The global CBD consumer health market size is anticipated to reach USD 43.8 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 24.6% from 2020 to 2027. The growing adoption of cannabidiol (CBD) as a consumer health product due to increasing awareness about the health benefits of CBD and rise in the number of countries legalizing these products are the key factors driving the growth. Furthermore, the changing buyer perception and attitude toward cannabidiol products is an important factor bolstering the revenue growth.
Based
on product type, nutraceuticals dominated the market with a revenue share of
62.4% in 2019. Rising awareness regarding cannabidiol, changing user
preferences from chemical-based ingredients to organic ingredients in dietary
supplements, and favorable government initiatives for hemp-derived cannabidiol
are the key factors driving the growth. The segment is anticipated to witness
the fastest CAGR during the forecast period, owing to an increase in the
consumption of CBD-based nutraceutical products in health and wellness, sports
nutrition, weight management, and other fields.
Based
on distribution channel, retail pharmacies dominated the market for cannabidiol
consumer health in 2019. An increase in the number of companies selling their
products via retail pharmacies is fueling the growth of the segment. However,
the online stores segment is anticipated to witness fastest growth over the
forecast period. This can be attributed to the increase in penetration of
e-commerce, rising demand for CBD-infused products, preference of consumers for
buying CBD online, and easy availability of these products in emerging markets.
North
America dominated the market in 2019, with a revenue share of 59.8%. The
growing awareness about the medical benefits of CBD among consumers has
resulted in greater sales of online and retail sales in the region. On the
other hand, Europe is expected to be the fastest-growing region, owing to an
increase in consumption, rising awareness, positive attitude regarding CBD
products, and strategic investments by major companies in the region.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/cannabidiol-consumer-health-market
CBD Consumer
Health Market Report Highlights
- Nutraceuticals
dominated the market in 2019 with a revenue share of 62.4%, owing to the
changing consumer preferences from chemical-based ingredients to organic
and herbal ingredients in dietary supplements
- Online stores
is anticipated to be the fastest-growing distribution channel segment over
the forecast period, owing to the increase in penetration of e-commerce and
the rising number of players offering their products online
- North America
dominated the market in 2019 with market size of USD 4.9 billion, owing to
the presence of large consumer pool and an overall increase in the
adoption of CBD for medical and wellness use
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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