Global CBD Supplements Market is segmented By Type (Oils and Tinctures, Edibles, Low-Alcohol Beer, Pills and Capsules, Creams and Ointments, Others), By Application (Epilepsy, Cancer, Parkinson's disease, Sleep and Depression, Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Drug Stores, E-Commerce, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
Global CBD supplements market is estimated to reach at a high CAGR during the forecast period 2024-2031.
Cannabidiol is a natural medication used for many common and chronic ailments. Well known as CBD, it is one of over 100 chemical compounds known as cannabinoids found in the cannabis or marijuana plant, Cannabis sativa. Tetrahydrocannabinol (THC) is the main psychoactive compound found in cannabis and is the main reason for the sensation of getting “high” that is frequently associated with marijuana. However, compared to THC, CBD is not psychoactive. This quality of CBD makes it an attractive option for those who are searching for relief from pain and other symptoms without the side effects of marijuana or certain pharmaceutical drugs. CBD oil, a type of supplement is made by extracting CBD from the cannabis plant and then weakening it with a carrier oil like coconut or hemp seed oil. It is growing in popularity in the health and wellness world, with some scientific research proving it may relieve symptoms of ailments like chronic pain and anxiety.
Market Summary
| Metrics | Details |
| CAGR | High |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | By Type, By Application, By Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Europe |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
The growing legalization of cannabis or CBD as supplements in various countries such as the USA, Canada, etc. is driving the growth of the CBD supplements market. The legalization of CBD products is providing new opportunities to the manufacturers to expand their business without any constraints in various countries which have accelerated the market of CBD supplements in recent years. For example, the Agriculture Improvement Act of 2018 (Farm Bill) of USA, implemented into law in December 2018, removed hemp and its derivatives, with less than 0.3% THC on a dry weight basis, from the definition of marijuana in the Controlled Substances Act. Because of this, following the implementation, there was much more demand for CBD which has strengthened the overall market as many other countries also taking action in this regard. According to numerous economists, pricing for CBD isolate was increased by about USD 40,000 per kilo. Additionally, following the passage of the Farm Bill, there was a remarkable surge in the number of acres licensed, by an order of 580 percent per year.
Growing legalization initiatives is driving the CBD supplements market
The growing application of CBD or Cannabidiol in various industries such as cosmetics, food & beverages, and therapeutic medicines due to its positive effects is driving the growth of the CBD supplements market. Manufacturers are trying hard to expand the therapeutic application of CBD by creating various oil and capsule-type supplements. For example, Epidiolex is the first FDA-approved cannabidiol drug in the market for the treatment of seizures associated with two rare forms of epilepsy, Lennox-Gastaut syndrome, and Dravet syndrome, in patients two years of age and older. Additionally, the rising prevalence of chronic diseases such as epilepsy and schizophrenia are some of the major factors driving the growth of the CBD supplements market. Other than that, increasing the use of cannabidiol in skincare products in terms of oil is further expected to increase the growth of the CBD supplements market as the cosmetics skincare products mixed with cannabidiol improve anti-aging properties and helps in the natural healing of the skin. The growing demand for cannabidiol in the food and beverages industries as a nutritional supplement is further driving the market of CBD supplements.
However, various side-effects associated with the application of cannabidiol such as diarrhea, headaches, fatigue, etc., deter the consumer to some extent, which in turn hinder the growth of the CBD supplements market.
Market Segmentation
Oils and tinctures segment is dominating the types of CBD supplements due to application of it in treatment of various diseases
In terms of type, the global CBD supplements market is dominated by oils and tinctures with a market share of XX% in 2020, due to growing demand, increasing promotion, and government initiatives. Various health benefits associated with the oil & tinctures, and shifting trend towards diet and nutritious food products boosts is also helping the segment to grow rapidly. CBD tinctures are increasingly being applied for pain relief, insomnia, muscle spasms, nervous system degradation, and anxiety. Governments across the globe are gradually introducing regulations supporting the growth of cannabidiol nutraceuticals. CBD pills and capsules also have a significant market due to advantages such as these products are easy to use and can give more reliable dosing than oils, as each dose is premeasured.
On the basis of distribution channels, the global CBD supplement market is dominated by drug stores. Rapid urbanization, increasing penetration of retail stores, and growing awareness towards health are driving the overall growth of this distribution channel. Additionally, the growth of the fitness industry further accelerates the growth of retail stores providing CBD supplements.
Market Geographical Share
North America is the largest market in CBD supplements market
North America is the largest market for CBD supplements market, with nearly XX% of the global sales revenue in 2020, due to the presence of a number of manufacturers active through online and offline channels, rising health consciousness, high living standards, and active government initiatives to legalize CBD products. For instance, in order to enable hemp and hemp-derived cannabidiol (CBD) to be legally marketed in dietary supplements, US bipartisan legislation has been proposed by Congress representatives. The bill allows the US Food and Drug Administration (FDA) to use its power and resources to set a clear regulatory framework for hemp and hemp-derived CBD and make sure consumer protection. The move has brought out a positive response from the supplements industry, which comments that it would protect public health by providing legal clarity in the CBD marketplace. Additionally, a growing number of US consumers think of hemp and hemp-derived CBD as a way to enhance health and well-being of mind, according to AHPA. The positive effects associated with CBD are driving consumer demand and propagation of CBD-containing products on the marketplace, both online and offline.
CBD Supplements Key players
The global CBD supplements market is highly competitive due to the opportunity of acquiring market share early, niche market, and the possibility of high rate growth opportunity. Companies are competing in terms of research & development, partnership, and product introduction. Leading market players of CBD supplements market are Greenwich Biosciences, Inc., Endoca, Global Cannabinoids.io, Medical Marijuana Inc, Pharmahemp D.o.o., MGC Pharmaceuticals Limited, Medterra CBD, Aphria Inc., Irwin Naturals, and others.
Recent Developments:
- On 15th June 2021, Royal DSM has declared broad commercial parternishp with Colorado-based cannabinoid company Mile High Labs (MHL) for improving the research on new cannabinoid solutions.
- Endoca launched a new product named CBD oil starter pack. In the Endoca Starter Pack, the 100-percent organic CBD products comprise RAW Oil Capsules, RAW Oil in medium strength, and the Lip+Skin balm.
- On March 03, 2021, Global Cannabinoids, has announced a proposed business combination transaction with EXMceuticals Inc., an emerging bio-sciences company specializing in the production of unique cannabinoid formulations. They expect this Business Combination will generate a leading company in the distribution of hemp and cannabinoid-based products.
COVID-19 Impact:
Pandemic had a negative impact on the global CBD supplements industry
Covid-19, as well as legal uncertainty especially in the USA, has slowed down the market of CBD supplements in 2020 up to some extent. CBD category sales were negatively impacted by the COVID-19 pandemic due to decreased in-store shopping, the shift of consumer spending to essential items, and the spike in online shopping of essential products, CBD sales in the natural products industry did not farewell. According to market experts, while CBD sales did grow in 2020 compared to previous years, growth wasn’t as high as had been predicted prior to the pandemic. Additionally, in the USA, CBD sales growth in 2020 was limited by the FDA as it failed to approve ingestible CBD products—foods and beverages in particular—and provided unclear messages about the legality of hemp-derived dietary supplements which have confused many manufacturers as well as consumers.
