The emerging cannabidiol (CBD) nutraceuticals sector is expected to experience tremendous growth through the remainder of this decade, with a recent report by Research and Markets projecting that the CBD nutraceuticals market alone will be worth an estimated $29.1 billion by 2030. The market analysis estimates that the CBD nutraceuticals market is worth $9.7 billion in 2024.
“Worldwide, the market for CBD Nutraceuticals is poised to record an above-average growth over the analysis period, the crucial reasons for which are the increase in demand for plant-based foods, growing awareness concerning benefits of CBD nutraceuticals, innovative products in the pipeline and CBD nutraceuticals in capsule & softgel forms undergoing further advancements.” the researchers stated in their analysis.
“North America represents the primary global market for CBD Nutraceuticals, the reasons for which include introduction of the 2018 Farm Bill that legalized hemp cultivation and processing of hemp-derived products, demand from consumers after getting to know the benefits of CBD-based Nutraceuticals, major companies active in the region and a significant rise in geriatric population.” Research and Markets stated.
“Asia-Pacific, though, is anticipated to be the fastest growing global region for CBD Nutraceuticals, factors for which comprise entry of leading global players, an increase in lifestyle-associated diseases & other health disorders and greater knowledge pertaining to healthier eating routines.” the market researchers also stated.
“CBD Oils account for the largest share, as they have great versatility in being used in a range of applications, such as capsules, tinctures and cosmetics. However, the global demand for CBD Isolates is likely to maintain the fastest growth, since these are considered to offer high purity, making them ideal as CBD formulations in products that need exact concentrations of CBD.” the researchers stated about subsectors of the market.
“A high demand has been evident for CBD Tinctures, since they widely utilized in treating insomnia, cancer cell growth, seizures, anxiety, depression and chronic pain, as well as hyperglycemia, muscle spasms, psychosis and bone degeneration. However, the demand for CBD Capsules & Softgels is expected to exhibit the fastest growth over the analysis period, since they are more convenient to consume and are also travel-friendly.” the researchers concluded.
A previous market analysis conducted by Market Research Future estimated that the global CBD industry was worth $18.43 billion in 2023 and that the market would reach a projected $59.43 billion by 2030.
Written by Hazel Norman on . Posted in Business.