Pune, India, June 08, 2021 (GLOBE NEWSWIRE) — CBD Gummies Market Overview:
As per Market Research Future, the Global CBD Gummies Market size in 2019 was valued at USD 257 Million and is touted to exhibit a CAGR of 12% from 2020 to 2027.
The legalization of cannabis and the increase in the use of cannabis in the treatment of various diseases drive the CBD market’s growth. Apart from that, diverse uses of cannabis and consumers’ increased interest in cannabis edibles are the chief factors that drive the market. The increasing use of cannabis in the market has increased the demand for cannabis edibles. The growing popularity of CBD-containing products for medicinal and recreational purposes has led to the growth of the market in little more than a few years. Research from around the US has found that CBD can help with anxiety, pain, depression, and inflammation. CBD (cannabidiol) gummies are non-psychoactive, non-addictive, and non-intoxicating. They are tasteless and odor-free, which the consumers prefer. The legalization of industrial hemp for medicinal and recreational purposes across various states in the US will create new opportunities for investors in the CBD infused products market. Many CBD-oil product manufacturers have formed partnerships with other companies to further expand their market scope.
However, the availability of products in the CBD gummies market is limited, which restricts the growth of the CBD gummies industry. An increase in awareness of CBD gummies’ benefits can replace unhealthy confections with an increase in better health. The removal of THC has produced a positive influence on cannabis-derived products.
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The CBD gummies market experienced a dramatic increase after the COVID-19 incident. The trend in stockpiling CBD products among US consumers has been steady ever since the Colorado COVID-19 outbreak. There is an increase in anxiety, insomnia, and mental health due to the restrictions around the outbreak and the locking down of cities due to the outbreak. Because of this, these products have proven to be effective in reducing stress levels, meaning that there is a significant rise in the demand for CBD products. In addition, online channels are proving to be effective in widespread distribution of these types of products. During the lockdown, people have been staying at home because of the enforced restrictions. However, e-commerce channels have been efficient at providing contactless delivery. Purchasing CBD products allows for customers to conceal their purchases and is well accepted by consumers.
Key Players Locking Horns:
Major players of the market are
- 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)
February 2021: US-based CBD supplier Premium Jane has recently launched a series of high-potency CBD products. This evolution will witness the introduction of high-strength 3,000mg and 5,000mg broad-spectrum oils, as well as 1500mg CBD gummies, among various other products.
February 2021: Daytrip, which is now the leading cannabis brand, have launched a new gummy that contains Hemp CBD oil. Developed to provide a CBD supplement that does not contain animal products, Daytrip’s gummies are packed with 25 mg of fast-acting hemp CBD and 50 mg of botanical terpenes per gummy.
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By Type, the market is segmented into Full-spectrum CBD, Broad-spectrum CBD, and CBD isolate. Trends regarding CBD isolates are expected to be boosted during the review period. Endocannabinoids are the purest form of cannabinoids as the are further refined to remove the phytocannabinoids, terpenes, other plant parts, and other cannabinoids. CBD isolates are tasteless and odorless and do not produce recreational subjective effects.
By Flavor, the market is segmented into Berries, Lime, Peach, Apple, Blends, and Others. Berries feature in a majority of CBD gummies. After the legalization of CBD in the US, the segment has experienced an exponential rate of growth. The key expectation is that the segment will remain dominant during the review period.
By Category, the market is segmented into Conventional and vegan. vegan is expected to drive growth in the vegan segment. Demand for vegan products continues to grow as the vegan population expands. This specific demand is strong throughout the United States. The natural ingredient-free nature of CBD makes it a popular product for vegans in the global market.
The market is divided into stores and non-stores. The non-store-based segment continues to drive the market, even over the past year. The number of CBD e-commerce sites has increased over the last year. The availability of wide range of product offerings at a reasonable price has helped move the online segment forward. When purchasing CBD products, customers are able to maintain their identity, which is also valued by the customers.
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North America, a region which has the most developed economies, is a lucrative market for CBD gummies. North American customers made up for over 55% of total market shares. The concept of CBD-infused products originated in the Western world due to the increased usage of CBD in the health and wellness sector. Medicinal and recreational usage of these products for the 2018 legalization has fueled the market. Research and development has been conducted in the United States of the medical properties of marijuana. This has made a big impact on popular CBD products in the state. The regional market has expanded with new revenue potential from the manufacturers’ introduction of new products.
The European countries are the second fastest-growing countries behind the United States of America. Legalization of CBD gummies is one of the biggest challenges that currently handicaps its expansion in many European countries. Germany, the UK, Switzerland, and Austria are the countries driving growth in Europe, and have been key to the market’s success in that region.
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