CBD Nutraceuticals Market To Reach USD 16.9 Billion By 2032 Report By DataHorizzon Research
The CBD nutraceuticals market is expected to expand because of the convenience and portability of the products.
Fort Collins, Colorado, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The CBD Nutraceuticals Market size was valued at USD 3.8 Billion in 2022 and is anticipated to reach USD 16.9 Billion by 2032 at a CAGR of 16.3%.
CBD is an active compound extracted from the cannabis sativa plant, which is used for medicinal purposes. It is known to treat various conditions, including epilepsy, pain, dystonia, Parkinson's disease, and Crohn's disease. Unlike THC, CBD is non-psychoactive and does not produce a 'high.' Moreover, it is increasingly being integrated into nutraceuticals due to its associated health benefits, which drive market growth.
The CBD nutraceuticals market is thriving due to the increasing awareness of the potential health benefits associated with CBD products. The health and wellness industry is experiencing an unparalleled surge because people are becoming more aware of the importance of maintaining healthy lifestyles. CBD products, known for their ability to potentially treat various conditions such as depression, anxiety, epilepsy, and sleep disorders, are becoming increasingly popular. According to the Forbes Health Survey, over half of the 2000 respondents surveyed use CBD to alleviate anxiety, improve sleep quality, and reduce stress.
Anxiety and depressive disorders are increasingly affecting people worldwide. The Council of the European Union has reported that anxiety disorders affected around 25 million people in the EU in 2023, while depressive disorders affected 21 million people. CBD has been found to alleviate symptoms of anxiety and depression, making it a valuable ingredient in nutraceuticals. CBD's medical and cosmetic use is on the rise, presenting significant opportunities for major market players. While many Asian countries have banned or have grey areas regarding the use of CBD, some nations are now considering setting up a regulatory framework for the medical use of cannabis.
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Segmentation Overview:
The CBD nutraceuticals market has been segmented into product, application, distribution channel, and region. The CBD tincture segment held the largest market share in 2022. These liquid products contain oil and hemp extracts with naturally occurring CBD. CBD tinctures are diluted and sublingually administered and, therefore, are directly absorbed through the mucous membrane present in the mouth. The CBD tincture market was dominated by liquid products containing a combination of hemp extracts, oil, and naturally occurring CBD. CBD tinctures are diluted, allowing for easy sublingual administration, and they are absorbed quickly through the mucous membrane in the mouth.
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CBD Nutraceuticals Market Report Highlights:
The CBD nutraceuticals market growth is anticipated at a CAGR of 16.3% by 2032.
CBD, extracted from the cannabis sativa plant, is used for medicinal purposes to treat various conditions, including epilepsy, pain, dystonia, Parkinson's disease, and Crohn's disease. Unlike THC, CBD is non-psychoactive and does not produce a 'high.' The CBD nutraceuticals market is thriving due to the increasing awareness of its potential health benefits. CBD products are popular for treating conditions such as depression, anxiety, epilepsy, and sleep disorders. CBD has been found to alleviate symptoms of anxiety and depression, making it a valuable ingredient in nutraceuticals.
North America is expected to hold a significant market share shortly. This is because major players in the industry are located in this region. Additionally, the demand for nutraceuticals is high, and so is the incidence of epilepsy. According to a PubMed article, approximately 2.8 million people, or 1.1% of the US population, suffered from epilepsy in 2021.
Some prominent players in the MRI market report include Charlotte’s Web Holdings Inc., Diamond CBD Inc., Irwin Naturals Inc., CV Sciences, Inc., Medical Marijuana, Inc., Elixinol LLC, Eden Partners LLC, Isodiol International Inc., Garden of Life, Inc. and MGC Pharmaceuticals Limited.
Industry Trends and Insights:
CV Sciences, Inc. has acquired Cultured Foods, a leading plant-based vegan food manufacturer and distributor in Warsaw, Poland. Cultured Foods produces high-quality plant-based products currently sold in 15 European countries. This acquisition will help CV Sciences expand its reach in the plant-based foods market.
Irwin Naturals Inc. acquired Ketamine Media on March 17, 2023. Ketamine Media is an advertising company that specializes in promoting awareness about the clinical applications of ketamine. The acquisition will help Irwin Naturals advance its mission of providing innovative and effective healthcare solutions.
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CBD Nutraceuticals Market Segmentation:
By Product: CBD Tincture, Capsules & Soft Gel, CBD-based Protein, CBD Gummy, CBD Drops, CBD Topical and Others
By Application: Wellness, Workout Supplement, Edible & Fortified Food, and Others
By Distribution Channel: Online and Offline
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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