According to a report, “CBD Nutraceuticals Market Size, Share & Trends Analysis Report By Product Type (CBD Tinctures, Capsules & Softgels, CBD Gummies), By Sales Channel, By Region, And Segment Forecasts, 2019 – 2026” published by Grand View Research, Inc., published by Grand View Research, Inc., The global CBD nutraceuticals market is projected to reach USD 17.4 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a CAGR of 18.8% during the forecast period. Introduction of the 2018 Farm Bill that legalized hemp cultivation and hemp-derived products in U.S., rising consumer preference for plant-based ingredients in dietary supplements, and awareness regarding the health benefits of cannabidiol are some of the factors powering the market growth. However, the easy availability of alternative products is obstructing market growth.
Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.
CBD tinctures dominated the global Cannabidiol (CBD) nutraceuticals market in 2018, with a revenue share of 42.6%. Increasing acceptance of cannabidiol for health and wellness purposes coupled with high bioavailability of tinctures when administered sublingually are the major factors responsible for this large market share. On the other hand, capsules and soft gels are anticipated to be the fastest-growing product type over the forecast period, as they are travel-friendly and convenient to carry in public places. However, many consumers dislike the raw taste and texture of cannabidiol and so they are switching towards capsules and softgels.
Charlotte’s Web; Elixinol; Medical Marijuana, Inc.; CV Sciences, Inc.; Irwin Naturals; and Diamond CBD are some of the key players that dominated the market in 2018. These players have collaborated with regional participants and have entered into various distribution agreements with retailers to increase their retail sales. For instance, in September 2019, Charlotte’s Web entered a partnership with The Vitamin Shoppe for selling its new line of CBD gummies across 738 retail stores in U.S.
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Based on the sales channel, retail store segment dominated the CBD (Cannabidiol) nutraceuticals market in 2018, as consumers prefer retail stores for buying dietary supplements due to attractive pricing. On the other hand, the online sales channel is expected to expand at the fastest CAGR over the forecast period owing to the rise in the preference for online shopping. Furthermore, the new entrants in the CBD nutraceuticals space, find online sales channel a much economical alternative than a retail storefront.
Further key findings from the report suggest:
- In 2018, CBD tinctures dominated the Cannabidiol nutraceuticals market with a revenue share of 42.6%, due to the higher bioavailability than other product types
- The online sales channel is projected to witness the fastest growth rate over the forecast period. Many companies are opting for this channel, as it is a faster way to reach the target audience
- Some of the major market players are Medical Marijuana Inc.; CV Sciences Inc.; CHARLOTTE’S WEB; Irwin Naturals; and MGC Pharma
The global CBD nutraceuticals market size was valued at USD 3.8 billion in 2018 and is expected to expand at a CAGR of 18.8% over the forecast period. Growing consumer preference for plant-based supplements, awareness regarding medical benefits of cannabidiol including its remedial properties, legalization of hemp-derived CBD (cannabidiol) products in various countries, and rise in the standard of living are some of the key factors driving the growth.
Several nutraceutical companies are entering the CBD space offering a wide variety of supplements and functional foods in myriad forms. For instance, MGC Pharma has launched its nutraceutical-based products such as CBD capsules, water-soluble CBD solution, and hemp powder in China. These products have gained immense popularity among consumers within a short period, as they offer the medical benefits of cannabidiol without the intoxication.
Growing competition in the CBD nutraceuticals space is pressurizing companies to launch new products and increase their geographical reach. For instance, in April 2019, Aphria Inc. entered the German market by launching the company’s first cannabidiol based nutraceuticals product range-CannRelief. In April 2019, Australian biopharmaceutical firm, MGC Pharmaceuticals entered into a partnership with the Chinese e-commerce platform-YuShop Global for gaining entry in the Chinese CBD nutraceuticals space. Such growing competition is projected to fuel the market growth.
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Growing demand for hemp protein among athletes, bodybuilders, and the vegan population is expected to further drive the market for cannabidiol (CBD) nutraceuticals over the forecast period. Hemp protein powder is a high-quality plant-based protein that contains twenty amino acids and can be easily digested by the human body. It contains more dietary fibers than soy protein or rice protein. Hence, its adoption is increasing due to the growing consciousness among consumers about the core ingredients present in the dietary supplements.
However, the presence of alternatives such as the herbal nutraceuticals, such as garcinia cambogia, raspberry ketones, echinacea, and turmeric that have ruled the global nutraceuticals space for a long period, is obstructing the market growth. Moreover, many new players are facing challenges in entering the CBD nutraceutical space and the existing players are finding it difficult to launch new products, owing to the ambiguous regulatory framework in different countries.
The retail store sales channel dominated the market in 2018, with a revenue share of 44.3%. The growing partnership of manufacturers with retailers to expand their distribution network is the leading factor contributing to the segment growth. For instance, recently in September 2019, CV Sciences, Inc. entered into a distribution partnership with The Vitamin Shoppe and began selling its products across 383 stores in U.S. Moreover, in October 2019, the company expanded its distribution network and is currently catering its products through 515 Vitamin Shoppe stores.
However, the online sales channel is anticipated to witness the fastest growth over the forecast period. Companies in CBD nutraceuticals space are trying to supply their products through all the available sales channels, especially through the online channel to reach to remote locations. These channels provide a detailed description of the product content, quality certification, ingredients, and dosage to the consumers, which attracts the consumers toward this sales channel. All these factors are projected to fuel the growth of the segment in the forthcoming years.
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In 2018, CBD tinctures dominated the global CBD nutraceuticals market. Growing usage of CBD tinctures owing to their high bioavailability compared to oils in relieving severe pain, anxiety, stress, among others, is one of the key factors driving the demand. The availability of these tinctures in various volumes and concentrations that suit individual requirements is expected to further fuel the segment growth over the forecast period.
On the other hand, capsules and softgels segment is anticipated to register the fastest growth over the forecast period, as these products are more convenient and travel-friendly. Moreover, many users dislike the taste and texture of tinctures, making them difficult for daily consumption. Hence, they are switching to capsules and soft gels, as they are easy to consume and are available in premeasured doses.
Grand View Research has segmented the global Cannabidiol nutraceuticals market based on product type, sales channel:
Cannabidiol (CBD) Nutraceuticals Product Type Outlook (Revenue, USD Million, 2015 – 2026)
- CBD Tinctures
- Capsules & Softgels
- CBD Gummies
- Others
Cannabidiol (CBD) Nutraceuticals Sales Channel Outlook (Revenue, USD Million, 2015 – 2026)
- Retail Stores
- Online
- Pharmacies
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