CBD Gummies Market: Overview
The market size for CBD Gummies was USD 1.5 billion in 2021, and it is projected to grow at a CAGR of 30.9 percent during the forecast period. Due to public pressure to legalize marijuana for both medical and recreational use, the industry's interest in CBD-based products has increased significantly. Authorities have faced competition from CBD sales for their attention in several developed nations, particularly the U.S. The majority of these don't contain any tetrahydrocannabinol (THC). This is a well-known cannabis component that activates cannabinoid receptors and has therefore been linked to harmful health effects. The fact that CBD gummies don't have any psychotropic effects has helped them become more well-liked by customers. One of the main factors influencing the development of the CBD gummies market is the growing variety of medical applications for CBD gummies, including the treatment of neurological diseases, mental disorders, and cancer.
The rising demand has drawn industry investment in the CBD gummies market for healthy confections. Millennials account for a sizable portion of the market for CBD edibles. THC-free CBD is gaining popularity. The demand for CBD gummies has surged among those who struggle with melancholy, anxiety, inflammation, and sleep issues. The broad range of health advantages sparks consumer interest in these. For Instance, In January 2022, Charlotte's Web and GNC, a specialized retailer of nutritional supplements, announced a national distribution agreement. With the help of this agreement, the company will provide gummies in 24 North American states.
The World Health Organization (WHO) reports that CBD doesn't appear to have any consequences that might indicate abuse or reliance in humans. CBD gummies are chewy candies that have been mixed with CBD oil. In terms of flavor and look, they resemble traditional gummies. They are, therefore, a desirable substitute for other CBD products that have an overbearing plant flavor, including CBD oils. One of the main factors boosting the demand for cannabidiol gummies is the growth in the legalization of cannabis for both medicinal and recreational uses. The absence of any traces of tetrahydrocannabinol (THC) in the product is anticipated to increase demand among customers interested in using it for therapeutic purposes. For Instance, In December 2021, High-grade CBD manufacturer Lazarus Naturals, located in the U.S., announced introducing their CBD candy line. They are all made from naturally occurring fruit tastes and nourishing elements, including minerals, herbs, vitamins, and adaptogens.
CBD Gummies Market: COVID-19 Impact
The food and beverage business has been impacted by the COVID-19 epidemic, along with many other sectors. Lockdowns, company closures, and supply chain interruptions brought about by the epidemic caused operational issues. The epidemic has a variable effect on the market for CBD edibles. Manufacturers first experienced manpower and raw material scarcity due to lockdowns and business closures, which impacted their production and supply. However, when people's attention to their health increased, they began to choose things that promoted it. Due to its therapeutic properties, CBD gummies were in high demand. Additionally, consumers chose CBD products to lessen stress connected to their jobs and the pandemic since CBD helps to alleviate tension and anxiety. These elements contributed favourably to the market's expansion.
CBD Gummies Market: Drivers
Rising Cases of Insomnia Boosting CBD Gummies to Market Growth
According to the National Centre for Biotechnology Information, 10 and 30 percent of individuals globally have insomnia (NCBI). It is predicted that this figure will rise to between 60 and 70 percent during the next several years. Notably, women, older persons, and people with physical or mental health difficulties are more prone to have insomnia. The proliferation of sedentary lifestyles and rigorous work schedules are seriously disrupting people's sleep cycles, leading to a rise in cases of insomnia. As a result, people are searching for various methods of defence. One such tactic is consuming cannabis products that encourage mental calm, like CBD gummies. Because they are so easy to take, gummies are a convenient approach to treating insomnia.
Rising Celebrity and Social Media Influence to Drive Market Growth
Social media are greatly influencing people's lifestyles. Famous people and powerful figures frequently use social media for advertising items. Celebrities frequently utilize CBD products, which are actively marketed on their social media pages. For Instance, well-known individuals that support the usage of CBD include Seth Rogan, Snoop Dogg, Olivia Wilde, Jay Z, Danny DeVito, Wiz Khalifa, and Willie Nelson. Most famous people have opted to either start their firm or finance a cannabis-related venture. Kim Kardashian and Martha Stewart, two businesswomen and celebrities, use CBD gummies to enhance their sleep. These famous people have a sizable following on social media sites like Instagram, Twitter, and Facebook. As a result, the market for CBD gummies is anticipated to grow due to celebrities' increased support of CBD products, especially CBD gummies.
