The size of the global demand for CBD gummies is expected to reach US$ 679.9 Mn by the end of 2030. According to a report published by Future Market Insights (FMI), the demand for CBD gummies is poised to surge exponentially, giving tailwinds to growth of the market at 25.8%. The study offers a detailed analysis of the industry, covering key growth drivers, opportunities, restraints and prevailing trends. It uses industry-leading analytical techniques to provide market analyses with the most precision.
According to the study, the rising demand for premium goods will result in the accelerated sales of CBD gummies. CBD gummies are placed at a higher price range bracket in the gummies category. This is primarily because these gummies are organic and contain CBD with very less or almost zero percent THC content, thus, falling under the premium category.
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“The market for CBD gummies is witnessing high growth potential. Rising awareness about cognitive functions of CBD due to its non-psychoactive properties is a chief growth driver,” said a lead analyst at FMI.
The FMI’s study includes in-depth insights into the CBD Gummies market. Some of these are:
- By the end of 2020, the market’s estimated valuation will be at US$ 68.5 Mn
- Regionally, North America and Europe are highly lucrative markets CBD gummies, and will continue growing at an impressive rate through the forecast period
- CBD isolate gummies segment is expected to remain dominant in terms of product type
- Store based retailing remains highly popular among sales channels, however, online retailing channel will soon gain pace
- Key players are likely to focus on business expansion and product launches to compete in the developed markets
Increasing Use of Cannabis for Treatment of Neurological Disorders, Psychiatric Disorders, and Cancer Along with Pain Control
CBD gummies are helpful to those with depression, because there is a link between low vitamin D status and depression symptoms. Research has also related deficiencies of B-12 (and other B vitamins) to depression. CBD isolate products can effectively relieve depression and these gummies might be a good option for those who are facing this condition but are unwilling to consume THC.
CBD gummies also help in relieving chronic pain. Early uses of CBD have proven it beneficial in alleviating a number of mental and physical health issues. As pain management is a major reason for using CBD gummies, they have taken the sports industry by storm. This will lead the market to experience enormous demand over the forecast period.
Who is Winning?
Some of the key players operating in the CBD gummies market are CV Sciences, PureKana, Dixie Brands Inc., Charlotte’s Web, Sunday Scaries, Premium Jane, Kushie Bites, Hemp Bombs, Reliva CBD Wellness, among others.
With the CBD gummies market attracting new entrants as a result of the rising demand and increasing number of regulatory approvals, the established players are looking to expand their networks across high potential countries.
For instance, softening regulations with regards to cannabis use and consumption across certain countries makes Asia Pacific a lucrative market for CBD gummies. Rising competition also has compelled manufacturers on innovations. As a result a number of brands are launching CBD gummies in innovative flavors and packaging.
Besides this, focus on acquisitions has remained considerably high. For instance, in March 2020, Charlotte’s Web acquired Abacus health products based in Rhode Island for $68M. This was aimed at expanding the product portfolio of Charlotte’s Web, besides increasing its retail store presence from 11,000 to 15,000. Charlotte’s Web offers hemp extract-infused CBD gummies which are flavored with natural juices.
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FAQ ABOUT THE REPORT
What factors are driving the demand for CBD gummies?
Research related to the benefits of CBD gummies are coming to the fore, and companies are brandishing such claims. This inturn has attracted a niche within global specialty food & beverage market resulting in to the growth of CBD Gummies. In addition, favorable and softening government policies aiding to this growth.
Which are the countries tapped by companies for new growth opportunities?
US and Western European countries have really offered sample addressable market to invest. In the east, Japan reflects positive sentiments, till other key markets do not receive government approval.
Which is the major restraint hampering the growth of the market?
Lack of awareness and legacy consumer mindset pertaining to the use of CBD offers are prime bottleneck for global CBD gummies market
How is competition evolving in CBD Gummies Market?
The global CBD gummies market is largely characterized with the sizable presence of start-ups, though as the market will evolve in the companies years, we can expect mid to large size established F&B companies in this business