Cannabidiol or CBD is one of the naturally occurring cannabinoids found in hemp and marijuana plants. CBD is known for its therapeutic properties like reducing anxiety and stress, pain relief, improving sleep quality etc. These benefits have led to a surge in demand for CBD-infused consumer products like oils, capsules, gummies and topicals. The global Cannabidiol Consumer Health Market is estimated to be valued at US$ 19 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing awareness among consumers about the therapeutic benefits of cannabidiol is a key trend spurring the growth of the Cannabidiol Consumer Health Market. More and more people are recognizing CBD as a natural remedy for conditions like chronic pain, insomnia, anxiety and are incorporating CBD products into their daily wellness routine. Easy availability of these products through both offline and online retail channels has made CBD accessible to a wider consumer base. Moreover, favorable regulatory reforms approving the use of CBD in consumer products in many countries have boosted consumer confidence in these products.
SWOT Analysis
Strength: The Global Cannabidiol Consumer Health Market Size has growing awareness and acceptance of CBD products for health and wellness. CBD products are widely available online and in specialty stores.
Weakness: There is lack of regulations and consistency in product quality and labeling across different CBD brands. More clinical research is still needed on the health benefits and safety of CBD.
Opportunity: The approval of CBD products for additional medical conditions could drive higher market demand. Development of new delivery formats like edible, topicals, and beauty products provide opportunities.
Threats: Strict regulations and bans on CBD products in some countries impact market growth. Pressure from competing products like hemp oil and other herbal supplements.
Key Takeaways
The global Cannabidiol Consumer Health market is expected to witness high growth. Regional analysis comprises the North American region currently dominates the global market and is expected to continue its dominance over the forecast period. Growing awareness and acceptance of CBD products for health and wellness is driving market growth in the region.
Key players operating in the Cannabidiol Consumer Health market are Murata Manufacturing Co., Ltd., TDK Corporation, Qorvo, Inc., Broadcom Inc., Skyworks Solutions, Inc., AVX Corporation, Johanson Technology, Inc., Anatech Electronics, Inc., API Technologies Corp., Pole/Zero Corporation, Corry Micronics, Inc., Knowles Precision Devices, SAWTRON, Temwell Corporation, Telonic Berkeley, Inc. Regional analysis comprisesAsia Pacific region is expected to grow at the fastest rate over the forecast period due to rising consumer health expenditure, growing millennial population, and increasing awareness about CBD health benefits.
Key players operating in the Cannabidiol Consumer Health are Murata Manufacturing Co., Ltd., TDK Corporation, Qorvo, Inc., Broadcom Inc., Skyworks Solutions, Inc., AVX Corporation, Johanson Technology, Inc., Anatech Electronics, Inc., API Technologies Corp., Pole/Zero Corporation, Corry Micronics, Inc., Knowles Precision Devices, SAWTRON, Temwell Corporation, Telonic Berkeley, Inc. The key players are involved in new product launches, expansions, partnerships and agreements to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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