CBD Nutraceuticals Market Size, Share & Trends Analysis Report By Product (CBD Tinctures, Capsules & Softgels), By Application, By Distribution Channel (Retail Stores, Online), By Region, And Segment Forecasts, 2024 - 2030

CBD Nutraceuticals Market Size & Trends

The global CBD nutraceuticals market size was valued at USD 8.24 billion in 2023 and is projected to grow at a CAGR of 14.2% from 2024 to 2030. Some of the key growth driving factors for this industry are the increasing prevalence of chronic health disorders, growing consumer awareness regarding medical benefits associated with cannabidiol CBD), and scientific innovation in the field of nutraceuticals. The sedentary lifestyles, unceasing urbanization, and increasing rate of new incidences related to malignant effects caused by stress, anxiety, and other mental disorders are expected to generate greater demand for this market.

In recent years, a rise in awareness regarding preventive measures for health and well-being has driven growth for multiple industries, including CBD nutraceuticals. Increasing acceptance of cannabidiol for medical use, large investments by numerous key companies, and a positive regulatory scenario in countries such as the U.S., Germany, and others have developed abundant opportunities for the CBD nutraceuticals industry. Moreover, significant changes in consumer preferences and inclination towards plant-and herbal-based consumer health products have also contributed to the growth of this industry.

CBD nutraceuticals are often marketed as supplements and not medications. Patients and individuals suffering from chronic health issues such as chronic pain, insomnia, and others tend to prefer the consumption of capsules, gummies, and even CBD-infused beverages. In addition, treatments for noncommunicable diseases such as Alzheimer's disease, epilepsy, and arthritis are increasingly adopting the use of Cannabidiol to reduce discomfort, anxiety, and related stress. For instance, in February 2023, the U.S. National Health Agency and Food and Drugs Administration approved cannabis-derived drug products for use in medical: Epidiolex (Cannabidiol) and three synthetic CBD-derived products: Marinol (dronabinol), Cesamet (nabilone) and Syndros (dronabinol) for medical purpose use.

Potential for regulatory acceptance, ease of availability & accessibility through online platforms, entry of multiple global brands in the industry, and rising adoption worldwide have fostered trust in these products. Furthermore, diverse product portfolios offered by prominent organizations catering to different consumer requirements, availability of various doses, consumer-friendly packaging, and positive consumer reviews shared through multiple channels are expected to assist this market in developing further growth during the forecast period.

Product Insights

CBD tinctures segment dominated the global market and accounted for a revenue share of 41.9% in 2023. The ability of the product to provide effective solutions for health problems, such as assistance in treatments of chronic pain, depression, and substance use disorders, the capacity to alleviate specific cancer symptoms, and ease of availability, contribute to this segment's growth. Multiple brands such as Charlotte's Web, Inc., Elixinol, and others have introduced several CBD oils for human and animal health. For instance, Charlotte's Web offers a product for the health and well-being of pet dogs with 17 mg content of plant-based cannabinoids oil per 1 ml. in unflavored and chicken flavor-based format. Increased accessibility through online shopping and enhanced market penetration are expected to drive growth for this segment in the coming years.

The capsules & softgels segment is anticipated to witness the fastest CAGR of 16.3% during the forecast period. This segment is driven by the increasing prevalence of health diseases, growing focus on health & nutrition, and ease of use related to the product. Compared to CBD gummies, capsules, and soft gels are increasingly trusted by consumers. Growing adoption as a supplement for everyday balance and body comfort and a wide range of products available in the market, with the addition of other supportive ingredients such as reishi mushrooms, ginseng root extracts, and ginkgo leaf extracts, have contributed to the rising demand for this segment.

Application Insights

The edibles and fortified foods segment accounted for the largest revenue share in 2023. The growth is attributed to advancements in formulations of CBD foods and growing awareness among consumers about its health benefits. Innovations in CBD foods, such as CBD-infused beverages, sodas, juices, gummies, teas, coffees, wines, beers, and others, are attracting a large number of consumers to this segment. Unprecedented participation and response to movements such as Dry January and the Sober Curious also contribute to the growing demand for CBD edibles and beverages as replacements for alcoholic drinks.

The wellness segment is expected to witness a significant CAGR during the forecast period. The growth is driven by rising health consciousness and a growing response to shifts in dietary preferences through trends such as veganism and the preferred consumption of plant-based products. Consumers increasingly seek organic and natural products, such as plant-based and herbal products, as an alternative to conventional offerings. The changing lifestyle and extensive work hours followed by tiring travels are other factors driving demand for CBD wellness products. Moreover, the availability of capsules, supplements, soft gels, and tinctures has generated a greater consumer base for the wellness segment.

Distribution Channel Insights

Retail stores segment dominated the global market in 2023. Ease of accessibility, availability of multiple alternatives, and preference by key companies in order to accomplish enhanced brand visibility have contributed to the growth of retail store segment. The key brands have improved the offline distribution through multiple retail store settings such as hypermarkets, pharmacies, convenience stores, wellness & consumer health stores, etc. In addition, distribution of products such as CBD beverages through restaurants and cafes have helped this market in terms of growth.

The online segment is projected to grow at the fastest CAGR during the forecast period. Some of the key factors fueling growth for this segment are increasing inclination towards online shopping, availability of multiple CBD products through e-commerce websites, and presence of numerous online portals by manufacturing companies and brands. Online shopping experience is increasingly preferred by the consumers owing to additional services provided by the online platforms such as doorstep delivery, assistance from experts, detailed product reviews, elaborated product descriptions, and policies such as return & refund.

