CBD Gummies Market Surge, Future Scope, Top Key Players & Forecast 2020-2028
CBD Gummies Market
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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