Inside BENEO’s new pulse plant: pioneering sustainable protein from faba beans
Richa Jaggi, Co-Founder & Chief Marketing Officer, Awshad
Due to its potential health benefits and the legalisation of hemp growing in some areas, Cannabidiol or CBD, has recently gained popularity in India. Many homegrown brands are cultivating their hemp to extract CBD and make CBD products that are easy for consumers to use every day. From tinctures, capsules, and gummies to topicals, the variety of CBD products in the market is now widespread. Awshad, a South Delhi-based medical cannabis wellness startup, has recently forayed into the nutraceutical category. Richa Jaggi, Co-Founder & Chief Marketing Officer, Awshad shares more about this development. Edited excerpts:
What is the status of the medical cannabis (CBD) edible products and supplements market in terms of market size and growth potential in India?
The medical CBD market in India is experiencing significant growth, with projected revenues of $225.9 million in the medical cannabis market by 2024. The market is expected to expand at an annual rate of 3.66 per cent from 2024 to 2029, reaching $270.4 million by the end of this period claimed by the Medical Cannabis: Market Data & Analysis report by Statista. With India’s population and growing middle class, the CBD edibles market size will be worth $8.2 billion per annum in 2022 globally and it is all set to increase in the coming years and in India too. The global CBD edibles market is predicted to reach $33.17 billion by 2032, with a compound annual growth rate (CAGR) of 16.80 per cent claimed by CBD Edibles Market Research report by Market Research Future. Factors driving this growth include increased legitimacy, awareness of health benefits, and the fact that people are now shifting towards natural medicines considering the side effects of allopathy medicines on one’s health. Emerging trends such as cannabis infused pet foods and their use in beverages and sports nutrition are further contributing to the market potential for investors and entrepreneurs, it offers attractive opportunities in the Indian CBD marketplace.
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