According to a new report published by Grand View Research, Inc., the global CBD nutraceuticals market is projected to reach $17.4BN by 2026. A CAGR of 18.8% is anticipated during this forecast period.
Some of the factors powering the market growth include the introduction of the 2018 Farm Bill that legalized hemp cultivation and hemp-derived products in the US. The rising consumer preference for plant-based ingredients in dietary supplements and the awareness of the health benefits of cannabidiol are additional factors.
CBD tinctures dominated the global Cannabidiol (CBD) nutraceuticals market in 2018, with a revenue share of 42.6%. Increasing acceptance of CBD for health and wellness purposes coupled with high bioavailability of tinctures when administered sublingually are the significant 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. Many consumers dislike the raw taste and texture of cannabidiol, which will also drive the switch towards capsules and soft gels.
Based on the sales channel, the retail store segment dominated the CBD nutraceuticals market in 2018, as consumers preferred retail stores for buying dietary supplements due to attractive pricing. However, 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 more economical alternative than a retail storefront.
Other growing markets in the report include the Parenteral, Sports Nutrition, and Cannabis Extract.
- The global Parenteral Nutrition Market size was valued at $5.3BN in 2018 and is expected to exhibit a CAGR of 5.8% over the forecast period.
- The global Sports Nutrition Market was valued at $11.64BN in 2017. It is expected to register a 9.7% CAGR during the forecast period.
- The global Cannabis Extract Market was estimated at $5.3BN in 2018 and is projected to exhibit a CAGR of 22.1% over the forecast period.