New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "CBD Nutraceuticals Global Market Report 2023" - https://www.reportlinker.com/p06480046/?utm_source=GNW
, Cannavedic Pvt. Ltd., Canopy Growth Corporation, Folium Biosciences LLC, Gaia Botanicals LLC, Kats Botanicals, and Medix CBD.
The global CBD nutraceuticals market is expected to grow from $6.15 billion in 2022 to $7.39 billion in 2023 at a compound annual growth rate (CAGR) of 20.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The CBD nutraceuticals market is expected to reach $14.63 billion in 2027 at a CAGR of 18.6%.
The CBD (cannabidiol) nutraceuticals market consists of sales of CBD oils, CDB creams for spread, CBD gels, CBD vapes, and CBD baked foods.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
CBD (cannabidiol) nutraceuticals refer to non-psychoactive compounds derived from cannabis plants with health benefits in addition to the basic nutritional value found in foods. CBD consists of nutritional components such as B-complex vitamins including Vitamin B6, B12, riboflavin, niacin, and thiamine.
North America was the largest region in the CBD nutraceuticals market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in CBD nutraceuticals report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of CBD nutraceutical products are CBD tinctures, capsules and soft gels, CBD-based proteins, and CBD gummies.CBD tinctures are liquid extracts that contain cannabidiol (CBD) as the active ingredient, typically dissolved in alcohol or oil.
They are sold through various distribution channels, including retail stores, pharmacies, e-commerce portals, and others, applied for wellness, workout supplements, edibles, and fortified foods.
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, up 6.2% from 2020. Therefore, the increase in demand for plant-based food is driving the growth of the CBD nutraceutical market.
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.
Village Farms International Inc., a Canada-based producer of recreational cannabis, health, and wellness spaces, acquired Balanced Health Botanicals for $75 million. With this acquisition, Village Farms International Inc. strengthens its position in the US retail CBD market and provides cost synergies and operational efficiencies as it leverages its existing distribution channels and expertise in greenhouse cultivation to scale up its presence in the market. Balanced Health Botanicals is a US-based company producer of high-quality health and wellness products and operates various brands in the hemp-derived CBD market.
The countries covered in the CBD nutraceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The CBD nutraceuticals market research report is one of a series of new reports that provides CBD nutraceuticals market statistics, including CBD nutraceuticals industry global market size, regional shares, competitors with a CBD nutraceuticals market share, detailed CBD nutraceuticals market segments, market trends and opportunities, and any further data you may need to thrive in the CBD nutraceuticals industry. This CBD nutraceuticals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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