SAN FRANCISCO, Jan. 27, 2020 /PRNewswire/ --The global CBD nutraceuticals market is projected to reach USD 17.4 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a CAGR of 18.8% during the forecast period. 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.
Key suggestions from the report:
In 2018, CBD tinctures dominated the Cannabidiol nutraceuticals market with a revenue share of 42.6%, due to the higher bioavailability than other product types
The online sales channel is projected to witness the fastest growth rate over the forecast period. Many companies are opting for this channel, as it is a faster way to reach the target audience
Some of the major market players are Medical Marijuana Inc.; CV Sciences Inc.; CHARLOTTE'S WEB; Irwin Naturals; and MGC Pharma.
CBD tinctures dominated the global Cannabidiol (CBD) nutraceuticals market in 2018, with a revenue share of 42.6%. 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 sales channel, retail store segment dominated the CBD (Cannabidiol) nutraceuticals market in 2018, 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.
Grand View Research has segmented the global CBD nutraceuticals market based on product type, sales channel, and regional outlook:
Cannabidiol Nutraceuticals Product Type Outlook (Revenue, USD Million, 2015 - 2026)
Parenteral Nutrition Market– The global parenteral nutrition market size was valued at USD 5.3 billion in 2018 and is expected to exhibit a CAGR of 5.8% over the forecast period.
Sports Nutrition Market– The global sports nutrition market size was valued at USD 11.64 billion in 2017. It is expected to register a 9.7% CAGR during the forecast period.
Cannabis Extract Market– The global cannabis extract market size was estimated at USD 5.3 billion in 2018 and is projected to exhibit a CAGR of 22.1% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected]