Global Cbd Oil & Cbd Consumer Health Market Trends And Forecast | Growth Market Reports

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The global CBD oil & CBD consumer health market size was valued at USD 20.3 billion in 2020 and is projected to expand at a CAGR of 25.6 % during the forecast period, 2021–2028. The growth of the market is attributed to the increased in the use of cannabidiol (CBD) and CBD-infused products for a variety of medical and wellness purposes.

Cannabidiol (CBD) is a chemical in Cannabis sativa, widely known as marijuana or hemp. The Cannabis sativa plant contains more than 80 compounds known as cannabinoids. While the main active element in marijuana is delta-9-tetrahydrocannabinol (THC), cannabidiol can also be produced from hemp, which contains only small quantities of THC. The 2018 Farm Bill made it lawful to sell hemp and hemp-based products in the United States. However, this does not mean that all cannabidiol products derived from hemp are lawful. Cannabidiol cannot be lawfully incorporated in meals or dietary supplements because it is still being studied as a new medication. Additionally, cannabidiol cannot be used in products that make medicinal claims. Only "cosmetic" items containing less than 0.3 percent THC ...
... are allowed to contain cannabidiol. However, cannabidiol-containing dietary supplements are still available on the market. On the product label, the amount of cannabidiol contained in these goods is not always precisely indicated. The most prevalent usage of cannabidiol is for seizure disorders (epilepsy). It is also used to treat anxiety, pain, dystonia, Parkinson's disease, Crohn's disease, and a variety of other ailments, but there is no solid scientific proof to back up these claims.

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Market Trends, Drivers, Restraints, and Opportunities

Increasing legalization of CBD-based products and the increasing popularity of CBD as a consumer product are projected to boost the market growth during the forecast period.
Favorable government laws as well as rising consumer awareness and demand for cannabidiol as a result of its health benefits are expected to drive the market growth during the forecast period.
Increasing number of product alternatives available to customers, such as nutritional supplements, analgesics, consumables, topicals, oils, and capsules is anticipated to propel the market growth.
Increased demand for cannabidiol in pharmaceutical formulations as a result of its therapeutic effects is expected to drive the market growth during the forecast period.
Strict laws and regulations governing the use of CBD in meals, nutritional supplements, and cosmetics are estimated to impede the market growth.
Due to the covid 19 outbreak transportation restrictions and a stringent lockdown was imposed which resulted in stoppage on companies’ operations is anticipated to hamper the market growth.
Increased emphasis on R&D in the field of oncology is projected to create immense opportunities for the market players.
Market Segment Insights

CBD oil segment is expected to account for a key share of the market

Based on product, the CBD oil & CBD consumer health market is bifurcated into CBD oil and CBD consumer health. The CBD oil segment is further sub segmented into CBD oil, CBD isolate, synthetic CBD. The CBD consumer health is further sub segmented into medical OTC products, nutraceuticals, food and beverages, pharmaceuticals, personal care & cosmetic products, CBD infused hair care products. The medical OTC products sub segment is further segmented into CBD analgesic products, CBD dermatology products, CBD mental health products, CBD sleeping aids products, other OTC products. The nutraceuticals sub segmented is further segmented into CBD vitamins and dietary supplements (VDS), CBD sports nutrition, CBD weight management and wellbeing. The personal care & cosmetic products sub segment is further segmented into CBD infused skin care products, CBD infused beauty products. The CBD oil segment is expected to account for a key share of the market during the forecast period owing to the increasing awareness among people about cannabidiol's health advantages, favorable government legislation, and the increased use of bulk cannabidiol oil in numerous industries. Furthermore, over the forecasted period, CBD isolate is predicted to be the fastest-growing segment. This increase can be ascribed to the increased use of isolates as a raw material in numerous applications due to their dependable forms in comparison to other cannabinoids, as well as a very high cannabidiol composition and relatively low THC levels.

On the other hand, the nutraceuticals segment is anticipated to expand at a rapid pace during the forecast period due to the favorable government legalization of products and growing demand for plant-based ingredients in food supplements in various countries are responsible for this high proportion. Another important factor boosting demand for these goods is the rise in online and retail sales of cannabidiol supplements.

Consumer preference for plant-based products is growing, particularly in nutritional supplements and sports nutrition. Growing public awareness of cannabidiol's health and wellness advantages has boosted its use for a variety of applications.

B2B segment is expected to account for a key share of the market

Based on distribution channel, the CBD oil & CBD consumer health market is bifurcated into CBD oil and CBD consumer health. The CBD oil segment is further sub segmented into B2B and B2C. The B2B sub segment is further segmented into pharma manufacturers, consumer goods manufacturers, nutraceutical manufacturers and others. The CBD consumer health is further sub segmented into online, retail stores, retail pharmacies. The B2B segment is expected to account for a key share of the market during the forecast period owing to increasing demand of cannabidiol products in sectors such as pharmaceutical, food, and additives, health and wellness, and cosmetics sectors. Because of the growing usage of bulk CBD oil and isolates in numerous application areas, the B2C market is projected to grow at the fastest rate. Due to the legalization of medicinal cannabis in many countries, the supply of these goods has greatly risen over the years through various forms of distribution such as online, offline, and specialized mode.

On the other hand, CBD consumer health segment is anticipated to expand at a rapid pace during the forecast period owing to increased availability of CBD-infused products, since retail pharmacies are one of the most trusted providers of medicinal cannabidiol products for customers. The online shop segment, on the other hand, is expected to develop at the quickest rate throughout the forecast period. Increased use of online shopping channels, as well as an increase in the number of producers in the e-commerce industry, are expected to boost the CBD oil and CBD consumer health market in the future.

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Compititive Landscape

Key players competing in the CBD oil & CBD consumer health market are CV Sciences, Inc.; Medical Marijuana, Inc.; Elixinol; NuLeaf Naturals, LLC; CHARLOTTE’S WEB; Isodiol; Joy Organics; Kazmira LLC; IRIE CBD; Lord Jones; ENDOCA; Aurora Cannabis; Canopy Growth Corporation; Bluebird Botanicals; Global Cannabinoids; CBD American Shaman; BioVectra; Noramco, Inc.; CURE Pharmaceutical; GW Pharmaceutical; CBDepot; CIBDOL; THC Pharm GmbH.

Competition among existing players is fierce because of the increased demand for CBD oil, as well as increased awareness of its effectiveness and purity. Furthermore, market competition is fierce as companies strive to expand into new markets, expand their product offerings, and attract new customers.

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