InsightAce Analytic has announced the publication of a market research report called “Global CBD Ingredient Market.” According to the company’s newest research, the Global CBD Ingredient Market size was valued at $2.03 Billion in 2021, and it is expected to reach $5.89 Billion in 2031, recording a promising CAGR of 11.78% from 2023 to 2031.
Cannabinoid extracts and isolates are likely to grow dramatically in the following years due to client preferences for derivative cannabis products and CBD’s use in pharmaceuticals. The therapeutic and restorative properties of cannabidiol are also propelling the industry. CBD can also help treat depression, anxiety, stress, diabetes, pain, cancer and acne. The market is likely to rise over the projected period of 2023-2031 because of the rising use of CBD-based products to treat various medical illnesses, foods, drinks and skin care.
One of the thousands of substances in marijuana, CBD does not provide a “high” by itself. As per the World Health Organization, “In humans, CBD exhibits no psychotropic or habit-forming properties. At the right moment, there are no signs that consuming pure CBD harms the general public’s health.”
CBD ingredients such as plant extracts or isolates are derived from hemp and have increased in popularity for use in foods, beverages and dietary supplements due to very low levels of THC (the psychoactive component of the plant) and the purported health benefits related to stress relief, mood enhancement, etc. CBD is included in several products, including oils, candies, baked goods, beverages and dietary supplements. The cannabinoid can alleviate patients’ symptoms of chronic pain. In fact, several studies have shown that CBD can reduce pain when eaten or applied directly to the skin.
Some of the most significant challenges that will affect the CBD ingredient market are the stringent laws and regulations and the complicated approval process of the FDA. In addition, misunderstandings and false views exist among customers, which tend to shift over time. The legality of CBD and the fact that it varies from country to country will be detrimental to the CBD market as a whole. The company was forced to shrink due to higher prices and challenges in the supply chain, which ultimately resulted in fewer sales.
CBD Ingredient’s most significant market share was in North America. In recent years, countries like the U.S. and Canada have liberalized their legislation governing cannabidiol products, increasing popular acceptance. Consumer demographics continue to move radially, and the usage of CBD by a wide range of manufacturers, including food, pharmaceutical and cosmetics, has become commonplace. The increased demand among different age groups and genders is expected to enhance their spending on items.
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