CBD Nutraceuticals Market Size, Share & Trends Analysis Report By Product (CBD Tinctures, Capsules & Softgels), By Application, By Distribution Channel (Retail Stores, Online), By Region, And Segment Forecasts, 2024 - 2030

CBD Nutraceuticals Market Size, Share & Trends Analysis Report By Product (CBD Tinctures, Capsules & Softgels), By Application, By Distribution Channel (Retail Stores, Online), By Region, And Segment Forecasts, 2024 - 2030

CBD Nutraceuticals Market Growth & Trends

The global CBD nutraceuticals market size is expected to reach USD 23.17 billion by 2030, registering a CAGR of 14.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. Introduction of the 2018 Farm Bill that legalized hemp cultivation and hemp-derived products in U.S., rising consumer preference for plant-based ingredients in dietary supplements, and awareness regarding the health benefits of cannabidiol are some of the factors powering the market growth. However, the easy availability of alternative products is obstructing market growth.

CBD tinctures segment dominated the global market and accounted for a revenue share of 41.9% in 2023. Increasing acceptance of cannabidiol for health and wellness purposes coupled with high bioavailability of tinctures when administered sublingually are the major 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. However, many consumers dislike the raw taste and texture of cannabidiol and so they are switching towards capsules and softgels.

Based on the distribution channel, retail store segment dominated the market in 2023, as consumers prefer retail stores for buying dietary supplements due to attractive pricing. On the other hand, 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 much economical alternative than a retail storefront.

CBD Nutraceuticals Market Report Highlights

• CBD tinctures segment dominated the global market and accounted for a revenue share of 41.9% in 2023. The ability of the product to provide effective solutions for health problems, such as assistance in treatments of chronic pain, depression, and substance use disorders, the capacity to alleviate specific cancer symptoms, and ease of availability, contribute to this segment's growth.
• The edibles and fortified foods segment accounted for the largest revenue share in 2023. The growth is attributed to advancements in formulations of CBD foods and growing awareness among consumers about its health benefits.
• Retail stores segment dominated the global market in 2023. Ease of accessibility, availability of multiple alternatives, and preference by key companies in order to accomplish enhanced brand visibility have contributed to the growth of retail store segment.
• North America CBD nutraceuticals market dominated the global industry with a revenue share of 54.5% in 2023. This market is primarily driven by rising consumer awareness, increased adoption of CBD in various applications, and positive regulatory scenarios in countries such as the U.S. and Canada.

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