CBD Gummies Market: Restraints
Cannabidiol Products Must Pass Strict Regulatory Certifications Hinder Market Growth
The demand for cannabidiol gummies is mostly supported by an increase in the legalization of cannabis for both medicinal and recreational uses. Tetrahydrocannabinol (THC) component being absent from the product is anticipated to increase further demand from customers interested in using it for therapeutic purposes. Since brand strengths and purity can vary, even within the same brand, most CBD products are not FDA-approved and may not produce the intended outcomes. Consequently, their adoption is limited in several nations. Furthermore, the availability of alternatives such as protein supplements, salad dressings, and CBD-infused dark chocolates is a major barrier to successful adoption and impedes development possibilities.
CBD Gummies Market: Segment Overview
CBD gummies, Store-Based Distribution Channels Continue to Dominate Due to Development of Many CBD Product Outlets
The cannabidiol (CBD) gummies distribution channels have been divided into Store Based retailing and Non Store Based retailing. The development of several CBD product outlets is projected to result in considerable growth for the Store based market. Due to the rising consumer demand for CBD gummies, industry participants are building new shops to give customers easy access to high-quality, legal CBD sweets, fueling the expansion of this market. However, the pandemic has had a favorable influence on the internet market since closing brick-and-mortar establishments have substantially impacted the sector's expansion. Due to a large client base, manufacturers of CBD gummies typically choose to offer their goods through specialty shops. Additionally, specialty shops employ skilled employees who assist clients in making product selections. These elements are anticipated to accelerate the segment's expansion in the upcoming years.
Vegan CBD Gummies are Widely in Demand Due to the Public's Growing Concerns About Health
The CBD gummies market is divided into Conventional and Vegan varieties based on category. Over the projection period, the Vegan category is anticipated to increase at the quickest CAGR. Customers who want to experience the advantages of CBD gummies while reducing their sugar intake may choose sugar-free CBD gummies. People have been increasingly worried about the number of calories in the meals and beverages they eat during the past several years. The public's growing calorie conscience drives the demand for sugar-free CBD gummies. People with Diabetes can also take sugar-free CBD gummies. Gummies that are sugar-free, vegan, gluten-free, and organic are widely available on the market. For Instance, calorie-conscious consumers can choose from an exclusive line of sugar-free and gluten-free CBD candies from CBD American Shamans. It is anticipated that this element will propel the industry in the upcoming years.
CBD Gummies Market: Regional Landscape
North America Dominated Market Due to Growing Research and Development Activities in Region
One of the Most Appealing Markets for CBD gummies is North America due to a lot of R & D in the U.S. In 2021, North America had the greatest share. North America is one of the most attractive markets for CBD gummies among the numerous emerging and developed areas. To evaluate the medical benefits of marijuana, there has been a lot of research and development, notably in the U.S. This has sparked tremendous demand for CBD products from local companies. The ongoing efforts of CBD firms to diversify their product offerings and introduce new ones have given the local market fresh income potential. For Instance, the legalization of cannabis for both medicinal and recreational uses in the UU.S.is one of the main market drivers. According to the Farm Bill, industrial hemp can now be grown legally as long as plants have a THC concentration of no more than 0.3%. All 50 states have legalized CBD gummies, provided they are made from hemp. Throughout the projection period, these elements are anticipated to fuel demand for CBD gummies.
As per the forecast, Europe is anticipated to have the largest CAGR in the future. The increase in cannabis consumers is to blame for this. Most of the European Union's member states have legalized CBD products, with a few outliers. The European Commission decided to clarify CBD restrictions by reviewing the Novel Food criteria.
Global CBD Gummies Market: Competitive Landscape
According to the business, a market leader in hemp extract health products, three new hemp CBD candies were added to Charlotte's Web Inc.'s collection of gummies in September 2021. The product was introduced to show customers that gummies are a practical and adaptable CBD delivery option. Due to the expanding legalization of recreational cannabis, including CBD gummies, the North American area is predicted to increase tremendously. The non-GMO hemp plants used to make gluten-free, sugar-free, vegan, and organic candy are giving the market in the area more room to expand.
Few of the players in the CBD Gummies Market include CHARLOTTE'S WEB (USU.S. CV Sciences (USU.S. Green Roads World (USU.S. Medterra (USU.S. Balanced Health Botanicals (USU.S. Dixie Brands Inc (USU.S. Medix Wellness LTD (USU.S. Diamond CBD (USU.S. Premium Jane (USU.S. and CBDfx (USU.S.
Global CBD Gummies Market is Segmented as Below:
By Distribution Channel
Key Elements Included In The Study: Global CBD Gummies Market
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