Regional Insights

North America CBD nutraceuticals market dominated the global industry with a revenue share of 54.5% in 2023. This market is primarily driven by rising consumer awareness, increased adoption of CBD in various applications, and positive regulatory scenarios in countries such as the U.S. and Canada. The presence of robust healthcare infrastructure and well-equipped research and development centers working on scientific advancements in the use of CBD and innovations related to the adoption of CBD in foods, cosmetics, and medicines have also contributed to the growth of this industry in recent years.

U.S. CBD Nutraceuticals Market Trends

The U.S. CBD nutraceuticals market dominated the regional industry and accounted for the largest revenue share in 2023. According to the National Conference of State Legislatures in the U.S., three territories, 24 states in the U.S., and the District of Columbia have introduced laws to control the use of cannabis for non-medical purposes by adults. Growing acceptance of CBD products, presence of numerous brands, ease of availability, increasing response to online platforms offering CBD nutraceuticals, and diverse product portfolios backed with effective distribution by the key companies are expected to develop growth for this market during the forecast period.

Europe CBD NutraceuticalsMarket Trends

Europe CBD nutraceuticals market held a significant market share in 2023. The growth is attributed to rising new cases of chronic health disorders, growing awareness about CBD health benefits, and the availability of multiple products in the region. According to Alzheimer Europe, the number of people who have dementia might reach 18,846,286 by 2050 in the wider European region. [G1]  Presence of a large geriatric population also plays a role in this. According to Eurostat, the EU-27 region is expected to have half a million centenarians by 2050. These factors are projected to generate greater demand for CBD nutraceuticals in this region.

Germany CBD nutraceuticals market accounted for the largest revenue share of the regional industry in 2023. In April 2024, Germany implemented the Cannabis Act, which enacted a new cannabis consumption act and amended numerous other laws, such as the Medicinal Cannabis Act and the Narcotic Act. It is expected to significantly influence the CBD nutraceuticals market in Germany during the forecast period.

Asia Pacific CBD Nutraceuticals Market Trends

The Asia Pacific CBD nutraceuticals market is anticipated to witness the fastest CAGR of 18.1% from 2024 to 2030. The potential for legalization of CBD primarily drives this market, as does the increasing acceptance of CBD for medicinal use, the alarming increase in the number of new cases related to chronic diseases and noncommunicable diseases in the region, and the cultural significance of cannabis in countries such as India. The continent's heritage associated with using traditional medicines is also expected to influence the growth opportunities for this industry in the region.

China's CBD nutraceuticals market held the largest share in 2023, owing to rising CBD-based healthcare initiatives and disposable income. China's growing economy and increasing disposable income allow consumers to spend on health and wellness products, thus creating demand for CBD nutraceuticals. In addition, the aging population in China is a major driver for CBD nutraceuticals, driving focus on senior health solutions, including faster pain relief and easy-to-use applications such as CBD tinctures, capsules, and softgels.

The CBD nutraceuticals market in India is expected to experience significant growth during the forecast period, owing to the country's increase in per capita income and rising healthcare reforms. Growing consumer awareness about the health benefits of CBD-derived products and increasing interest in natural wellness solutions are the key drivers for growth in the region.

Key CBD Nutraceuticals Company Insights

Some of the key companies in CBD nutraceuticals market are Charlotte's Web, Inc., Elixinol, Medical Marijuana, Inc., CV Sciences, Inc. Diamond CBD and others. As industry has been experiencing rise in competition, the key market participants are adopting strategies such as innovation, enhanced distribution, partnerships and collaborations, and expansions in product portfolios to engage greater consumer base.

• Charlotte’s Web Inc., one of the prominent companies in the CBD products industry, offers a range of cannabidiol products, such as stay asleep gummies, calm yummy gummies, CBD oil, liquid capsules, soft gel capsules, CBD cream, hemp-infused balm, cooling gel, pain relief ointment, and other products.

• Medical Marijuana, Inc., a CBD products company, offers a range of CBD-based products through its subsidiaries, such as Hemp Meds USA, Hemp Meds Mexico, Hemp Meds Brasil, and KANNAWAY. Its offerings include CBD liquid, THC oil, relief rolls, CBD tinctures, CBD gummies, CBD oral applicators, and more.                   

Recent Developments

• In May 2024, CV Science Inc. acquired Elevated Softgels LLC, one of the key companies in encapsulated softgels and tinctures industry. With this acquisition, CV Sciences aims to strengthen its position in CBD nutraceuticals market globally.

• In November 2023, Charlotte's Web expanded one of its brands, ReCreate product portfolio, with the launch of new CBD gummy products formulated with functional botanicals, focusing on sports and wellness space. The newly introduced CBD gummies are endurance gummies, muscle recovery gummies, brain support gummies, and rest gummies.

CBD Nutraceuticals Market Report Scope

Global CBD Nutraceuticals Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global CBD Nutraceuticals market report based on product, application, distribution channel and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • CBD Tinctures

  • Capsules & Softgels

  • CBD Gummies

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Edibles And Fortified Foods

  • Workout Supplements

  • Wellness

  • Others

• Distribution Chanel Outlook (Revenue, USD Million, 2018 - 2030)

  • Retail Stores

  • Online

  • Pharmacies

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait