JERSEY CITY, N.J. – InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled “Global CBD Ingredient Market By Source(Natural (Marijuana-Based, Hemp Based), Synthetic), By Applications (Food and Beverages, Personal Care and Cosmetics, Nutraceuticals, Pharmaceutical (API), Single Servings))- Market Outlook and Industry Analysis 2030” According to the company’s newest research, the Global CBD Ingredient Market size was valued at US$ 2.03 Billion in 2021, and it is expected to reach US$ 5.89 Billion in 2031, record a promising CAGR of 11.78% from 2023 to 2031.
The global CBD ingredient market consists of some key players are 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.
Cannabinoid extracts and isolates are likely to grow dramatically in the next years due to client preferences for derivative cannabis products and CBD’s use in pharmaceuticals. The therapeutic and restorative properties of cannabidiol are also propelling the industry (CBD). CBD can also be helpful in treating depression, anxiety, stress, diabetes, pain, cancer, and acne. The market is likely to rise over the projected period of 2023-2031 because of the rising use of CBD-based products to treat various medical illnesses, food & drinks, and skin care.
One of the thousands of substances in marijuana, CBD does not provide a “high” by itself. As per the World Health Organization, “In humans, CBD exhibits no psychotropic or habit-forming properties. At the right moment, there are no signs that consuming pure CBD harms the general public’s health.” CBD ingredients such as plant extracts or isolates are derived from hemp and have increased in popularity for use in foods, beverages, and dietary supplements due to very low levels of THC (the psychoactive component of the plant) and the purported health benefits related to stress relief, mood enhancement, etc. CBD is included in several products, including oils, candies, baked goods, beverages, and dietary supplements. The cannabinoid has the capacity to alleviate patients’ symptoms of chronic pain. In fact, several studies have shown that CBD can reduce pain when eaten or applied directly to the skin.
Some of the most significant challenges that will have an effect on the CBD ingredient market are the stringent laws and regulations, as well as the complicated approval process of the FDA. In addition, misunderstandings and false views exist among customers, and these tend to shift over time. The legality of CBD and the fact that it varies from country to country will be detrimental to the CBD market as a whole. The company was forced to shrink as a result of higher prices and challenges in the supply chain, which ultimately resulted in fewer sales.
CBD Ingredient’s most significant market share was in North America. In recent years, countries such as the US and Canada have liberalised their legislation governing cannabidiol products, resulting in increased popular acceptance. Consumer demographics continue to move radially, and the usage of CBD by a wide range of manufacturers, including food, pharmaceutical, and cosmetics, has become commonplace. The increased demand among different age groups and genders is expected to enhance their spending on items.
Key Market Developments
- In Nov 2022, Eurofins will manufacture the topical cannabis compound developed by Incannex to treat common skin disorders. Incannex Healthcare has once more partnered with the global contract development and manufacturing organisation (CDMO) Eurofins Scientific (Eurofins) to manufacture topical ReneCann. ReneCann is a topical cannabis formulation developed by IHL for the treatment of skin problems caused by immune system abnormalities, such as vitiligo, psoriasis, and atopic dermatitis, often known as eczema.
- In Oct 2022, The National Sanitation Foundation gave KND Labs certification for making products with ingredients made from hemp (NSF). The NSF has approved all of the CBD ingredients that KND Labs makes for use in medicines, cosmetics, sports, nutrition, and pet products. For the certification, KND Labs’ facilities had to follow strict operating procedures and pass tests done by a third party to prove the quality of their products.
- In June 2021, Royal DSM and Mile High Labs (MHL), a manufacturer of marijuana components in the United States, entered into business cooperation to develop “unique hemp-derived cannabinoid solutions.” According to DSM, the agreement marks the beginning of a major breakthrough in CBD market research and development.
- In June 2021, DSM and Brains Bioceutical made a deal to work together exclusively around the world to use the medical potential of cannabis as early as possible in the process of making new drugs. The partnership increases DSM’s ability to be a purpose-driven innovation partner in the pharmaceutical market. It also creates a platform for agile early-stage medication development to unlock and deliver a cannabinoid-based solution.
Global CBD Ingredient Market, by Source, 2023-2031 (Value US$ Mn)
- Marijuana Based
- Hemp Based
Global CBD Ingredient Market, by Application, 2023-2031 (Value US$ Mn)
- Food and Beverages
- Personal Care and Cosmetics
- Pharmaceutical (API)
- Single Servings
Global CBD Ingredient Market, by Region, 2023-2031 (Value US$ Mn)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America CBD Ingredient Market, by Country, 2023-2031 (Value US$ Mn)
Europe CBD Ingredient Market, by Country, 2023-2031 (Value US$ Mn)
- Rest of Europe
Asia Pacific CBD Ingredient Market, by Country, 2023-2031 (Value US$ Mn)
- South Korea
- Australia & New Zealand
Latin America CBD Ingredient Market, by Country, 2023-2031 (Value US$ Mn)
- Rest of Latin America
Middle East & Africa CBD Ingredient Market, by Country, 2023-2031 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
(This information is primarily sourced from InsightAce Analytics Pvt. Ltd. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).