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CBD Nutraceuticals Market CBD Nutraceuticals Market: By Product (CBD Tinctures, Capsules & Soft Gels, CBD-Based Protein, CBD Gummies, Others), By Application (Wellness, Workout Supplements, Edibles and Fortified Foods, Others), By Distribution Channel (Retail Stores, Pharmacies, E-Commerce Portals, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Nutraceuticals are fortified foods or superfoods that aid in the supply of vital nutrients to the body along with treating or preventing any disease. The component known as cannabidiol (CBD) is a member of the cannabinoid family of chemicals. It is a crucial component of marijuana in the medical community. Due to the use of hemp and cannabidiol (CBD) products in the nutraceutical sector, the cannabis sector has seen significant growth in recent years. Food, cosmetics, drinks, and other new personal care, health, and wellness items all contain CBD and hemp. By the end of next year, the Nutraceuticals Market is likely to be dominated by CBD and hemp oils, which are estimated to generate $1 billion in revenue.
CBD Nutraceuticals to surpass USD 42.3 billion by 2032 from USD 6.16 billion in 2021 at a CAGR of 19.2% in the coming years, i.e., 2022-32. Growing consumer desire for plant-based supplements, knowledge of cannabidiol's therapeutic effects, and legalization of CBD (cannabidiol) products derived from hemp in various countries are the main factors driving the market. Furthermore, another important reason propelling the growth of the CBD Nutraceuticals Market is the rise in consumer standards of living.
CBD Nutraceuticals Market is categorized on the basis of Product into CBD Tinctures, Capsules & Soft Gels, CBD-Based Protein, CBD Gummies, and Others. The Capsules and Soft Gels segment is predicted to increase at a faster rate throughout the projected period since these products are more portable and convenient. Furthermore, tinctures are challenging for everyday intake since many users find the flavor and texture offensive. They are moving to capsules and soft gels instead since they are more convenient to take and come in premeasured amounts.
CBD Nutraceuticals Market is categorized on the basis of Distribution Channels into Retail Stores, Pharmacies, E-Commerce Portals, and Others. Over the projected period, the E-Commerce Portals segment is predicted to develop at the quickest rate. Players in the CBD Nutraceuticals Market are attempting to distribute their goods through all of the available sales channels, particularly online in order to reach outlying areas. These channels give consumers a thorough explanation of the product's ingredients, dose, quality certification, and content, which draws them to this sales channel. All of these elements are anticipated to support the segment growth in the ensuing years.
One of the main factors propelling the CBD Nutraceuticals Market is the increase in consumer preference for various plant-based supplements. Other important market growth drivers include the improvement in the standard of living, the legalization of various CBD (cannabidiol) products, and the rise in demand for various hemp proteins among bodybuilders, athletes, and the vegan population. Moreover, the rise in demand from developing nations will open up new prospects for the CBD Nutraceuticals Market throughout the projection period.
Customers have speedily preferred products like CBD pills, hemp powder, and water-soluble CBD solution since they offer cannabidiol therapeutic benefits without getting high. Growing competition in the CBD nutraceuticals market is pressuring companies to launch new products and broaden their geographic reach. New CBD-Based Products are continually being introduced by major industry participants. Thus, it is anticipated that increasing competition will fuel market growth. Over the projected period, increasing demand for hemp protein among athletes, bodybuilders, and vegans is anticipated to drive the CBD Nutraceuticals Market.
Due to the availability of substitute plant-based nutraceuticals including Echinacea, turmeric, garcinia cambogia, and raspberry ketones, as well as the ban on CBD use in some regions, the CBD Nutraceuticals Market has been hindered from expanding.
CBD Nutraceuticals Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America dominated the market in the past years due to the passage of the 2018 Farm Bill, which allowed hemp production and the processing of hemp-derived goods, the rising number of health-conscious customers, and the presence of significant manufacturers in the region.
Due to growing legality and encouraging rules governing the use of cannabidiol-infused goods in the countries of the region, Asia Pacific is expected to see the quickest CAGR over the projected period. It is anticipated that the entry of numerous CBD nutraceutical companies into the Asia Pacific industry will spur regional growth. Growing public knowledge of the benefits of CBD nutraceuticals for health and wellness is another factor anticipated to fuel growth.
People across the globe and most of the companies were impacted by the COVID-19 pandemic, which become both an economic and humanitarian calamity. The funding for R&D efforts connected to CBD had been cut as a result of the medical community's focus shifting to the treatment of COVID-19, and as a result, this sector was neglected.
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REPORT ATTRIBUTE |
DETAILS |
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Market Size Value in 2021 |
USD 6.16 billion |
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Revenue Forecast in 2032 |
USD 42.3 billion |
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Growth Rate |
CAGR of 19.2% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Product, Application, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Indena S.p.A., Garden of Life, Charlotte's Web, CV Sciences Inc., Irwin Naturals, Medical Marijuana Inc., Green Roads, Elixinol, Medterra, Isodiol International Inc., Bluebird Botanicals, Foria Wellness, Diamond CBD, MGC Pharmaceuticals Limited, Gaia Botanicals LLC, Nutrafuels Inc., and Other Prominent Players. |
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The CBD Nutraceuticals Market size was estimated at USD 6.16 billion in 2021 and is expected to reach USD 42.3 billion in 2032.
Nutraceuticals are fortified foods or superfoods that aid in the supply of vital nutrients to the body along with treating or preventing any disease. The component known as cannabidiol (CBD) is a member of the cannabinoid family of chemicals.
The Capsules & Soft Gels and E-Commerce Portals segments accounted for the larger share of the CBD Nutraceuticals Market.
Key players in the CBD Nutraceuticals Market are Indena S.p.A., Garden of Life, Charlotte's Web, CV Sciences Inc., Irwin Naturals, Medical Marijuana Inc., Green Roads, Elixinol, Medterra, Isodiol International Inc., Bluebird Botanicals, Foria Wellness, Diamond CBD, MGC Pharmaceuticals Limited, Gaia Botanicals LLC, Nutrafuels Inc., and Other Prominent Players.
Growing consumer desire for plant-based supplements, knowledge of cannabidiol's therapeutic effects, and legalization of CBD (cannabidiol) products derived from hemp in various countries are the main factors driving the CBD Nutraceuticals Market.
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