The global CBD nutraceuticals market is experiencing a substantial growth trajectory, with forecasts predicting a value of $14.63 billion by 2027, as detailed in a thorough report by Research and Markets. This expansion is characterized by a compound annual growth rate (CAGR) of 18.6 per cent, with anticipated market values of $6.15 billion in 2022 and $7.39 billion in 2023.
As of 2022, the CBD nutraceuticals market was appraised at $6.15 billion, with a projected CAGR of 20.1 per cent for the 2022-2023 period. The market encompasses a wide array of products such as tinctures, capsules, soft gels, proteins, and gummies. It covers products available through diverse distribution channels including retail stores, pharmacies and e-commerce platforms.
Derived from cannabis plants, CBD nutraceuticals are non-psychoactive compounds that offer various health advantages along with essential nutritional components found in food. These products are enriched with B-complex vitamins including Vitamin B6, B12, riboflavin, niacin and thiamine.
The North American region stands out in the market, while the Asia-Pacific region is projected to be the fastest-growing area during the forecasted period. The report encompasses an analysis of several countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK and the USA.
Read more: CBD market to reach US$56.2B by 2028: GMI report
Read more: Global cannabis market to reach US$82.3 billion by 2027: ReportLinker
Innovation in product development is a prominent trend within the CBD nutraceuticals market. Leading companies are concentrating on creating new products to fortify their market stance. An example of this is the Netherlands-based CBD and wellness company Cibdol, which introduced its exclusive CBD Oil 2.0 range in December 2021, featuring enhanced levels of essential compounds.
Village Farms International Inc., a Canadian producer, strengthened its position in the US retail CBD market by acquiring Balanced Health Botanicals for $75 million. This strategic move utilizes existing distribution channels and greenhouse cultivation expertise to augment its presence.
The burgeoning demand for plant-based food is anticipated to further fuel the CBD nutraceuticals market’s growth. Herbal supplements, derived from natural sources without harmful chemicals, are increasingly favored over traditional supplements. CBD nutraceuticals, with their health benefits in addition to basic nutritional value, are contributing to a surge in sales.
Key participants in the CBD nutraceuticals market include CV Sciences Inc. (OTCQB: CVSI), Elixinol LLC (ASX: EXL), Charlotte’s Web (TSX: CWEB), Diamond CBD which is owned by PotNetwork Holdings (OTC: POTN), Isodiol International Inc. (CSE: ISOL), Medical Marijuana Inc. (OTC: MJNA), Canopy Growth Corporation (TSX: WEED) (NYSE: CGC).
The CBD nutraceuticals market is well-positioned for remarkable growth in the near future, propelled by factors such as product innovation, strategic acquisitions and escalating demand for plant-based dietary supplements. With an industry valuation projected at $14.63 billion by 2027, the CBD nutraceuticals market is poised to become a significant force in the global wellness industry.
