The demand for CBD gummies segment increased by 29.0% between 2020 and 2022, registering year-over-year growth of 29.0% in 2022, according to the Future Market Insights (FMI). CBD gummies market is forecasted to reach US$ 7,270 Mn by 2032, exhibiting remarkable growth at 29% CAGR between 2022 and 2032.
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.
“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.
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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.
Get Valuable Insights into CBD Gummies Market
Future Market Insights, in its new report, presents an unbiased analysis of the global CBD Gummies market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of type, the market can be segmented into CBD isolate gummies, broad-spectrum CBD gummies and full-spectrum CBD gummies. Based on sales channel, the market can be classified into store based retailing and online retailing. Based on packaging, the market can be classified into pouches, bottles jars and tins. Regionally, the market can be segmented into North America, Latin America, Europe, APEJ, Japan, Oceania, and Middle East and Africa.
The Global CBD gummies market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- CBD isolate Gummies
- Broad-spectrum CBD Gummies
- Full-spectrum CBD Gummies
- Store-Based Retailing
- Supermarket/ Hypermarket
- Head shops/
- Smoke shops
- Local health stores
- Online Retailing
- North America
- Latin America
- The Middle East and Africa
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Frequently Asked Questions
- What factors are driving the demand for CBD gummies?
- Which are the countries tapped by companies for new growth opportunities?
- Which is the major restraint hampering the growth of the market?
- How is competition evolving in CBD Gummies Market?
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