The CBD (Cannabidiol) market is experiencing significant growth.
In 2022, the global CBD market size was valued at USD 6.4 billion.
What is the global CBD market forecast?
The global CBD market is projected to grow at a CAGR of 16.2% from 2023 to 2030.
The global CBD consumer health market size reached USD 15.88 billion in 2022 and the CBD industry is expected to reach around USD 62.41 billion by 2032.
CBD products are most common in the realms of sports and health and wellness.
We’ll answer some popular questions about these emerging CBD markets in this blog post.
Why is the CBD market growing?
One of the main drivers behind this growth is the increased demand for CBD for health and wellness purposes.
There are opportunities and constraints in this emerging market, especially considering the current regulatory landscape.
For instance, there are 135 CBD proposals moving through 38 states currently, which has created a complex environment for the industry and for educational resources.
High-demand CBD products include:
- oils
- capsules
- tinctures
- concentrates
- topical solutions such as creams, lotions, lip balms
- and consumables like baked foods, chocolates, coffee, gum, and sweets.
But a lot of these are saturating the market.
New product development is a key strategy in this market.
For instance, in the U.S. market, there’s an increasing investment in the development of NEW CBD-based products.
Let’s explore the CBD markets of sports and health and wellness to understand what the rage is all about.
Sports
The sports nutrition market has seen a boost with the introduction of CBD products for athletes, with nearly a large percentage of CBD users claiming to be into health and fitness.
Manufacturers are investing significantly in this sector, signing up athletes and promoting CBD’s potential benefits for performance and recovery.
Is CBD good for sports?
There is growing interest in learning about CBD gummies and other products among athletes due to its potential physiological, biochemical, and psychological benefits.
However, it’s important to note that more controlled studies are needed to fully understand these effects.
Pain Relief
One of the main reasons athletes turn to CBD is for pain relief.
Sports certainly can take a toll on your body, whether you are a casual or professional athlete.
Some athletes have found that CBD can reduce or even eliminate their use of NSAIDs for exercise-related pain, with minimal side effects.
Reduced Anxiety and Stress
Athletes – especially professional athletes – deal with stress on a regular basis, as competition can elevate stress and anxiety levels.
CBD is also known for its calming effects, which can help reduce anxiety and stress.
This can be particularly beneficial for athletes who may experience performance-related anxiety.
Reduced Inflammation
Inflammation can be a significant issue for athletes, especially after intense workouts.
Recent studies suggest that CBD may reduce pre and post-exercise inflammation, potentially aiding faster recovery.
Alternative to Anti-Inflammatory Drugs
CBD is seen as a natural alternative to anti-inflammatory drugs, which some athletes prefer to avoid due to potential side effects.
Improved Sleep Cycles
Sleep is crucial for an athlete’s recovery and performance.
CBD has been shown to help improve sleep cycles, providing athletes with better quality rest.
You can read more about CBD and its effect on sleep here.
Better Digestive and Gut Health
While more research is needed, some studies suggest that CBD could improve digestive and gut health.
Bone Health
Another interesting area of research is the potential effect of CBD on bone structure.
Studies show that CBD may help bone fractures heal and improve bone deposition.
Do professional athletes take CBD?
Yes, a number of professional athletes are known to use CBD.
Some of the famous athletes who reportedly use CBD include:
- Klay Thompson, a shooting guard for the Golden State Warriors.
- Alex Morgan, forward for the USNWT and Orlando Pride.
- Action sports star Travis Pastrana.
CBD is not on the World Anti-Doping Agency’s (WADA) list of banned substances, so athletes can use it without fear of violating anti-doping rules.
However, athletes need to be careful about the CBD products they choose, as some may contain THC, which is still prohibited.
A study published last year surveyed more than 500 professional players on their use of CBD.
This study found that a quarter of professional players had either tried CBD during their playing career or were currently taking it, with nearly 40% of players aged above 30 being in this category.
It’s important to note that while CBD shows promise in these areas, more research is needed to fully understand its effects.
