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Nutraceuticals are super foods or fortified foods which helps with supply of essentials nutrients to the body along with preventing or treating a disease. Cannabidiol (CBD) is a constituent that belongs to a family of chemical compounds called cannabinoids). It is an important constituent of marijuana in medical field. CBD is a mixture of various chemical compounds which have clinical significance in treatment against a variety of diseases. CBD is also attributed to be effective against various health problems and ailments like cancer, anxiety and depression and has added advantages such as pain relief, boosting cognitive abilities, anti-inflammatory properties among others along with minimum side effects. Pertaining to its wide application against variety of diseases and immense health benefits have attracted the nutraceutical industries to integrate this constituent in their current product portfolio. There has been a dramatic rise edibles or super foods containing CBD. For instance, edibles like cliché special brownie, beverages, cookies, candy and even dried meat containing CBD as one of the ingredients.
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Due to recent studies and subsequent research of various CBD substances brought to notice the importance of CBD medical industry. In 2017, the National Institute of Health backed around 330 projects with $ 140 million spent on cannabinoid and related studies. According to a report published by World Health Organization, CBD shows no significant results indicative of any abuse or dependence potential. As of now, there is no significant evidence of side effects associated with the use of CBD. Consumer preference inclining towards plant-based organic supplementary products, increasing awareness and knowledge regarding CBD and its health benefits with least after effects and legalization of CBD based products by regulatory authorities are the key driving factors that will propel the growth of the CBD nutraceuticals market in coming future. The passing of the Farm Bill of 2018 had been beneficial for hemp farmers as they it gave them eligibility to cultivate hemp, resulting in the immense supply of hemp-based CBD products available as nutraceuticals in the market. These nutraceuticals are gaining immense popularity as they’re free of intoxication and furthermore the demand for variety of hemp-based proteins as it contains easily digestible twenty amino acids. This rising demand is seen majorly in fitness enthusiasts, body builders, athletes and specifically in the vegan population. In addition, the availability of CBD tinctures, soft gel capsules have made a significant progress as they are travel friendly and convenient to carry. These factors would surge the demand for CBD nutraceuticals in the market providing immense opportunity to grow in potential and less explored markets in Asia-Pacific region.
However, due to presence of alternative plant-based nutraceuticals like raspberry ketones, garcinia cambogia, turmeric and Echinacea, prohibition for the use of CBD in some countries, the strict regulations regarding use of CBD-based products has been obstructing factors in the growth of CBD nutraceuticals market.
Investments in R&D activities related to CBD Nutraceuticals have led to various developments in the nutraceutical market. Nutraceutical companies are coming up with various forms of these nutraceuticals that contain CBD. For instance, Australian biopharmaceutical company, MGC Pharmaceuticals entered into a strategic alliance with Yu-shop Global, a Chinese e-commerce platform for gaining entry in the Chinese CBD nutraceuticals market. Nutraceutical products like CBD capsules, water-soluble CBD solution, and hemp powder were launched in China by MGC Pharma. Aphria Inc. entered the German market by launched its first cannabidiol based nutraceutical product portfolio named CannRelief to enter the German market in April 2019. Various major players are adopting the strategy of collaborating with distribution service providers for better reach towards the customers. In September 2019, Charlotte's Web and The Vitamin Shoppe signed an agreement for selling of CBD gummies across 738 retail stores in U.S. Similarly CV Sciences, Inc. joined hands with The Vitamin Shoppe for better distribution of their products and began selling its products across 383 stores in U.S. thus, the growing competition is expected to boost market growth.
Legalization of marijuana countries like the United States, increasing usage due to rising awareness of the health benefits of CBD-based nutraceuticals, North American region is predicted to have immense growth with highest market share in the global market. The presence of industry players in the region is also having a promising impact on the CBD nutraceuticals market growth. Furthermore, increasing population of health-conscious consumers, the heavy funding for R&D activities and well-developed healthcare infrastructure are fueling the market growth for CBD nutraceuticals market.
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