Amid the COVID-19 crisis, the global market for CBD Nutraceuticals estimated at US$5.2 Billion in the year 2020, is projected to reach a revised size of US$16.4 Billion by 2027, growing at a CAGR of 17.7% over the analysis period 2020-2027.
CBD Tinctures, one of the segments analyzed in the report, is projected to record a 16.1% CAGR and reach US$5.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Capsules & Softgels segment is readjusted to a revised 19.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.4 Billion, While China is Forecast to Grow at 22.7% CAGR
The CBD Nutraceuticals market in the U.S. is estimated at US$1.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.8 Billion by the year 2027 trailing a CAGR of 22.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.9% and 15.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 14% CAGR.
CBD Gummies Segment to Record 18.2% CAGR
In the global CBD Gummies segment, USA, Canada, Japan, China and Europe will drive the 17.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$783.2 Million in the year 2020 will reach a projected size of US$2.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.6 Billion by the year 2027, while Latin America will expand at a 20.1% CAGR through the analysis period.