Key CBD Oil And CBD Consumer Health Market Trend 2024-2033: Strategic Partnerships In The CBD Industry
CBD Oil And CBD Consumer Health Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The CBD oil and CBD consumer health market size has experienced exponential growth in recent years. Expected to witness a substantial climb from $49.5 billion in 2023 to $62.4 billion in 2024, this sector is surging at a compound annual growth rate CAGR of 26.1%. Key factors contributing to this remarkable growth during the examined period include the legalization and regulatory changes, evolving societal attitudes towards CBD, enhancing e-commerce platforms, expansion of retail channels, and significant celebrity endorsements.
What Trajectory Is the CBD Oil And CBD Consumer Health Market Expected To Take In The Near Future?
This upward trend shows no sign of abating, with exponential growth anticipated in the next few years as the CBD oil and CBD consumer health market size is poised to reach an impressive $160.45 billion in 2028. This growth momentum, which equates to a CAGR of 26.6%, can be ascribed to strategic international market expansion, effective consumer education programs, increased emphasis on sustainability, adoption of healthcare professional recommendations, and the rise in educational initiatives.
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What Are The Key Drivers Steering The Market's Rapid Growth?
One of the primary drivers propelling the CBD oils and CBD consumer health market's growth is the increasing awareness regarding the potential health benefits of CBD-infused products. These include a wide range of food and personal care products with CBD as an active ingredient. As more individuals gain awareness about the potential advantages associated with these products, the ensuing increase in cannabidiol products usage is evident. CBD oil is commonly used to mitigate sleep problems, anxiety, pain, stress, and discomfort. Reports published by the National Association of Convenience Stores in March 2022 highlighted that pain relief was the most cited benefit of CBD. Furthermore, millennial users were noted to derive mental health benefits from CBD usage, with 67% claiming it alleviates anxiety, 46% stating it assists with depression, and 41% affirming it improves PTSD symptoms.
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Who Are The Key Players Operating In The Market Spectrum?
Prominent companies in the CBD oil and CBD consumer health market include Tilray Inc., Canopy Growth Corporation, Extract Labs, Aurora Cannabis Inc., Charlotte's Web Holdings Inc., Medical Marijuana Inc., PlusCBD Oil by CV Sciences, Green Roads, CBD American Shaman, Medterra CBD, Endoca BV, Bluebird Botanicals, CVSciences Inc., NuLeaf Naturals LLC, Lazarus Naturals, and Isodiol International Inc. These leading enterprises are adopting innovative strategies such as developing premium pure cannabidiol CBD gummies to maintain their competitive edge in the market.
How Is The Global Market Categorized?
The CBD oil and CBD consumer health market is segmented –
1 By Product: CBD Oil, CBD Consumer Health
2 By Application: Anxiety/Stress, Sleep/Insomnia, Chronic Pain, Migraines, Skin Care, Seizures, Joint Pain And Inflammation, Neurological Conditions, Other Applications
3 By Distribution Channel: CBD Oil B2B and B2C, CBD Consumer Health Online, Retail Stores, and Retail Pharmacies
How Is The Market's Regional Distribution?
North America stood out as the largest region in terms of the CBD oil and CBD consumer health market share in 2023. The report includes comprehensive coverage of all the regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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