CBD Oil & CBD Consumer Health Market To Hit Value 3.2 Billion By 2027Posted by Mrudula Anil Karmarkar on February 8th, 2021 The global CBD oil and CBD consumer health market size is expected to reach USD 123.2 billion by 2027, expanding at a CAGR of 25.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing buyer awareness regarding various health benefits offered by cannabidiol (CBD) and increasing legalization of cannabidiol oil and infused products is contributing towards the adoption of cannabidiol as a consumer health product, thereby positively impacting the market growth. Furthermore, changing buyer perception and attitude towards hemp-derived cannabidiol-based products is further bolstering revenue growth over the forecast period. Based on the type of product, the full spectrum oil segment dominated the market in 2020. Factors contributing to the increase in demand for cannabidiol include rising buyer preference toward cannabidiol as a product category, the surge in demand for full-spectrum distillates, and many companies entering into bulk as well as finished product business. On the other hand, the nutraceuticals segment dominated the market with a share of 48.3% in 2020. Favorable government initiatives for hemp-derived cannabidiol, rising awareness regarding cannabidiol, and changing buyer preferences from chemical-based ingredients to organic ingredients in dietary supplements are the key factors driving the market. In 2020, the B2B distribution channel segment accounted for the highest revenue share in the market. This growth is attributed to the increase in demand for cannabidiol oil in various sectors such as pharmaceutical, food and additives, health and wellness, and cosmetics. On the other hand, retail pharmacies dominated the market in 2020. The increase in the number of companies selling their products via retail pharmacies is fueling the growth of the segment. North America dominated the market with a revenue share of 68.5% in 2020 owing to ease of accessibility, growing awareness regarding various medical benefits of cannabidiol among users, and the rise in the number of manufacturers. CBD Oil & CBD Consumer Health Market Report Highlights
Growing demand for cannabidiol in pharmaceutical formulations owing to its healing properties is expected to boost the demand for the product in the pharmaceutical industry. Other factors contributing to the increase in demand for oil include rising consumer preference toward oil as a product category, the surge in demand for full-spectrum products, and many companies entering into bulk as well as finished product business. This segment is anticipated to register a lucrative growth in the forthcoming years owing to the increase in demand for cannabidiol from various end-user industries such as pharmaceuticals, food and beverage, and personal care and cosmetics, which is expected to trigger market growth. Increasing consumer preference for various cannabidiol infused products such as capsules, cannabis oil, beverages, beauty and skincare products, gummies, and dog treats is further anticipated to drive the CBD oil and CBD consumer health market. Cannabidiol can enter the body in several ways such as vaping, ingesting, smoking, and through the skin. Growing adoption of cannabidiol to manufacture medical drugs and personal care products in states where cannabis is legal is positively impacting the market growth. The legalization of cannabis-based products has provided a remarkable opportunity for the end-user industries to expand. The growing number of research activities, increasing awareness regarding synthetic cannabidiol, and rising strategic investments by companies are expected to contribute to the overall growth during the forecast period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450749/ibb Cannabidiol-based products are gaining acceptance and recognition in the health and wellness sector owing to the confirmation of the therapeutic properties of cannabidiol through various scientific studies. It is widely used for the treatment of various mental disorders, cancer, and arthritis. Treatment of anxiety and depression using pharmaceutical drugs may lead to several side effects such as drowsiness, insomnia, sexual dysfunction, and headache. Other medications such as benzodiazepines are addictive and may lead to substance abuse. However, cannabidiol is a natural approach for treating anxiety and depression, without creating any addiction. Competition is intense among existing players owing to the rise in demand for CBD oil coupled with increasing awareness regarding its potency and purity. The growing demand in the market is anticipated to favor the entry of new players in the future, fueled by rising awareness about the health benefits of cannabidiol. Products in the CBD consumer health market offer health benefits of cannabidiol without the intoxication, thereby gaining traction within a short time. Moreover, competition in the market is high because companies are focused on entering new markets, increasing their product offerings, and gaining new consumers. Some of the prominent players in the CBD oil and CBD consumer health market include:
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |