The global market for CBD will likely reach $4.09 billion by 2030, expanding at a CAGR
of 9.5%, says Frost & Sullivan
SAN ANTONIO, Oct. 19, 2022 /PRNewswire/ -- The acceptance of cannabidiol (CBD) as an ingredient for supplements, food and beverages (F&B), and personal care products attracts the participation of large companies in the CBD market. Frost & Sullivan's recent analysis, Global CBD Ingredients Growth Opportunities, finds that the global trend in legalizing CBD and scientific research supporting its benefits to human health will inflate demand for CBD ingredients. The global market for CBD is expected to reach $4.09 billion by 2030 from $1.80 billion in 2021, registering impressive expansion at a compound annual growth rate (CAGR) of 9.5%.
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"In the medium to long term, CBD and other cannabinoids and terpenoids will find acceptance as part of daily consumer products," said Matias Guarnera, Chemicals, Materials & Nutrition Analyst at Frost & Sullivan. "Additionally, with the resolution of regulatory issues in the days ahead, CBD will become a common ingredient in F&B, dietary supplements, and personal care products."
Guarnera added: "Increasing awareness of mental health problems and accepting cannabinoids and the endocannabinoid system as part of the human body will shape a different future for the health and wellness industry. Similarly, the convergence of the classic pharmaceutical and food industries with hemp companies will define the unfolding of this industry."
To take advantage of the expanding CBD industry, market participants should:
- Study the combined effect of different cannabinoids to formulate specialized remedies for patients and personalized formulations for various users.
- Target the personal care space because of the higher acceptance of CBD and less stringent regulatory requirements.
- Invest in versatile facilities that allow the extraction of different compounds from various sources, reducing the risks of focusing on hemp and cannabinoids.
- Develop a customized standard to which every company must comply. This effort requires the investment and support of stakeholders to build a trustworthy entity.
Global CBD Ingredients Growth Opportunities is the latest addition to Frost & Sullivan's Chemicals, Materials & Nutrition research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global CBD Ingredients Growth Opportunities
SOURCE Frost & Sullivan