Zion Market Research has released a study that projects the CBD Consumer Health market to grow from $10.3 billion in 2021 to $37.6 billion by 2028. Over this forecast period, the market is projected to exhibit a compound annual growth rate (CAGR) of approximately 24.1%.
CBD Consumer Health Market: Overview
Cannabidiol has grown in popularity in nutritional supplements due to its potential health advantages and non-narcotic properties. Unlike THC, it lets users benefit from the health benefits of cannabis without the psychoactive effects.
CBD supplements are perceived as more natural than prescription or over-the-counter drugs for treating stiffness, pain, anxiety, stress and other medical conditions. Hemp-derived CBD is a preferred supplier among producers due to its low THC concentration.
Cannabidiol is the most recent consumer craze. The expanding number of benefits of cannabidiol in various health applications and marketing/advertising operations by market participants are some of the key forces driving product demand. The increased availability of consumer product options, such as topicals, analgesics, edibles, oils, tinctures and a variety of other goods, is also propelling the CBD consumer in the health sector. Furthermore, as people become more aware of the health benefits of CBD-infused products, the number of people ready to purchase them, regardless of price, has grown.
Mainstream retailers who previously supplied non-CBD products are increasingly focusing on supplying CBD-based products due to higher profit margins and greater demand. However, the availability of alternatives and the high cost of CBD products are limiting the market growth.
Key Industry Insights and Findings
- As per the analysis shared by Zion Market Research, the CBD Consumer Health Market is expected to grow annually at a CAGR of around 24.1% (2022-2028).
- Through the primary research, it was established that the CBD Consumer Health Market was valued at approximately $10.3 billion in 2021 and is projected to reach roughly $37.6 billion by 2028.
- North America is expected to dominate the global CBD consumer health market during the forecast period. This is due to a higher number of CBD firms and more flexible rules regulating the use of the products.
- Increase in consumption, increased awareness of health benefits, expanding acceptance for CBD-based food/health products, legalizing hemp farming and production of hemp-derived products in the United States are some of the primary reasons driving demand in North America.
- The growing legality and acceptance of cannabidiol for usage in a variety of goods provides various producers with significant market prospects.
- One of the main components of cannabis that the pharmaceutical business has used to provide health safety assurance for various illnesses is CBD.