San Antonio, TX--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.
[Image via Frost & Sullivan]
The global market for CBD, per the company news release, 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%.
"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, in the news release. "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."
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.
See more in this news release.