4% in 2019. The increasing awareness among consumers regarding the health benefits of cannabidiol, changing customer preferences towards natural active ingredients in dietary supplements, and beneficial government reforms concerning CBD are the crucial aspects driving the growth. Furthermore, nutraceuticals segment is expected to expand at the fastest CAGR of 26. 9% over the forecast duration.
Moreover, the increasing number of business going into the space, profitable financial investment opportunities, increasing consumer base, are likely to drive the demand for these items at a substantial pace over the forecast period. In regards to profits, retail pharmacies sector controlled the general market with an earnings share of 40. 8% in 2019 and is expected to grow at a profitable rate over the projection period.
This is mainly due to the higher usage of cannabidiol-infused OTC medications or items through retail pharmacies. In addition, the online shops sector is estimated to sign up the fastest CAGR throughout the forecast duration owing to alleviate of accessibility of items through online portals. Additionally, many companies have introduced their online websites for the purchase of CBD based items.
In addition, business have consolidated specialty stores such as Sephora or GNC, for online along with offline sales. The United States and Canada dominated the market for cannabidiol customer health products with a profits share of 59. 8% in 2019. This is attributed to the higher concentration of CBD business and relaxed laws regarding the usage of the items.
are some major aspects driving the demand in The United States and Canada. Furthermore, Europe is anticipated to witness the fastest CAGR throughout the forecast duration, credited to rising consumer awareness and positive mindset regarding CBD and its products and tactical financial investments of significant business operating in Europe. Furthermore, there is growing adoption of cannabidiol oil in nations such as Switzerland, Germany, and the U.K., which is anticipated to drive the regional market.