Pune, India, January 2021, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global CBD Gummies Market.
In 2019, the Global CBD Gummies Market was valued at USD 257 Million and is expected to register a CAGR of 12% between 2020 and 2027.
CBD gummies are edible candies that contain cannabidiol (CBD) oil. These candies come in variety of colors, flavors, shapes, and concentrations. Gummies are one of the most popular forms of consuming CBD. CBD gummies are made from CBD extracts of hemp and cannabis plant.
CBD gummies have several health benefits. They help in relieving anxiety, pain, depression, inflammation, and improve sleep. All these health benefits drive the growth of the CBD gummies market. Much research has suggested that CBD gummies or the CBD-containing products have a high number of antidepressants that help in curing acute depression. Legalization of industrial hemp for medicinal and recreational purposes at the state level in the US through the US Farm Bill in 2018 certainly created new opportunities for CBD gummies and other types of CBD infused product manufacturers in the US. Similarly, in Europe, the cultural shift toward increased societal acceptance for these products has allowed the population to actively seek various forms of CBD products, including CBD gummies for their daily use. Additionally, since CBD-infused gummies are non-psychoactive, non-addictive, and non-intoxicating, consumption of such products does not make the user high. Furthermore, effective marketing strategies by global manufacturers of CBD-infused products is boosting the sales of the CBD gummies market. CBD product manufacturers are also making partnerships and agreements to expand their presence in the market. New Age Beverages Corporation merged with direct selling company to distribute CBD-based products in the US and outside the US. Tilray, a Canada-based pharmaceutical and Cannabis company partnered with Anheuser-Busch InBev in 2018 to spread its presence in CBD-infused drinks. Hence, such key partnerships, mergers, and acquisitions are creating new opportunities for key stakeholders in the market.
Outbreak of COVID-19 has been a boon to the overall CBD products market. The overall market has not suffered during the COVID-19 pandemic. For instance, according to MRFR analysis, sales of CBD products, including gummies in the US, have soared up by approximately 40% during the first quarter of 2020. Stockpiling of CBD products, including gummies, have increased significantly in the US post-COVID-19 outbreak. As more people are restraining themselves inside home due to the outbreak and lockdown restrictions, cases of insomnia and anxiety is increasing. Hence, these products are proving to be effective in lowering the stress levels, thereby resulting in sudden boom in the demand for CBD products. E-commerce portals are proving to be more efficient in the distribution of such products creating lucrative opportunities for manufacturers. For instance, Patriot Supreme, a veteran-owned CBD company reported sales of over 400% post-COVID-19 outbreak in the US through its online sales.
Rising growth opportunities in the health and wellness industry
Growth Opportunities in the Market
Popularity of CBD Isolates: CBD isolates are anticipated to witness significant growth opportunities in near future. CBD isolates are purest form of CBD as they are further refined to remove the flavonoids, terpenes, plant parts, and other cannabinoids. They are odor-free and taste-free and have no risk of any psychoactive effects.
The berries segment dominated the market: Berries are most popular forms of flavors used in CBD gummies. The segment has been dominating since its legalization in the US in 2018. Berries such as elderberry, strawberry, and raspberry are some of the most popular flavors used in CBD gummies.
Strong demand for vegan-based CBD gummies: Manufacturers of CBD products are witnessing strong demand for vegan and plant-based CBD gummies. This demand is strongly being witnessed among the US population owing to the growing trend for vegan-based food products. The presence of natural ingredients without side-effects is creating traction for vegan-based CBD products in the global market.
Popularity of online channels for sales of CBD products: Online purchase of CBD-based products is becoming popular across the globe. Growing e-commerce infrastructure, ability to showcase large number of product portfolios in online channels and with reasonable rates are some of the key advantages of the online channels. Furthermore, consumer discreteness through online purchase further makes this more acceptable form of channel for purchase of CBD products.
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