Athletes considering CBD should also be aware of the regulations in their particular sport regarding its use.
CBD Beverages
What does a CBD beverage do?
An increasingly popular way to take CBD for athletes is through CBD drinks.
These drinks include sparkling water, detox drinks, energy drinks, and tea and coffee.
These CBD beverages are gaining momentum in the $275+ billion industry, with CBD-infused drinks becoming increasingly popular.
They often combine hydration with the potential benefits of CBD, providing a convenient and enjoyable way for consumers to incorporate CBD into their daily routines.
These drinks are typically infused with CBD oil extracted from cannabis plants, then mixed with water or other beverages to create a drinkable product.
CBD beverages may help you relax, improve your mood, and enhance energy levels.
The anti-inflammatory properties of CBD could also alleviate pain caused by digestive diseases, potentially helping regulate the digestive tract.
In addition, CBD-infused drinks might be beneficial for individuals dealing with anxiety and sleep issues.
Some users have reported a pleasant, clear-headed state where the body feels relaxed, and the mind is at ease with just the right amount of stimulation.
Again, it’s important to note that the effects of CBD can vary based on individual metabolism and dosage.
Most CBD beverages contain a reasonably low CBD content, between 15 mg and 30 mg on average.
As always, it’s recommended to consult with a healthcare provider before starting any new supplement regimen.
Now that we’ve looked at sports and drinks, let’s check out another area where CBD products are going to be big in the future: health and wellness.
What is the future of CBD products?
The CBD market has been making significant inroads into the health and beauty sector.
With its potential anti-inflammatory and antioxidant properties, CBD is being increasingly used in skincare and wellness products.
Size and Growth of the Market
The global CBD skincare market was valued at USD 964.1 million in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 31.5% from 2023 to 2030.
By 2030, the CBD skincare market is expected to reach USD 8.62 billion.
CBD in Beauty Products
CBD is believed to have an anti-inflammatory effect on sebocytes, the skin cells that produce sebum.
This implies that CBD could help reduce inflammation, swelling, pain, and redness from existing breakouts or irritation from skin conditions like eczema and psoriasis.
The Future of CBD in the Health and Beauty Sector
The CBD era in health and beauty has arrived.
U.S. retail sales of CBD topical and skincare products are estimated to be close to $1 billion.
This indicates a strong demand for CBD-infused products in this segment.
Several years ago, CBD entered the beauty scene, and new product lines with CBD as a key ingredient appeared.
The industry has since experienced rapid growth, and shows no sign of slowing down.
The future of the CBD market in the health and beauty sector looks promising.
However, it’s important to note that while the market is growing rapidly, it still faces regulatory challenges due to the varying legal status of CBD across different regions.
As research continues to uncover the potential benefits of CBD, and as U.S. culture accepts CBD’s use, the CBD market in the health and beauty sector is poised for substantial growth in the coming years.
How is CBD used for medical purposes?
CBD is gaining recognition in the medical field for its potential therapeutic benefits.
Evidence from both research studies and anecdotal reports suggest that CBD may offer relief for a variety of conditions:
- Chronic pain
- Anxiety and stress
- Epilepsy and seizures
- Insomnia and sleep disorders
- Inflammatory conditions
- Neurological disorders
- PTSD (Post-traumatic stress disorder)
- Nausea and vomiting
- Skin conditions
However, while the benefits of CBD are promising, it’s important to note that CBD can interact with certain medications, including some anticonvulsants, sedative drugs, and narcotics.
Therefore, you need to consult with a healthcare provider before starting CBD.
CBD holds great promise in the medical field.
Ongoing
With ongoing research and development, we can expect to see more applications of CBD in treating various health conditions in the future.
CBD has a bright future in many areas like sports, drinks, health, beauty, and medicine.
It’s a growing market because people are interested and there’s ongoing research on its benefits.
CBD will be important for wellness and healthcare in the future.
It needs education and clear rules to keep growing.
For the creative and innovative, there are likely still more markets that will emerge for CBD.
