Analysis of CBD Nutraceuticals market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
CBD Nutraceuticals are the alternative to pharmaceuticals in the health and wellness industry as they are not classified by the Pharma industry as medicines. Which in this case has helped them to reach a broader customer base. According to the latest research done by Fact.MR., the CBD Nutraceuticals market is growing at a very healthy rate and it is expected to experience a very significant CAGR in the forecasted period of 2021-2031.
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CBD Nutraceuticals are edibles made out of cannabis. The use of cannabis and the cannabis-based product was banned by the US government and by a number of other countries. The ban is slowly getting lifted from various parts of the world. Like in the US in 2018, after the passing of the farm bill the use of CBD products was commercialized which boosted the market there and a significant number of companies came into the market which led to a sudden upsurge in sales and growth of CBD Nutraceuticals products.
The commercialization of CBD products is the major driving force for this market but apart from this, the increasing awareness among all age groups about the health benefits of CBD Nutraceuticals through consumer’s own experience has been a major factor here. The number of health-conscious persons is increasing in developed and developing economies because of bad lifestyle has also contributed to the increase in sales.
The demand for plant-based dietary supplements by a decent vegan population, athletes, bodybuilders and the advancements and innovation in a variety of CBD-based nutraceutical products are also fueling the growth of this market. CBD tincture is one of the nutraceutical product which is being accepted by most of the customers.
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The pandemic has affected each and every sector of the market. The CBD Nutraceuticals was also hit hard during the first wave. Most manufacturers experienced sluggish sales during that period. The revenue of some of the companies fell behind that of last year, almost around half of what was expected.
After experiencing sluggish growth, the market started picking up slowly as more and more consumers started buying CBD immunity enhancer products. The awareness and demand of immunity enhancer products started increasing and hence it became the primary product of the CBD Nutraceutical market. This market is expected to be on track after the pandemic ends.
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North America is the biggest consumer of CBD Nutraceuticals. After the commercialization in the US, the market sky rocketed. The sales of CBD products increased at an exponential rate for the first year, and the growth is still going strong. A big number of small-scale manufacturers and suppliers came into the market. Both Canada and US is the biggest consumer, manufacturer, and supplier of CBD Nutraceuticals globally. The major key player of this market is from North America only.
North America has one of the highest numbers of cases of obesity and other health-related issues. The market of pharmaceuticals, nutraceuticals and other wellness products is quite prevalent in this part of the world.
The growth of this market in this region is also attributed to the ease of presence of raw materials required and acceptance in consumer’s attitudes for the new and innovative products of health and wellness. Also owing to the awareness among consumers of the sleep benefits, physiological benefits, medical benefits of CBD nutraceuticals have also fuelled the growth of sales.
After North America, Europe is the second biggest consumer and manufacturer of CBD nutraceutical products. CBD-infused nutraceutical products are booming in Europe. The increasing acceptance of these products is leading the market to monumental growth. Countries like UK, France, Germany have uplifted the ban of using CBD in various different products, which has resulted in an increase in the number of CBD nutraceutical product manufacturers.
CBD nutraceuticals are being accepted by a lot of patients suffering from diseases like diabetes, dementia, etc, and anxiety for their mental and physical wellness. The positive impacts of these products have contributed to the growth of the market. Europe has a dominant share in this market and is one of the major providers of these products globally.
The major key manufacturers and suppliers are mainly present in North America, Europe and Australia. A high number of small scale manufacturers are present in these regions and specially in Middle East & Africa and Asia. Some of the key manufacturers and global suppliers of CBD nutraceuticals are
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Sales of CBD nutraceuticals are projected to rise at 18% CAGR across the forecast period till 2031.
CBD oils are anticipated to account for the highest market share across the forecast period.
Shipments of CBD nutraceuticals are anticipated to rake in a revenue value of US$ 30.6 billion by 2031-end.
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