April 18, 2024
Cannabidiol Consumer Health Market

Rapid legalization of medical cannabis to boost the growth of Cannabidiol Consumer Health Market

The global Cannabidiol Consumer Health Market is estimated to be valued at US$ 19.0 Bn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Cannabidiol or CBD is a major non-psychoactive constituent of cannabis or hemp plant. CBD is being increasingly used for treating various health issues such as chronic pain, anxiety, depression and other conditions. It has anti-inflammatory, antioxidants and neuroprotective properties. Due to these beneficial properties, CBD based products are gaining popularity in consumer health market in various forms including tinctures, capsules, topicals and others.

Market key trends:
One key trend in the Cannabidiol Consumer Health Market is growing legalization of medical cannabis across various countries. Due to proven therapeutic benefits of CBD, many countries are legalizing medical cannabis which in turn is creating conducive environment for the market growth. Another trend is increasing adoption of CBD based products for wellness purpose. Consumers are increasingly using CBD oils and other products for improved well-being and relaxation which is fostering the market growth. Moreover, rising awareness about health benefits of CBD and availability of various innovative CBD infused products is also propelling the market growth.
Porter’s Analysis

Threat of new entrants: The threat of new entrants in the cannabidiol consumer health market is moderate. High capital requirements and regulatory barriers make market entry challenging for new companies.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have several product options to choose from but look for highest quality and efficacy at competitive prices.

Bargaining power of suppliers: The bargaining power of suppliers is moderate to high given the specialized expertise required in procuring and processing quality hemp and cannabis extracts. Suppliers can influence prices to some extent.

Threat of new substitutes: The threat of substitutes is moderate as other herbal supplements provide similar health benefits. However, cannabidiol is gaining popularity due to its clinically proven results for specific conditions.

Competitive rivalry: Competition in the cannabidiol consumer health market is high amongst existing players. Companies compete based on product quality, price, marketing initiatives and brand value.

Key Takeaways

The Global Cannabidiol (CBD) Consumer Health Market Size is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing preference for herbal supplements for treating several health conditions including chronic pain, anxiety and depression.

The North America region currently dominates the cannabidiol consumer health market and is expected to continue its dominance in the coming years. Favorable regulatory framework and increasing consumer awareness about the therapeutic applications of cannabidiol are driving market growth in the region.

Key players operating in the cannabidiol consumer health market are CV Sciences, Inc., Medical Marijuana, Inc., AXIM-Biotechnologies, Inc., Charlotte’s Web, Endoca, Isodiol International Inc., Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, Cannoid, LLC, among others. Companies are investing in research & development and new product launches to enhance portfolio and gain competitive advantage. For instance, CV Sciences announced launch of new hemp extract softgels in March 2022.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it