ID: MRFR/F-B & N/8920-HCR | 90 Pages | Published By Snehal Singh on April 2023
CBD Gummies Market is anticipated to increase at a 30.7% CAGR During the projected period of 2021 to 2028 and reach USD 13.9 billion By 2028. The CBD gummies market is witnessing rapid growth with an increase in awareness about the health benefits of CBD. The global market was valued at USD 1.6 billion in 2020. CBD gummies are one of the easiest sources of cannabidiol and are highly palatable and do not leave an aftertaste. Their pleasant taste and health benefits are leading to their popularity.
CBD gummies are sweet chewy candies infused with cannabidiol, a hemp product. They are used as a treatment for stress, pain, anxiety, depression, insomnia, etc., and have calming effects on the body. Moreover, CBD products including CBD gummies are used for treating epilepsy. The market of CBD gummies is expanding owing to their great medicinal benefits. The global CBD gummies market is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 30.7 % over the forecast period ( 2021-2028 ).
CBD gummies are non-psychoactive and don't lead to any type of addiction. The high demand for these gummies has led to the entry of different players in the market with unique products. Moreover, relaxations in government norms for industrial hemp cultivation are also helping the market to grow significantly. The global CBD gummies market is expected to be worth USD 13.9 billion by the end of the current forecast period in 2028.
Covid 19 Analysis
Covid-19 pandemic had a mixed impact on the global CBD gummies market. The temporary shutting down of Industrial units led to a significant fall in the production of CBD gummies. Moreover, there was also a decline in their sale during the period owing to the financial constraints on individuals. Furthermore, restrictions on travel and movement of goods hampered the distribution and supply chain of the Global market. However, the increase in awareness regarding the importance of health products has led to the demand generation of CBD gummies too. Its use in stress handling and insomnia treatment increased over the period.
The growing popularity of CBD or cannabidiol products along with the increasing legalization of hemp cultivation are the major factors driving the growth of the global CBD gummies market. These gummies play an important role in stress and anxiety handling and treatment of insomnia. The rising cases of insomnia with the prevalence of a sedentary lifestyle are also increasing the demand for cannabidiol gummies. The great medicinal benefits of cannabidiol gummies are the major cause for their high demand in the market
These gummies are easy to consume, non-addictive, have no aftertaste, and also come in a wide range of attractive shapes. Therefore, different developments in composition like gluten-free gummies and also in the appearance of gummies are boosting the market demand. Many governments around the world are looking for relaxation in regulatory approvals for cannabidiol products which is a positive factor for the growth of the global CBD gummies market.
The stringent regulatory approvals for cannabidiol products are a major hindrance to the growth of the cannabidiol market. Moreover, lack of awareness about the health benefits of cannabidiol is a major cause for less demand for the product. Furthermore, bad perceptions regarding hemp products among common people are also hampering the growth of the global CBD gummies market.
CBD gummies or cannabidiol gummies refer to chewy, sweet candies infused with cannabidiol. Cannabidiol or CBD is a medicinal compound extracted from hemp plants that are antagonistic in behavior to the psychoactive substance of the hemp plant, the THC. Therefore, these gummies have pharmaceutical applications for relieving stress, pain, anxiety, depression, insomnia, inflammation, and many more. Moreover, CBD gummies are also used for the treatment of epilepsy.
There are three major types of gummies available in the market: full-spectrum, broad-spectrum and CBD isolate. The full spectrum gummies contain all of the hemp plant's cannabinoids including THC, the broad-spectrum gummies contain all cannabinoids but no THC. The isolate is the pure form of cannabidiol containing no other compounds from the hemp plant. Gummies are chewy pectin products available in different fruity flavors.
The specific objectives of this market report on the CBD gummies market report are given below:
Segmentation of the global market, By Type
The CBD isolate segment accounts for most of the gummies type by holding about 52 % of the total market. This dominance is due to the rising demand for gummies having only cannabidiol. The other two types have some other compounds of the hemp plant including THC in the full spectrum type. Therefore, the majority of the consumers are refraining from the other two types.
Segmentation of the global market, by Flavor
Berries flavored CBD gummies are the most popular type globally. Their unique flavor and attractive colors attract more customers to choose the type.
Segmentation of the global market, by Category
The conventional types dominate the market currently but the vegan type is increasing its market share. The growing awareness regarding the importance of vegan products is leading to a significant increase in the demand for vegan-type gummies.
Segmentation of the global CBD market, by Distribution Channel
Non-store based segment is growing at a higher rate owing to the increasing penetration of the internet. One can get easy access to the products on online sites rather than searching for them in retail stores. The easy delivery process of e-commerce companies is attracting more customers to the non-store-based segment.
The different regional markets for the global market are:
Rest of the world ( RoW )
North America holds the largest share of the global CBD gummies market. This dominance is due to the legalization of CBD gummies and increasing awareness about their medicinal properties. The 2018 US farm bill regarding the legalization of cannabidiol products is a major development towards market expansion in this region.
Europe also holds a significant share of the global CBD gummies market due to increasing awareness about the importance of cannabidiol. The greater population of health-conscious people in this region generates higher demand for the product.
The Market in Asia-pacific is growing with an increase in awareness about such products. Lessening restriction norms and increasing acceptance of the product will fuel the growth of the cannabidiol gummies market here. Similarly, the market in the Middle East and Latin America is also expanding significantly. The African segment is expected to grow at a moderate rate over the forecast period.
The major global companies playing a key role in the CBD Gummies market are :
In September 2021, Charlotte's Web, a leading hemp extract wellness products brand, announced the launch of three new Charlotte's Web™ Gummies to its gummies portfolio. The three gummies viz. New Daily Wellness, THC-Free, and Immunity gummies are now available online and across different retail stores in the US.
This report will be beneficial for every stakeholder of the market such as :
This report from Market Research Future provides an in-depth analysis of the CBD Gummies market in terms of current value and future forecast. This report has also highlighted the problems and prospects of the given market.
Moreover, the technological analysis section of the report will help in knowing the product and its market prospects. Furthermore, this report contains a detailed analysis of different market segments for the current forecast period. This report has also identified the key players and the current developments in the CBD Gummies market.
|Market Size||USD 13.9 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Flavour and Category, By Distribution Channel, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CHARLOTTE’S WEB (US), CV Sciences (US), Green Roads World (US), Medterra (US), Balanced Health Botanicals (US), Dixie Brands Inc (US), Medix Wellness LTD (US), Diamond CBD (US), Premium Jane (US), CBDfx (US)|
|Key Market Opportunities||Rising popularity of CBD-infused products for medicinal and recreational purpose across the US and parts of Europe has led to the growth.|
|Key Market Drivers||
CHARLOTTE’S WEB (US), CV Sciences (US), Green Roads World (US), Medterra (US), Balanced Health Botanicals (US), Dixie Brands Inc (US), Medix Wellness LTD (US), Diamond CBD (US), Premium Jane (US), CBDfx (US)
The growing popularity of CBD or cannabidiol products along with the increasing legalization of hemp cultivation are the major factors driving the growth of the global CBD gummies market.
North America holds the largest share of the global CBD gummies market owing to greater awareness about cannabidiol and its benefits.
The CBD isolate segment accounts for most of the gummies type by holding about 52% of the total market.