June 18, 2024
Cannabidiol Consumer Health Market

Cannabidiol Consumer Health Market Witnesses High Growth owing to Rising Awareness about Medical Benefits of CBD Products

The cannabidiol (CBD) consumer health market is witnessing high demand owing to increasing awareness about various medical benefits of CBD-based products. CBD has found widespread application in wellness products such as pain relief creams, sleep aids, and beauty supplements. The rising trend of seeking natural remedies over prescription medications is driving consumers towards Cannabidiol derivative products. CBD is extracted from hemp plants and contains high amounts of anti-inflammatory and pain-relieving properties. Rising legalization of cannabis cultivation and evolving consumer preferences towards cannabis-extracted CBD products are fueling the market growth.

The Global cannabidiol consumer health market is estimated to be valued at US$ 21.89 Mn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the cannabidiol consumer health market are OSENSA Innovations Corp., AFL, SOLIFOS AG, Schlumberger Limited, FISO Technologies Inc., Yokogawa Electric Corporation, OFS Fitel, LLC., AP Sensing, Luna Innovations Incorporated, OptaSense, NEC Corporation, Halliburton Company and Omnisens S.A. The cannabidiol consumer health industry offers ample opportunities for businesses. New product innovations, expanding distribution channels, and strategic partnerships can help companies capture untapped market potential. Technological advancements are enabling cannabidiol extraction with minimal thermal impact and maximum retention of bioactive compounds. Nanotechnology and 3D printing applications also show promise for the development of targeted delivery systems.

Market Drivers

Changing lifestyle patterns and growing health consciousness among consumers are fueling demand for herbal dietary supplements. The increasing acceptance of cannabinoids as a natural remedy with therapeutic properties without psychotropic side effects is a key factor propelling the market growth. Rising geriatric population susceptible to joint disorders, chronic pain, neurological diseases is driving the adoption of CBD-infused products. Favorable regulatory changes to incorporate CBD as a food additive in snacks, beverages and personal care items also augur well for the market expansion over the coming years.

Current challenges in the Cannabidiol Consumer Health Market
There are several challenges in the Cannabis Consumer Health Market Demand currently. Regulatory hurdles around the legal use of cannabidiol and cannabis products present a major roadblock. The cannabis products industry is still in nascent stages making research and standardization a challenge. High production costs also impact the affordability and accessibility of cannabidiol products globally. More clinical trials and data are needed to prove efficacy and safety for consumer use. Building widespread public acceptance and addressing social stigma will also take substantial time and effort.

SWOT Analysis

Strength: Cannabidiol has potential health benefits for conditions like anxiety, insomnia, chronic pain which is driving demand. Regulatory reforms in many countries are making products more legally available.
Weakness: Lack of standardization and clinical evidence hinders expanding approved medicinal uses. Dependency and addiction risks remain areas of concern.
Opportunity: As more supportive research emerges, approval for therapeutic uses can be expanded to other diseases/disorders. Recreational legalization in more regions opens up new markets.
Threats: Overregulation or bans can negatively impact growth prospects. Strong competition from pharmaceutical drugs poses commercial threats.

Geographical Regions

North America accounts for the largest share of the cannabidiol consumer health market currently in terms of value. Countries like the US and Canada have led reforms allowing CBD products for medical and recreational use contributing to regional growth.
The Asia Pacific region is projected to be the fastest growing market for cannabidiol consumer health products over the forecast period from 2024 to 2031. Increasing acceptance of cannabidiol, rising health awareness and disposable incomes are fueling regional demand expansion. Countries like China, Japan, South Korea and Australia are anticipated to drive significant future market opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it