ID: MRFR/F-B & N/8920-HCR | February 2021 | Region: Global | 90 pages
Global CBD Gummies Market size in 2019 was valued at USD 257 Million and is expected to exhibit a CAGR of 12% from 2020 to 2027.
CBD gummies are a form of cannabidiol edibles. They contain therapeutic compound CBD that are extracted from marijuana plant. CBD gummies are like regular gummies and come in various shapes and sizes. They are most discrete way of consuming CBD. The rising popularity of CBD-infused products for medicinal and recreational purpose across the US and parts of Europe has led to the growth of the market in last couple of years. Many researchers across the US through its studies have identified that consuming CBD infused products helps in relieving anxiety, pain, depression, and inflammation. CBD gummies are non-psychoactive, non-addictive, and non-intoxicating. They are also taste-free and odor-free, which makes them well accepted by consumers. Legalization of industrial hemp for medicinal and recreational purposes across various states in the US through the US Farm Bill has already created lucrative growth opportunities for many CBD infused product manufacturers. Additionally, many CBD product manufacturers are making partnerships and agreements with other companies to increase market potential. For instance, Perrigo Company plc, a prominent player of self-care products partnered with Kazmira LLC, a leading supplier of hemp-based CBD products in June 2020 for long-term supply of its CBD-infused products. Similarly, 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 partnerships, mergers, and acquisitions are creating new opportunities for key stakeholders in the market.
Global CBD Gummies Market is experiencing an exponential growth rate post COVID-19 outbreak. According to MRFR analysis, sales of CBD products have skyrocketed by over 40% in the US in the first quarter of 2020. Stockpiling of CBD products, including gummies in the US, have been trending since the COVID-19 outbreak. Additionally, the cases of anxiety, insomnia, and mental health are increasing across the globe as more people are restraining themselves inside home due to the outbreak and lockdown restrictions. According to telemedicine app Practo, there has been a significant increase in mental health-related queries (over ~665%) from October 2019 to September 2020 post COVID-19 outbreak across the world. Hence, these products are proving to be effective in lowering the stress levels, thereby resulting in sudden boom in the demand for CBD products. Furthermore, E-commerce channels are proving to be effective means in widespread distribution of these types of products. As people are restraining themselves inside homes due to lockdown restrictions, e-commerce channels are proving to be efficient means of contactless delivery. Moreover, purchase of CBD products helps in keeping the purchase discrete, which is well accepted by the consumers. Popularity of the online purchases post COVID-19 can be ascertained from the fact that, Patriot Supreme, a veteran owned CBD company reported increased sales of over 400% post COVID-19 outbreak in the US through its online sales. However, this sudden hype is only for a certain period.
Rising growth opportunities in the health and wellness industry
By Distribution Channel
|Market Size||USD 257 Million (2019)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Flavour and Category, By Distribution Channel, 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||