Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the CBD Nutraceuticals market.
Trusted Business Insights presents an updated and Latest Study on CBD Nutraceuticals Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the CBD Nutraceuticals market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: CBD Nutraceuticals Market
The global CBD nutraceuticals market size was valued at USD 3.8 billion in 2018 and is expected to expand at a CAGR of 18.8% over the forecast period. Growing consumer preference for plant-based supplements, awareness regarding medical benefits of cannabidiol including its remedial properties, legalization of hemp-derived CBD (cannabidiol) products in various countries, and rise in the standard of living are some of the key factors driving the growth.
Several nutraceutical companies are entering the CBD space offering a wide variety of supplements and functional foods in myriad forms. For instance, MGC Pharma has launched its nutraceutical-based products such as CBD capsules, water-soluble CBD solution, and hemp powder in China. These products have gained immense popularity among consumers within a short period, as they offer the medical benefits of cannabidiol without the intoxication.
Growing competition in the CBD nutraceuticals space is pressurizing companies to launch new products and increase their geographical reach. For instance, in April 2019, Aphria Inc. entered the German market by launching the companys first cannabidiol based nutraceuticals product range-CannRelief. In April 2019, Australian biopharmaceutical firm, MGC Pharmaceuticals entered into a partnership with the Chinese e-commerce platform-YuShop Global for gaining entry in the Chinese CBD nutraceuticals space. Such growing competition is projected to fuel the market growth.
Growing demand for hemp protein among athletes, bodybuilders, and the vegan population is expected to further drive the market for cannabidiol (CBD) nutraceuticals over the forecast period. Hemp protein powder is a high-quality plant-based protein that contains twenty amino acids and can be easily digested by the human body. It contains more dietary fibers than soy protein or rice protein. Hence, its adoption is increasing due to the growing consciousness among consumers about the core ingredients present in the dietary supplements.
However, the presence of alternatives such as the herbal nutraceuticals, such as garcinia cambogia, raspberry ketones, echinacea, and turmeric that have ruled the global nutraceuticals space for a long period, is obstructing the market growth. Moreover, many new players are facing challenges in entering the CBD nutraceutical space and the existing players are finding it difficult to launch new products, owing to the ambiguous regulatory framework in different countries.
Type Insights of CBD Nutraceuticals Market
In 2018, CBD tinctures dominated the global CBD nutraceuticals market. Growing usage of CBD tinctures owing to their high bioavailability compared to oils in relieving severe pain, anxiety, stress, among others, is one of the key factors driving the demand. The availability of these tinctures in various volumes and concentrations that suit individual requirements is expected to further fuel the segment growth over the forecast period.
On the other hand, capsules and softgels segment is anticipated to register the fastest growth over the forecast period, as these products are more convenient and travel-friendly. Moreover, many users dislike the taste and texture of tinctures, making them difficult for daily consumption. Hence, they are switching to capsules and soft gels, as they are easy to consume and are available in premeasured doses.
Sales Channel Insights
The retail store sales channel dominated the market in 2018, with a revenue share of 44.3%. The growing partnership of manufacturers with retailers to expand their distribution network is the leading factor contributing to the segment growth. For instance, recently in September 2019, CV Sciences, Inc. entered into a distribution partnership with The Vitamin Shoppe and began selling its products across 383 stores in U.S. Moreover, in October 2019, the company expanded its distribution network and is currently catering its products through 515 Vitamin Shoppe stores.
However, the online sales channel is anticipated to witness the fastest growth over the forecast period. Companies in CBD nutraceuticals space are trying to supply their products through all the available sales channels, especially through the online channel to reach to remote locations. These channels provide a detailed description of the product content, quality certification, ingredients, and dosage to the consumers, which attracts the consumers toward this sales channel. All these factors are projected to fuel the growth of the segment in the forthcoming years.
Regional Insights of CBD Nutraceuticals Market
North America dominated the market in 2018, with a market share of 56.2%. Major factors driving the market growth are the introduction of the 2018 Farm Bill that legalized hemp cultivation and processing of hemp-derived products, the increasing population of health-conscious consumers, and the presence of major manufacturers in the region.
On the other hand, Asia Pacific is anticipated to register the fastest CAGR over the forecast period, owing to the increasing legalization and promising guidelines regarding the use of cannabidiol infused products in the regional countries. In September 2019, Thailand removed hemp seeds and hemp oil from the list of controlled substances and is expected to expand the use of CBD as health supplements in the country. Many CBD nutraceuticals companies are planning to enter into the Asia Pacific market, which is expected to drive the regional growth. Rising awareness about the use of CBD nutraceuticals for medical and wellness purposes is also expected to drive the growth.
Market Share Insights of CBD Nutraceuticals Market
Charlotte”s Web; Elixinol; Medical Marijuana, Inc.; CV Sciences, Inc.; Irwin Naturals; and Diamond CBD are some of the key players that dominated the market in 2018. These players have collaborated with regional participants and have entered into various distribution agreements with retailers to increase their retail sales. For instance, in September 2019, Charlotte”s Web entered a partnership with The Vitamin Shoppe for selling its new line of CBD gummies across 738 retail stores in U.S.
A similar strategy was adopted by other competitors, such as CV Sciences, Inc. and Medical Marijuana, Inc. to establish themselves in the market for cannabidiol nutraceuticals. Some other prominent market players are Green Roads, MEDTERRA, Isodiol, Garden of Life, and Foria Wellness. These players are continuously working on improving their product offering and are facing strong competition from the established players.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of CBD Nutraceuticals Market Research Report
This report forecasts revenue growth at global, regional, and country level and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, GVR has segmented the global CBD nutraceuticals market report on the basis of product type, sales channel, and region:
Product Type Outlook (Revenue, USD Million, 2019 – 2030)
Capsules & Softgels
Sales Channel Outlook (Revenue, USD Million, 2019 – 2030)
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