Increasing urbanization and industrialization have resulted in busy and hectic lifestyles. These fast paced lifestyles have given rise to new eating habits that are different from the conventional three square meals eaten at the family table. When customers are hungry, they turn back to round-the-clock snacks. Often opt for healthy snacks that contain nutritious and natural ingredients, labels that support their health, and free-from claims. Consumers are moving more and more towards snacks which offer clearer and cleaner labels. CBD infused snacks demand has shot up in the market due to the therapeutic benefits of cannabidiol (CBD).
During COVID-19, a greater emphasis is put on staying healthy and strengthening immune systems which drives consumers to a variety of health and wellness focused products like CBD. Some of the store-based retailers that sell CBD goods in the United Kingdom have been allowed to remain open following a national lockout, and some customers purchase their regular items while others turn E-Retailers and delivery services.
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Key Takeaways from the CBD Snacks Market Study
- Consumers are likely to adopt healthier lifestyles which have resulted in higher food and beverage intake with potential health benefits. Consumers are now becoming more aware of their diets, owing to which they invest on a holistic approach to health and wellbeing that covers almost every aspect of life. In addition, consumers are increasingly taking part in fitness activities that improve their well-being. As a result, the demand for CBD-infused snacks is steadily gaining momentum globally due to an rise in population awareness of health and fitness, along with an growing number of highly upscale consumers interested in eating safe and nutritious foods.
- According to Go Clean Label™, Clean label refers to food products that contain natural, and simple ingredients that are easy to identify, with no artificial additives, according to Go Clean Label. Consumers looking for simpler foods with fewer ingredients have made the food manufacturers to exclude artificial ingredients and chemical modifiers from the food products. Most of the consumers believe that food products with natural ingredients offering better nutrition, environment sustainability, and are ethically sourced can be qualified as clean label. Clearly, the trend of clean label with the content of THC free or THC less than 0.3% is playing an important role in the promotion of CBD Snacks Market.
“CBD, with its many interconnected products and services, is growing to unprecedented levels. Touched for its wide-ranging health benefits without any of the psychoactive impacts of the THC, CBD infused food is attaining strong global market acceptance.,” said an analyst at FMI.
E-commerce sales gain rapid momentum
As more customers use mobile devices to order foodstuffs and groceries, e-commerce continues to gain rapid momentum around the world. Rapid digitization has resulted in heavy e-commerce penetration in APEJ countries, with China leading with a high market share. CBD snacks have a long shelf-life and can be conveniently packed as desired, attracting high customer base. Various e-commerce companies compete in the region by introducing their own food labels to expand their reach on the market. The sales of CBD products processed via e-commerce are expected to gain rapid traction over the coming years and are expected to drive market growth over the forecast period.
Who is winning?
ZBD, LivityFoods LLC, VELOBAR, Naturebox, Weller, Evo Hemp, CBD American Shaman, Dixie Brands Inc., Premium Jane, Pure Kana, and Just CBD and other players.
Multiple leading manufacturers of CBD snacks are focusing on mergers and acquisition to expand its business footprints and to increase their production capacity. Leading players of CBD snacks are investing in research and development to produce innovative products using CBD snacks.
Get Valuable Insights into CBD Snacks Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global CBD snacks market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the CBD snacks market based type (gummies, bars, cookies, and others), distribution channel (hypermarkets/supermarkets, convenience stores, discount stores, pharmacy/drug stores, food and drink specialty stores, independent small groceries, and e retailers) across seven major regions.
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CBD SNACKS MARKET TAXONOMY
The global CBD snacks market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Convenience Stores
- Discount Stores
- Pharmacy/Drug Stores
- Food and Drink Specialty Stores
- Independent Small Groceries
- E Retailers