The emerging cannabidiol (CBD) nutraceutical sector is expected to experience tremendous growth over the rest of the decade, with a recent report from Research and Markets predicting that the CBD nutraceutical market alone will grow by 2030. It is projected to be worth an estimated $29.1 billion. According to market analysis, the CBD dietary supplement market will be worth $9.7 billion in 2024.
“Globally, the CBD Nutraceuticals market is poised to register above-average growth during the analysis period.The key reasons for this are the increasing demand for plant-based foods, the benefits of CBD Nutraceuticals With growing awareness, this is a revolutionary product in the world.'' CBD dietary supplements in capsule and softgel form are making further progress in the pipeline. ” the researchers said in their analysis.
“North America represents a major global market for CBD nutraceuticals. Reasons include the introduction of the 2018 Farm Bill legalizing the cultivation of hemp and the processing of hemp-derived products, “Demand from consumers who have learned of the benefits, major companies active in the region and a significant increase in the elderly population.''
“However, Asia Pacific is expected to be the fastest growing region globally for CBD nutraceuticals, driven by the entry of major global players, lifestyle-related diseases and other market researchers said.
“CBD oil commands the lion's share due to its versatility, allowing it to be used in a variety of applications, including capsules, tinctures, and cosmetics. However, CBD isolate is considered to be of high purity. “Global demand for CBD isolate is likely to remain the fastest growing subsector of the market, as it is ideal as a CBD formulation for products that require precise concentrations of CBD.” About it he says:
“CBD tinctures are widely used to treat not only high blood sugar, muscle spasms, psychosis, and bone degeneration, but also insomnia, cancer cell growth, seizures, anxiety, depression, and chronic pain. It is clear that demand is high.However, demand for CBD capsules and softgels is expected to show the fastest growth during the analysis period as they are more convenient to consume and travel friendly.” concluded.
A previous market analysis conducted by Market Research Future predicted that the global CBD industry value will reach $18.43 billion in 2023, and the market is projected to reach $59.43 billion by 2030.
This article first appeared on Internationalcbc.com and is published here with special permission.
Photo credit: Towfiqu Barbuiya
