization of hemp has expanded in many countries. Indeed, with the approval of the U.S. Agriculture Improvement Act of 2018, hemp and its derivative products are no longer considered controlled substances by the U.S Drug Enforcement Administration. These legislative changes have led to the emergence of a large, and growing, retail market of cannabinoid-based products.
• Europe region is also expected to witness significant growth in the global cannabidiol (CBD) consumer health market due to the rise in burden of cancer, owing to the increasing awareness for products developed to improve neurological health in these region. For instance, a real-data study programme was initiated in February 2023 as part of a 12-month collaboration between the UK Scientific Body and the patient advocacy group Medcan Support to examine the potential benefits of medical cannabis for treating childhood epilepsy symptoms. The goal of this programme is to create a new viewpoint on cannabis use in the medical field.

Figure 1. Global Cannabidiol (CBD) Consumer Health Market Share (%), by Region, 2023

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Global Cannabidiol (CBD) Consumer Health Market Drivers:

Increasing demand for CBD Nutraceuticals

• CBD is already being used by several nutraceutical companies in many supplements & functional foods, and these products are available in various packaging forms. For instance, For instance, in April 2019, MGC Pharmaceuticals—an Australian biopharmaceutical company—launched its nutraceutical-based products, CBD hemp powder, BCAA CBD capsules, water-soluble CBD solution, and CBD herbal V-pen, in China. The company is now expected to expand its operations to Thailand, Vietnam, Japan, and South Korea.
• Moreover, in May 2022, Medical Marijuana, Inc., the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands, and supply chain, announced that it has launched its first pharmaceutical subsidiary, HM Pharma, in Brazil. This in turn is driving the growth of the global cannabidiol (CBD) consumer health market over the forecast period.

Growing adoption of CBD topicals across the world

• Growing popularity of CBD-based products owing to increasing awareness about its benefits is expected to impel adoption of these products during the forecast period. In addition, CBD is increasingly used in dermatology & analgesics industries, pharmaceutical and food & beverage industries. CBD-based skin care products are known to boost skin hydration, which is leading to increased adoption of such products among individuals with skin-related conditions, including dryness, psoriasis, and eczema. Easy access to various CBD-based topical products, such as ointments, lotions & creams, roll-ons, sprays, and transdermal CBD patches through online sales channels as well as availability of application-specific product lines are among the key factors expected to drive sales of these products during the forecast period.
• Moreover, For instance, in July 2020, according to the article published in National Center for Biotechnology Information, CBD is widely touted as an effective therapeutic for myriad health conditions. In many U.S. states, individuals can obtain a medical CBD license for well over a dozen indications, though to date, only 1 CBD product (Epidiolex, GW Pharmaceuticals) is approved by the U.S. Food and Drug Administration (FDA), this product is approved for the treatment of rare pediatric seizure disorders.

Global Cannabidiol (CBD) Consumer Health Market Opportunities:

• The market for CBD consumer health is projected to grow significantly as a result of the increasing legalisation of cannabis for medical use in many different regions. Cannabis for medical use is now permitted in nations like Canada, Germany, the United States, and Italy. Additionally, Portugal and France have legalised medical marijuana. The market for CBD consumer health is anticipated to increase as a result of this cause.
• The rapid global acceptance of CBD products and the resulting increase in consumer demand for CBD compounds are both factors in the growth of the CBD consumer health market. The number of customers using CBD as a natural substitute for medications has significantly increased as a result of this. 

Global Cannabidiol (CBD) Consumer Health Market Trends:

Rising demand for alternative medications

• Alternative medications have been developed 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 own care, alternative treatments are becoming more and more in demand.
• As CBD compounds contain natural antioxidant properties, which are considered a holistic approach for every health condition, the significant demand for alternative treatments for various health issues is observed to boost demand, utilisation, and consumption for CBD compounds by creating a plethora of opportunities for market players. Additionally, CBD's anti-depressant and anti-inflammatory effects suggest a potential cure for chronic illnesses.

Global Cannabidiol (CBD) Consumer Health Market Restraints:

• High price of CBD products: CBD products are expensive as they are often made using high-quality organic ingredients—full spectrum CBD oil costs around USD 0.05/mg. As CBD is still a growing market, CBD oils are more expensive in comparison to non-CBD products. Thus, CBD-infused products with higher CBD oil concentration are costlier. For instance, premium quality CBD oil tinctures cost USD 0.09/mg to USD 0.17/mg on average, with USD 0.05/mg to USD 0.08/mg on low end. Premium luxury oils cost around USD 0.20/mg. CBD capsules, on average, cost around USD 0.09/mg to USD 0.13/mg. CBD topicals cost around USD 0.07/mg to USD 0.10/mg on the low end and between USD 0.24/mg and USD 0.36/mg on the high end. Hence, CBD prices are significantly higher.   
• Presence of counterfeit products: The recent surge in demand for CBD has resulted in wide availability of the products across retail pharmacies, retail stores, ecommerce sties, departmental stores, and other retail outlets. However, majority of these products do not provide desired effect to the consumers owing to various factors such as source of extract, false labeling, manufacturing process involved, and varying concentration of CBD & other cannabinoids. One of the key reasons for this is ambiguity of regulations pertaining to cannabis extracts, mainly the CBD. In the U.S., the 2018 Farm Bill has legalized hemp-derived products on a federal level; however, absence of proper regulatory framework has created lot of challenges for the consumers to acquire quality products from the large number of options available in the market. From a consumer’s point of view, it is impossible for to identify whether the CBD used in the products is legit or counterfeit or is adulterated with THC & other cannabinoids.

Figure 2. Global Cannabidiol (CBD) Consumer Health Market Share (%), by Distribution Channel, 2023

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Global Cannabidiol (CBD) Consumer Health Market Segmentation:

• The global cannabidiol (CBD) consumer health market report is segmented into Products, Distribution Channel, and Region.
• Based on Products, the market is segmented into Medical OTC Products (Analgesics, Dermatology, Mental Health, Sleeping Aids, Others) and Nutraceuticals (CBD Vitamins and Dietary Supplements (VDS), CBD Sports Nutrition, CBD Weight Management and Wellbeing. Of which, Medical OTC Products segment is expected to dominate the cannabidiol (CBD) consumer health market over the forecast period and this is attributed to the increase in availability of OTC drugs.
• Based on Distribution Channel, the market is segmented into Online Stores, Retail Pharmacies, and Retail Stores. Out of which, Retail Pharmacies segment is expected to dominate the market over the forecast period and this is attributed to the increase in the number of pharmacies.

Global Cannabidiol (CBD) Consumer Health Market: Key Developments

• 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.

Global Cannabidiol (CBD) Consumer Health Market: Key Companies Insights

• The global cannabidiol (CBD) consumer health market is highly competitive. This is attributed to the increasing favorable regulations regarding the usage of cannabis and associated products around the world, as a result, players in the market are focusing on launching novel products in the market.
• Some of the key players in the global cannabidiol (CBD) 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.

*Definition: Cannabidiol (CBD) is a chemical in the cannabis sativa plant, also known as marijuana or hemp. Over 80 chemicals, known as cannabinoids, have been identified in the cannabis sativa plant. Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In various medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation.