Categories: Market Research

CBD Nutraceuticals Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The CBD Nutraceuticals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s CBD Nutraceuticals Global Market Report 2024, The cbd nutraceuticals market size 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 in the historic period can be attributed to product diversification, advancements in extraction methods, acceptance by healthcare professionals, expansion of retail channels, integration into consumer lifestyles.

The cbd nutraceuticals market size 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 increase in demand for plant-based food is expected to propel the growth of the CBD nutraceuticals market. Herbal supplements (plant-based dietary supplements) refer to dietary supplements obtained or prepared from the oils, roots, seeds, berries, or flowers of one or more herbs. Herbal supplements are gaining popularity over conventional supplements as they are made from natural sources and don’t contain hazardous chemicals. CBD nutraceuticals are derived from cannabis plants and have health benefits in addition to the basic nutritional value found in foods. Thus, the increase in demand for plant-based dietary supplements boosts the sales of CBD nutraceuticals. For instance, in 2021, according to the Plant-Based Food Association, a US-based trade association representing the nation’s plant-based food companies, U.S. retail sales of plant-based foods reached $7.4 billion. Therefore, the increase in demand for plant-based food is driving the growth of the CBD nutraceutical market.

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The cbd nutraceuticals market covered in this report is segmented –

1) By Product: CBD Tinctures, Capsules and Soft Gels, CBD-Based Protein, CBD Gummies

2) By Distribution Channel: Retail Stores, Pharmacies, E-Commerce Portals, Other Distribution Channels

3) By Application: Wellness, Workout Supplements, Edibles And Fortified Foods

Product innovations are a key trend gaining popularity in the CBD nutraceuticals market. Major companies involved in the CBD nutraceuticals market are focused on innovating new products to strengthen and sustain their position in the market. For instance, in December 2021, Cibdol, a Netherlands-based CBD and wellness company, launched its exclusive CBD, or cannabidiol, Oil 2.0 range. It contains greater levels of essential compounds such as CBC (cannabichromene), CBG (cannabigerol), CBN (cannabinol), and CBDa (cannabidiolic acid), along with high-purity CBD. A few drops of the new revolutionary CBD oil formula combat the physical and mental challenges related to modern living by managing the conditions linked to appetite, mood, pain, and sleep. Its improved recipe significantly boosts the levels of the smaller compounds, resulting in a more potent sensation. These components are regarded to not only complement each other better but also to have diverse effects on different receptors and biological systems.

The cbd nutraceuticals market report table of contents includes: