Global CBD Consumer Health Market Analysis & Forecast 2024-2034: Government Reforms and Growing Awareness … – GlobeNewswire

Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global CBD Consumer Health Market Analysis & Forecast 2024-2034" report has been added to ResearchAndMarkets.com's offering.

The global CBD consumer health market was valued at USD 17.38 billion in 2023 and is projected to reach USD 109.87 billion by 2034, reflecting a compound annual growth rate (CAGR) of 18.25% from 2024 to 2034. The market is witnessing significant growth due to favorable government reforms, increased awareness of CBD health benefits, expanding legalization of hemp, rising demand for hemp-derived CBD products, and the adoption of Tetrahydrocannabinol (THC) for health benefits without intoxication. Additionally, the market is boosted by the recognition of various health benefits of cannabidiol, augmented marketing efforts, and the continuous launch of CBD consumer health products.

The rising launch of CBD consumer health products is expected to propel market growth, driven by the increasing utilization of CBD in various forms such as oils, capsules, topicals, gummies, and integration into food and beverages. The expanding role of cannabis in healthcare, particularly for medicinal applications, is contributing to the growth of the CBD consumer health market. Notable product launches, such as +PlusCBD Daily Balance THC-Free Gummies and Softgels by CV Sciences, Inc., exemplify the industry's commitment to providing consumers with wellness benefits.

In terms of product segments, nutraceuticals led the revenue generation in 2023, driven by the widespread use of CBD-infused nutraceutical products in weight management, sports nutrition, and overall health and wellness. Consumer preferences are shifting towards dietary supplements with organic ingredients, supported by positive government reforms and the introduction of new products, such as those by Medical Marijuana, Inc. Medical over-the-counter (OTC) products are expected to witness the fastest growth, attributed to the legalization of CBD products, resulting in increased sales for sleep disorders, dermatological treatments, and OTC analgesic products.

Among distribution channels, retail pharmacies held the highest revenue in 2023, driven by the accessibility of over-the-counter CBD medications and products in these establishments due to the legalization of CBD products. The convenience of online platforms is expected to contribute to the fastest growth in the online stores segment during the forecast period, as many companies have established online platforms for CBD product sales.

Geographically, North America is projected to dominate the market, with a significant revenue share during the forecast period. This is attributed to the high concentration of CBD companies, lenient regulations, increasing consumption, growing awareness of health benefits, popularity of CBD-based food and health products, and continuous product launches. In contrast, the Asia Pacific region is anticipated to experience the fastest growth, driven by rising awareness and acceptance of CBD's health benefits, particularly in treating various health conditions, coupled with initiatives by leading market players to introduce CBD products to the region. For instance, the partnership between Aurora Cannabis Inc. and MedReleaf Australia resulted in the introduction of CraftPlant, a medical cannabis brand tailored for the Australian market in February 2023.

CBD Consumer Health Market Analysis & Forecast 2023-2034 (Revenue US$ Billion) by:

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Global CBD Consumer Health Market Analysis & Forecast 2024-2034: Government Reforms and Growing Awareness ... - GlobeNewswire