Nutraceuticals are fortified foods that offer a proper supply of vital nutrients into the human body and thereby preventing & treating health disorders. Cannabis (CBD) belongs to a family of chemical compounds referred to as cannabinoids. It is a crucial content of marijuana in the medical field. However, CBD is a mixture of different chemical compounds that has significant clinical importance in treating disorders. CBD is known to be effective against various health ailments, including depression, anxiety, and cancer, along with throwing minimum side effects.
The growing preference of consumers towards plant-based supplements, along with increasing awareness regarding cannabidiol & its associated remedial properties is driving the growth of the global CBD nutraceuticals market. The legalization of hemp CBD products in a large number of countries and growing living standards are some of the other key factors complementing the market growth. However, nutraceutical companies are widely stepping into the CBD sector, facilitating a number of functional and supplement foods in myriad forms. The stiffening competition among companies is pressurizing them to launch innovative and distinct products to enhance their geographical reach. There is a significant spike in demand for hemp among bodybuilders, athletes, and the vegan population, which in turn is also likely to thrive the demand over the forecasted period.
The global CBD nutraceuticals market can be segmented into sales channels, products, and regions.
By sales channels, the market can be segmented into pharmacies, online, retail stores, and others. The retail store segment accounts for the largest share in the global market due to the widening distribution networks of retailers globally. However, online sales are likely to dominate the global market over the forecasted period due to the ever-growing adoption of e-commerce channels for ordering products owing to the ease and discounts offered at these platforms.
By product, the market can be segmented into CBD gummies, capsules & softgels, CBD tinctures, and others.
North America accounts for the largest share in the global CBD nutraceuticals market due to the growing number of health-conscious people along with the presence of prominent market leaders in the region.
Asia Pacific is expected to be the fastest-growing region in the global market due to the growing legalization along with proper guidelines for the utilization of cannabidiol-infused products.
Some of the significant players in the global CBD nutraceuticals market are Isodiol, MEDTERRA, Foria Wellness, Medical Marijuana Inc., Diamond CBD, Garden of Life, Elixinol, Green Roads, Irwin Naturals, CV Sciences Inc., and CV Sciences Inc. To cite, Charlotte’s Web in September 2019 entered into a partnership with The Vitamin Shoppe for selling its new product line of CBD gummies across 738 retail stores in the U.S.
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