The market size of the Global CBD Ingredient Market in the year 2021 is valued at 2.03 billion and is predicted to reach 5.89 billion by the year 2031 at an 11.78% CAGR during the forecast period of 2023-2031. Cannabidiol is considered the second most prevalent cannabinoid in cannabis, following THC (tetrahydrocannabinol). CBD, unlike THC, does not induce intoxication; it is primarily used medicinally, not recreationally, with pain, anxiety, depression, and sleep disturbances being the most prevalent illnesses treated. Cannabidiol is a promising functional food ingredient with various health benefits. However, its limited solubility and bioavailability prevent it from being used in functional food. It also has superior potential in topical skin care formulations. CBD is a natural, potent anti-inflammatory and emollient, and it is especially beneficial for customers with sensitive skin, irritation, redness, or dryness. CBD is not yet approved as a food additive. However, its usage in cosmetics is permitted because its safety has been shown. The CBD Ingredients market went from obscurity to a multibillion-dollar sector in three years, affecting the wellness, beverages, food, and pharmaceutical industries. The emergence of the market has been meteoric, but its ascent to prominence has been challenging at times.
In the future years, the market for cannabinoid extracts and isolates is projected to increase tremendously due to the predicted shift in consumer preferences for derivative cannabis product formats and the therapeutic applications for CBD. Growing awareness of the therapeutic benefits and healing characteristics linked with cannabidiol is also driving the market (CBD). Moreover, cannabidiol (CBD) is widely employed in a variety of medical applications, including anxiety and depression treatment, stress relief, diabetes prevention, pain mitigation, cancer symptom relief, and acne reduction. Due to the increased use of CBD-based products to treat a variety of medical problems, the market is anticipated to provide profitable prospects throughout the forecast period. Also, there are some collaborations and acquisitions which are supporting the CBD ingredient market to growth. For instance, in Nov 2022, Eurofins and Incannex Healthcare started working together to make topical cannabinoid formulations to treat common skin problems.
Stringent rules and regulations and the complex approval process of the FDA are some of the significant challenges which will affect the CBD ingredient market. In addition, misconceptions and wrong perceptions among consumers and changes In CBD’s legality and the variations across the globe will hamper the overall CBD market. Higher prices and problems in the supply chain caused the company to shrink, which led to fewer sales.
CBD Ingredient Market is segmented into two major segments. The first segmentation is by source, which includes natural and synthetic sources. The natural source has two different bases, which are Marijuana and Hemp. The second segmentation is by application which comprises food and beverages, personal care and cosmetics, nutraceuticals, pharmaceutical (API) and single servings.
North America held the most significant market share for cannabidiol in 2021. Countries such as the United States and Canada have liberalised their legislation regarding cannabidiol products in recent years, resulting in a rise in public acceptability. The demographics of consumers continue to shift radially, and the use of CBD by numerous manufacturers, including food, pharmaceutical, and cosmetics, has become mainstream. The rising demand among various age groups and genders is anticipated to increase their expenditures on goods.
The Global CBD ingredient market consists of some kay players DSM, Vantage Hemp, Eurofins, EndoPure, Folium Biosciences, Colombian Golden, Averix Bio, LLC, KND Labs, Jordan Process, GVB Biopharma, Healthcann, Mile High Labs, KLERSUN, Sanobiotec, Caesar & Loretz GmbH, Recipharm, Brains Bioceutical, Purisys, Bedrocan, BIOVECTRA Inc., Biosyyd, UAB, Kinetochem, Veranova and other prominent market players.
- Vantage Hemp
- Folium Biosciences
- Colombian Golden
- Averix Bio, LLC
- KND Labs
- Jordan Process
- GVB Biopharma
- Mile High Labs
- Caesar & Loretz GmbH
- Brains Bioceutical
- BIOVECTRA Inc.
- Biosyyd, UAB