CBD Gummies Market Outlook
Market Research Future (MRFR) studied the global CBD gummies market from 2020 through the analysis period till 2030. As per MRFR assessment 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 market are available in different shapes and sizes. The growing demand for CBD-infused products for both recreational and medicinal across different regions to aid in relieving anxiety, inflammation, pain, and depression can promote the expansion of the CBD gummies market. In addition, the non-psychoactive, non-intoxicating, and non-addictive nature of CBD gummies that also hold decent organoleptic properties can support market growth soon. The legalization of industrial hemp for medicinal applications and the presence of CBD-infused product manufacturers can add to the market upsurge. Partnerships, acquisitions, and mergers among stakeholders of major CBD gummies producers can contribute to the rapid expansion of the market. The adoption of effective marketing strategies and the advent of robust e-commerce platforms are other causes that can promote the CBD gummies market. Issues with stringent regulations regarding the approval of new CBD gummies products is likely to hinder the market rise.
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.
Market Segmentation
The segment assessment of the global CBD Gummies Market Forecast Size is based on type, category, distribution channel, and flavor.
The type-based segments of the global CBD Gummies Market Revenue are Broad-spectrum CBD, Full-spectrum CBD, and CBD isolates. The CBD isolates segment is expected to witness high growth rate in the review tenure due to the availability of CBD isolates in its purest form as flavonoids, plant parts, terpenes, and other cannabinoids are removed. As CBD gummies have no psychoactive effects, they are expected to prompt the CBD to isolate segment rise in the review tenure.
The flavor-based segments of the CBD gummies market are berries, peach, lime, blends, and apple among others. The berries segment can garner considerable profit in the analysis term owing to the increasing demand for berries flavored CBD gummies soon. Post legalization of CBD in the US market is expected to witness an exponential rise in the segment in the years to come.
The category-based segments of the Key CBD gummies Market Players are conventional and vegan. The vegan segment is expected to rise at a considerable pace in the years to come. The growing demand for vegan products is anticipated to earn decent revenue for the market in the years to come. The expansion of vegan-based CBD products and the growing preference for natural ingredients-based products that rules outside effects of chemicals can also gain traction for CBD gummies.
The distribution channel-based segments of the CBD gummies market are store-based and non-store-based. The growing trend for online purchase of CBD-infused products and the ease of availability of a wide range of products at a reasonable rate can support the growth of the online segment in the approaching years. The surge in online purchases of CBD products that aid in keeping customers’ identities discrete can also favor the market in the review period.
Regional Analysis
According to the regional assessment of the CBD gummies market by MRFR, North America is expected to hold a considerable share of the global market in the review period. MRFR study reveals that North America is expected to garner a 55%, share of the worldwide market in the review period. The increasing demand for CBD-infused products that originated in the US due to the increase in their usage in the wellness and medicinal industry can favor the regional market growth. The legalization of CBD gummies and its products for recreation and medicinal purposes can prompt the market through the study period in the review term. In Europe, the CBD gummies market is expected to garner the second-largest share of the worldwide market, after the US. In the APAC region, the availability of legal aid is likely to favor the vitamin gummies market in the years to come.
Key Players
CV Sciences (US), CHARLOTTE’S WEB (US), Medterra (US), Green Roads World (US), Dixie Brands Inc (US), Balanced Health Botanicals (US), Diamond CBD (US), CBDfx (US), Premium Jane (US), and Medix Wellness LTD (US) are some major players in the CBD gummies market that are profiled by MRFR to gain insights into the competitive landscape of the CBD gummies market.
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