The cannabidiol consumer health market consists of cannabidiol (CBD) products including foods, beverages, and other forms intended for human consumption and intended to supplement the diet. Cannabidiol is considered generally safe and well tolerated, however, more research is still needed on the long-term effects of CBD especially when consumed regularly. Cannabidiol offers several advantages such as reduced anxiety, reduced symptoms of epilepsy, easing arthritis pain and inflammation, reducing acne, and alleviating cancer-related symptoms. The rising awareness of cannabidiol’s therapeutic benefits and its legalization in some parts of the world has increased its demand for various consumer health applications.
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 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. Some of these leading players are focusing on new product launch, mergers, acquisitions, and collaborations to gain a competitive edge in the global market.
The rising consumer awareness about various health benefits of cannabidiol along with increasing legalization of cannabidiol products in some parts of the world is creating new growth opportunities in the market. Various countries have legalized the use of cannabidiol for medical purposes which is further driving its demand.
With increasing research on therapeutic applications and benefits of cannabidiol, its demand and consumption is expected to increase globally in the forecast period. Various countries in North America, Europe, Asia Pacific and Latin America are expected to provide significant growth opportunities for cannabidiol consumer health companies during the forecast period.
Market Drivers
The key driver propelling the growth of the Cannabidiol Consumer Health Market Growth is the rising awareness among consumers about therapeutic benefits of cannabidiol. Various research studies have suggested that cannabidiol can help reduce anxiety, seizures, inflammation, and symptoms of cancer treatment. It also serves as an effective remedy for acne, arthritis pain, and insomnia. The proven medicinal properties and therapeutic benefits of cannabidiol are increasing its popularity and demand among consumers globally.
PEST Analysis
Political: The cannabidiol consumer health market is influenced by various government regulations. Different countries have different rules regarding the use and sale of CBD products.
Economic: The growing demand for alternative treatment options and preventive healthcare is expected to drive the cannabidiol consumer health market. Consumers are willing to spend more on healthy products.
Social: Rising awareness about the therapeutic benefits of CBD is improving its social acceptance. More people are using cannabis-derived products to manage pain, anxiety and other issues.
Technological: Advancements in extraction processes allow for purer and more effective CBD formulations. New delivery mechanisms like edibles, patches and beverages are expanding the cannabidiol consumer health market. Technological progress is also making testing and quality control more reliable.
North America has traditionally been the largest regional market for cannabidiol consumer health products in terms of value. This is because major CBD producers and consumers are located in the US and Canada. The availability of CBD-infused food and beverages as well as growing social acceptance have boosted the North American cannabidiol consumer health market.
The Asia Pacific region is projected to be the fastest growing regional market during the forecast period. Countries like China, Japan, South Korea and India are gradually legalizing and normalizing the use of CBD for various purposes. Due to the rising young population, growing health concerns and evolving consumer attitudes, the Asia Pacific cannabidiol consumer health market is predicted to witness double-digit CAGR through 2031.