CBD Nutraceuticals Global Market Report 2024

The cbd nutraceuticals market has grown rapidly in recent years. It will grow from $7.39 billion in 2023 to $8.86 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth observed in the previous period can be attributed to several key factors. These include significant product diversification within the CBD nutraceutical market, advancements in extraction methods enhancing product quality, increased acceptance and recognition of CBD by healthcare professionals, the expansion of retail channels offering CBD products, and the successful integration of CBD into consumer lifestyles. These factors collectively contributed to the growth witnessed in the CBD nutraceutical industry during that timeframe.

The cbd nutraceuticals market is expected to see rapid growth in the next few years. It will grow to $17.25 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to integration into mainstream wellness, quality control measures, shifting attitudes in healthcare, continued research and development, diversification of product range. Major trends in the forecast period include legalization and regulatory changes, consumer awareness and education, rise in health and wellness consciousness, expansion of product variety, research and development.

The surging demand for plant-based food is expected to be a catalyst propelling the CBD nutraceuticals market. Herbal supplements derived from natural sources are gaining popularity due to their absence of harmful chemicals. CBD nutraceuticals, obtained from cannabis plants, offer health benefits beyond basic nutrition, aligning with the growing demand for plant-based dietary supplements. For instance, the Plant-Based Food Association reported U.S. retail sales of plant-based foods reaching $7.4 billion in 2021, indicating an upward trajectory in plant-based food consumption, thereby driving the CBD nutraceutical market's growth.

Increasing awareness about health and fitness is set to amplify the CBD nutraceutical market. The rising consciousness about holistic well-being, encompassing physical, mental, and social dimensions, creates a conducive environment for CBD nutraceuticals. Consumers actively seek natural solutions for their overall wellness. For example, a Nutrisystem survey in January 2022 revealed that 53% of 2,000 participants aimed to lose an average of 14 pounds in 2022. This heightened awareness of health and fitness is a key driver propelling the CBD nutraceutical market.

Product innovation stands as a prominent trend shaping the CBD nutraceuticals market, with major companies emphasizing new product developments. For instance, in December 2021, Cibdol, a Netherlands-based CBD and wellness company, launched its exclusive CBD Oil 2.0 range. This enhanced formulation contains higher levels of essential compounds such as CBC, CBG, CBN, and CBDa, alongside high-purity CBD, aiming to address various physical and mental challenges related to modern living. The improved recipe promises a more potent sensation, utilizing diverse components that interact with different receptors and biological systems.

Major players in the CBD nutraceutical market are innovating by developing CBD soft gels to cater to larger consumer bases and boost revenue. Irwin Naturals Inc., a U.S.-based nutraceutical company, introduced CBD 25mg Softgels in March 2023. These soft gels allow consumers to seamlessly incorporate premium CBD derived from cannabis into their daily health routines. Irwin Naturals' Cannabis product line offers soft gels crafted with hemp seed oil and medium-chain triglyceride (MCT) oil, presenting different formulations with distinct CBD and THC ratios, aiming to address various wellness needs.

In August 2021, Village Farms International Inc., a Canada-based producer in the cannabis, health, and wellness spaces, acquired Balanced Health Botanicals for $75 million. This strategic acquisition fortified Village Farms' position in the U.S. retail CBD market, leveraging existing distribution channels and cultivation expertise to expand market presence. Balanced Health Botanicals, a U.S.-based producer of high-quality health and wellness products in the hemp-derived CBD market, operates various brands, contributing to Village Farms' market growth.

Major companies operating in the cbd nutraceuticals market report are CV Sciences Inc., Elixinol LLC, Medterra CBD, Charlotte’s Web Holdings Inc., Diamond CBD Inc., Garden of Life LLC, Green Roads, Isodiol International Inc., Medical Marijuana Inc., Cannavedic Pvt. Ltd., Canopy Growth Corporation, Folium Biosciences LLC, Gaia Botanicals LLC, Kats Botanicals Ltd., Medix CBD, Valens Company, Aphria Inc., Hemp Bombs, Cronos Group Inc., GW Pharmaceuticals Group plc, Harvest One Cannabis Inc., The Supreme Cannabis Company, Organigram Holdings Inc., HEXO Corp., Aleafia Health Inc., MediPharm Labs Corp., Joy Organics LLC, Shaman Botanicals LLC, Irwin Naturals Inc., HempFusion Wellness Inc.

North America was the largest region in the CBD nutraceuticals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global CBD nutraceuticals market report forecast period. The regions covered in the cbd nutraceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cbd nutraceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of CBD nutraceutical products available include CBD tinctures, capsules and soft gels, CBD-infused proteins, and CBD gummies. CBD tinctures are liquid extracts containing cannabidiol (CBD) as the active ingredient, often dissolved in alcohol or oil mediums. These products are distributed through various channels including retail stores, pharmacies, e-commerce platforms, and others, and find application in wellness, workout supplements, edibles, and fortified foods, among other uses.

The CBD nutraceuticals market research report provides CBD nutraceuticals market statistics, including CBD nutraceuticals industry global market size, regional shares, competitors with a CBD nutraceuticals market share, detailed CBD nutraceuticals market segments, market trends and opportunities, and any further data you may need to thrive in the CBD nutraceuticals industry. This CBD nutraceuticals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The CBD (cannabidiol) nutraceuticals market consists of sales of CBD oils, CDB creams for spread, CBD gels, CBD vapes, and CBD baked foods. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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