PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594785
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1594785
Market Overview
CBD, or cannabidiol, is a naturally occurring compound derived from the hemp plant and has been making significant inroads into the consumer health industry over recent years. While still embroiled in legislative discussions in several countries, its purported health benefits have created a burgeoning market for products infused with this compound, ranging from topical creams and oils to ingestible capsules and gummies. The CBD consumer health market is estimated to grow at a CAGR of 18.5% from 2024 to 2032.
CBD Consumer Health Market Dynamics
Driver: Widespread Acceptance due to Health Benefits
CBD's rise in the consumer health market can be primarily attributed to the plethora of health benefits associated with its use. Many users report experiencing reduced anxiety, improved sleep, and relief from various forms of chronic pain after consuming CBD-infused products. For instance, a study published in the European Journal of Pain demonstrated that CBD applied on the skin could help lower pain and inflammation due to arthritis. Another research, published in the Journal of Experimental Medicine, suggests that CBD can significantly reduce chronic inflammation and pain in some rats and mice. Furthermore, people suffering from anxiety disorders have found relief after CBD administration, as documented in a review from the Journal of Clinical Psychology. This widespread acceptance and positive feedback from consumers have provided a significant push for the market's expansion.
Opportunity: Growing Integration in Skincare and Wellness Industry
The wellness and skincare industries are always on the lookout for novel and effective ingredients. The anti-inflammatory properties of CBD make it a prime candidate for treating conditions like acne and psoriasis. In a study detailed in the Journal of Clinical Investigation, researchers found that CBD possesses the potential to reduce sebum production and has anti-inflammatory effects on oil-producing glands. As a result, the integration of CBD in skincare products can revolutionize treatment methods. Moreover, wellness sectors, including the spa and relaxation industry, are exploring CBD-infused massages and therapies, promising an enhanced relaxation experience for consumers.
Restraint: Regulatory Challenges and Confusion
While the CBD consumer health market witnesses an upward trajectory, it also grapples with regulatory roadblocks. Not all governments differentiate between hemp-derived CBD and marijuana, leading to restrictions on production, sale, or consumption of CBD products. For instance, in early 2021, an article from the New York Times highlighted how several cafes and stores in New York were warned against selling CBD-infused foods and beverages, reflecting the ambiguous legal status of such products.
Challenge: Market Saturation and Quality Assurance
The rapid proliferation of CBD-based products has led to a saturation of the market with numerous brands and formulations. This plethora of choices, while beneficial for consumers, poses challenges regarding product quality and consistency. The Journal of the American Medical Association published a study revealing that nearly 70% of CBD products sold online were mislabeled, either over-reporting or under-reporting the CBD content. This inconsistency can undermine consumer trust, dampen the market's reputation, and pose potential health risks.
Market Segmentation by Product
In terms of product segmentation, the market broadly bifurcates into Medical OTC Products and Nutraceuticals. Medical OTC Products were the dominant segment in 2023 in terms of revenue, driven by consumers seeking relief from ailments such as anxiety, pain, and sleep disorders. These products, including oils, capsules, and topicals, were predominantly purchased by individuals who had prior knowledge or were recommended CBD for therapeutic purposes. The assurance of specific doses and the alignment with medical conditions gave this segment a revenue edge. However, the Nutraceuticals segment, which encompasses CBD-infused food supplements, has been showing the highest CAGR. This surge is attributable to the integration of CBD into daily wellness routines, where consumers are incorporating CBD-infused teas, gummies, and other edibles not just for ailment relief but for overall well-being. By 2032, it's expected that the Nutraceuticals segment, with its diversification and mass appeal, might surpass Medical OTC Products in revenue.
Market Segmentation by Distribution Channels
Regarding distribution channels, as of 2023, Retail Pharmacies accounted for the lion's share of the market revenue. This dominance can be linked to the trust factor, where consumers feel assured purchasing health-related products from a familiar and reputed pharmacy. Moreover, the opportunity for pharmacists to guide on dosages and product types has been a crucial factor. Conversely, the Online Stores segment, although not the revenue leader in 2023, is witnessing the highest CAGR. The convenience of online shopping, coupled with a broader range of products and user reviews, has driven this growth. The shift to e-commerce has been further accelerated by the pandemic-induced shopping habits. Retail Stores, though playing a significant role, have seen a comparatively lesser growth, with consumers being selective about purchasing health products from general stores. From 2024 to 2032, Online Stores are expected to gain a more significant market share, with digital platforms becoming the go-to place for newer consumers.
Market Segmentation by Region
Geographically, North America, with its more relaxed regulations and high consumer awareness, accounted for the highest revenue in 2023. The region's early adoption and integration of CBD products into mainstream health and wellness routines have been pivotal. However, in terms of CAGR, the Asia-Pacific region is anticipated to lead from 2024 to 2032, driven by countries like Japan and South Korea that are gradually warming up to the benefits of CBD, combined with a vast consumer base getting introduced to these products.
Competitive Trends
On the competitive front, the CBD consumer health market has been bustling with activity. As of 2023, major players like Elixinol Global Limited, ENDOCA, NuLeaf Naturals LLC, Kazmira, Charlotte's Web, Joy Organics, Lord Jones, Medical Marijuana Inc., CV Sciences Inc., and Isodiol International Inc. had carved a niche with their quality products and effective marketing strategies. While these companies had significant revenue contributions, newer entrants are expected to disrupt the market with innovative products and aggressive digital campaigns from 2024 to 2032. Strategies such as partnerships with wellness influencers, targeted digital advertising, and continuous product innovation are anticipated to be at the forefront.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of CBD Consumer Health market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the CBD Consumer Health market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Product
Distribution Channel
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of CBD Consumer Health market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the CBD Consumer Health market?
Which is the largest regional market for CBD Consumer Health market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving CBD Consumer Health market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the CBD Consumer Health market worldwide?
TABLE 3 Global CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 4 Global CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 7 North America CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 8 North America CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 11 U.S. CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 12 U.S. CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 15 Canada CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 16 Canada CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 19 Rest of North America CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 20 Rest of North America CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 23 UK and European Union CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 24 UK and European Union CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 27 UK CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 28 UK CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 31 Germany CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 32 Germany CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 35 Spain CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 36 Spain CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 39 Italy CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 40 Italy CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 43 France CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 44 France CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 47 Rest of Europe CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 48 Rest of Europe CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 51 Asia CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 52 Asia CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 55 China CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 56 China CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 59 Japan CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 60 Japan CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 63 India CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 64 India CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 67 Australia CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 68 Australia CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 71 South Korea CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 72 South Korea CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 75 Latin America CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 76 Latin America CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 79 Brazil CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 80 Brazil CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 83 Mexico CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 84 Mexico CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 87 Rest of Latin America CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 88 Rest of Latin America CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 91 Middle East and Africa CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 92 Middle East and Africa CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 95 GCC CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 96 GCC CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 99 Africa CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 100 Africa CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 103 Rest of Middle East and Africa CBD Consumer Health Market By Nutraceuticals, 2022-2032, USD (Million)
TABLE 104 Rest of Middle East and Africa CBD Consumer Health Market By Distribution Channel, 2022-2032, USD (Million)
FIG. 9Market Positioning of Key CBD Consumer Health Market Players, 2023
FIG. 10Global CBD Consumer Health Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032