CBD Gummies Market Growth Opportunities, Demand, Share, Size, Portfolio Revenue, Quality Analysis, Key Driven Factor and Forecast 2027.
Market Forecast
In 2019, the Global CBD Gummies Market was valued at USD 257
Million and is expected to register a CAGR of 12% between 2020 and 2027.
CBD gummies are edible candies that contain cannabidiol
(CBD) oil. These candies come in variety of colors, flavors, shapes, and
concentrations. Gummies are one of the most popular forms of consuming CBD. CBD
gummies are made from CBD extracts of hemp and cannabis plant.
CBD
Gummies Market have several health benefits. They help in relieving
anxiety, pain, depression, inflammation, and improve sleep. All these health
benefits drive the growth of the CBD gummies market. Much research has
suggested that CBD gummies or the CBD-containing products have a high number of
antidepressants that help in curing acute depression. Legalization of
industrial hemp for medicinal and recreational purposes at the state level in
the US through the US Farm Bill in 2018 certainly created new opportunities for
CBD gummies and other types of CBD infused product manufacturers in the US.
Similarly, in Europe, the cultural shift toward increased societal acceptance
for these products has allowed the population to actively seek various forms of
CBD products, including CBD gummies for their daily use. Additionally, since
CBD-infused gummies are non-psychoactive, non-addictive, and non-intoxicating,
consumption of such products does not make the user high. Furthermore,
effective marketing strategies by global manufacturers of CBD-infused products
is boosting the sales of the CBD gummies market. CBD product manufacturers are
also making partnerships and agreements to expand their presence in the market.
New Age Beverages Corporation merged with direct selling company to distribute
CBD-based products in the US and outside the US. Tilray, a Canada-based
pharmaceutical and Cannabis company partnered with Anheuser-Busch InBev in 2018
to spread its presence in CBD-infused drinks. Hence, such key partnerships,
mergers, and acquisitions are creating new opportunities for key stakeholders
in the market.
Outbreak of COVID-19 has been a boon to the overall CBD
products market. The overall market has not suffered during the COVID-19
pandemic. For instance, according to MRFR analysis, sales of CBD products,
including gummies in the US, have soared up by approximately 40% during the
first quarter of 2020. Stockpiling of CBD products, including gummies, have
increased significantly in the US post-COVID-19 outbreak. As more people are
restraining themselves inside home due to the outbreak and lockdown
restrictions, cases of insomnia and anxiety is increasing. Hence, these
products are proving to be effective in lowering the stress levels, thereby
resulting in sudden boom in the demand for CBD products. E-commerce portals are
proving to be more efficient in the distribution of such products creating
lucrative opportunities for manufacturers. For instance, Patriot Supreme, a
veteran-owned CBD company reported sales of over 400% post-COVID-19 outbreak in
the US through its online sales.
Market USP
Rising growth opportunities in the health and wellness
industry
Key Players
- CHARLOTTE’S
WEB (US)
- CV
Sciences (US)
- Green
Roads World (US)
- Medterra
(US)
- Balanced
Health Botanicals (US)
- Dixie
Brands Inc (US)
- Medix
Wellness LTD (US)
- Diamond
CBD (US)
- Premium
Jane (US)
- CBDfx
(US)
Growth Opportunities in the Market
Popularity of CBD Isolates: CBD isolates are
anticipated to witness significant growth opportunities in near future. CBD
isolates are purest form of CBD as they are further refined to remove the
flavonoids, terpenes, plant parts, and other cannabinoids. They are odor-free
and taste-free and have no risk of any psychoactive effects.
The berries segment dominated the market: Berries are
most popular forms of flavors used in CBD gummies. The segment has been
dominating since its legalization in the US in 2018. Berries such as elderberry,
strawberry, and raspberry are some of the most popular flavors used in CBD
gummies.
Strong demand for vegan-based CBD gummies:
Manufacturers of CBD products are witnessing strong demand for vegan and
plant-based CBD gummies. This demand is strongly being witnessed among the US
population owing to the growing trend for vegan-based food products. The
presence of natural ingredients without side-effects is creating traction for
vegan-based CBD products in the global market.
Popularity of online channels for sales of CBD products:
Online purchase of CBD-based products is becoming popular across the globe.
Growing e-commerce infrastructure, ability to showcase large number of product
portfolios in online channels and with reasonable rates are some of the key
advantages of the online channels. Furthermore, consumer discreteness through
online purchase further makes this more acceptable form of channel for purchase
of CBD products.
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NOTE: Our Team of Researchers are Studying Covid19 and
its Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
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