30 June 2020
Visiongain has launched a new pharma report CBD Nutraceuticals Market Report 2020-2030: Forecasts by Product Type (CBD Tinctures, CBD Gummies, Capsules & Softgels, Others), Sales Channel (Retail Stores, Online, Pharmacies), and Geography (North America, Latin America, Europe, Asia Pacific, MEA).
The global CBD Nutraceuticals Market is anticipated to grow at a lucrative CAGR of ~xxx% and anticipated to reach USD xxx billion by 2020. Visiongain anticipates that the market will witness lucrative growth rates owing to growing consumer preferences for plant-based supplements and growing awareness regarding numerous health benefits associated with the CBD nutraceuticals.
With the passing of the Farm Bill in 2018, cannabinoids (CBD) are valued to grow more than $xxx billion by 2025, with much of the demand in foods, beverages, dietary supplements, and topical skin care products. Currently, the Food and Drug Administration prohibits CBD in food and dietary supplements because such compounds are active ingredients in approved drugs. Until this law changes, the large growth projected for CBD may shift, focusing on topical products only.
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The global CBD nutraceutical market was dominated by CBD tinctures in 2019. One of the key drivers of demand is the increased use of CBD tinctures, thanks to their high bioavailability as compared to oils to alleviate severe pain, anxiety, and stress. These tinctures will continue to fuel the segment growth through the forecast period, in different volumes and concentrations, according to individual demands.
However, capsules & softgels segments are anticipated to witness the highest growth over the forecast period, because these products are more comfortable and easier to use. Many users switch to soft gels and capsules because they dislike tinctures' taste and texture, making it difficult to consume every day.
Due to increasing demands for functional (FF), Functional Drinks (FB), and Dietary Supplements (DS), North America dominated the world market in nutraceutical CBD in the United States because of increased consciousness of their benefits for health and an increase in disposable income.
Due to the increased legalization and promising guidance in respect for use of cannabidiol in the regional countries, the Asia-Pacific region is expected to grow the highest CAGR over the forecast period. Thailand removed hemp and petroleum from the controlled substances list in September 2019 and is expected to extend the use of CBD in the country to include health supplements. Several CBD nutraceutical companies are planning to become involved in the Asian market, which is anticipated to fuel regional growth. Growth will also be driven by increased awareness about the use of CBD nutraceuticals to health and well-being purposes.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global CBD nutraceuticals market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the CBD Nutraceuticals Market.
For instance, on 17th April 2019; MGC Pharmaceuticals Ltd. signed a marketing, sales, and distribution agreement to provide its CBD and hemp-enhanced Nutraceutical product line into the Chinese health products market through a tailored campaign designed with Chinese specialist e-commerce retailer YuShop Global (“YuShop”).
The comprehensive market report features companies such as Charlotte’s Web, CV Sciences, Inc., Diamond CBD, Elixinol, Irwin Naturals, Isodiol, Endoca, Medical Marijuana Inc., MGC Pharma among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
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