Consumers concerned about their physical and mental wellbeing are seeking preventative health solutions in food. This is driving sales of health and wellness packaged food, which reached USD497 billion in 2021. Free from has seen the strongest growth, driven by the plant-based trend and innovation. Consumers are looking for food as a source of immunity support, gut health and mood management. Companies are reformulating their products towards a healthier portfolio to meet increasing demand.
This report comes in PPT.
While regulation around CBD tends to be laxer than for THC, especially when paired with industrial hemp production, there are still many grey areas and hurdles for CBD around the globe and it remains illegal in many countries. CBD is usually the first stop when creating a medicinal cannabis programme and it is not always regulated for adult use consumption or even as an ingredient in other types of products. Legal frameworks will continue to be a shaping force for CBD in the future, not only because of the possibility of markets to develop but also in dictating in what capacity CBD will be used in adjacent industries.
When considering non-medical CBD, the global market reached USD11 billion in 2022 making it 28% of the total cannabis market around the world, in comparison with medical cannabis that accounts for nearly 20% of the global market. CBD’s importance will continue steadily over the forecast period as it will benefit from the halo effect of potential legalisations in adult-use cannabis. Nonetheless, the most important driver for CBD is not the adult use market but rather its own positioning in the market. From loose medical claims to active ingredient and functionality, the promise of CBD as an active ingredient is present across industries. And more recently, the combination of CBD with lesser-known cannabinoids, other functional ingredients and evolving positioning hopes to give consumers more defined consumption occasions.
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