Global CBD Gummies Market - 2022-2029

Global CBD Gummies Market - 2022-2029

Market Overview

The global CBD gummies market valued USD xx million in 2021 and is forecast to reach USD xx million by 2029, growing at a CAGR of xx% during the forecast period (2022-2029).

CBD gummies are candies that contain Cannabidiol oil. They come in a rainbow of flavors, shapes, colors, and concentrations of CBD. These gummies are used to relieve anxiety, depression, pain, inflammation, and induce sleep. The legalization of cannabis for medical and recreational purposes has increased the demand for CBD gummies. Cannabis is also used for the treatment of neurological disorders, and cancer. The rapidly rising demand for convenience food is the factor for the cannabidiol (CBD) gummies driving the market growth in the forecast period.

Market Dynamics:

Increase in the adoption of CBD products in the health and wellness industry

Consumers are extensively adopting CBD products due to growing awareness about their potential in treating various diseases, such as chronic pain, arthritis, and sleep disorders. Similarly, CBD gummies have several benefits, such as treating inflammation, relieving pain, improving sleep quality, and better stress management. These benefits influence the consumer that supports propelling the market growth. In addition, Consumers consume these high potentials of CBD gummies for an extra boost of CBD. Available in different flavors in the market, these products help people relax and feel calm from their hectic lifestyles, reduce stress and anxiety, and enhance mood. Moreover, the legalization of cannabis for medical and recreational purposes has increased the demand for CBD gummies. Cannabis is also used to treat neurological disorders and cancer purposes and will generate new options for the cannabidiol (CBD) gummies market in the forecast period.

However, the lack of awareness about the cannabidiol (CBD) gummies is anticipated to hinder the growth of the cannabidiol (CBD) gummies market. Moreover, stringent regulations regarding the production and consumption of CBD thus restrain the CBD gummies market.

Market Segmentation:

The low concentrated CBD gummies held the highest market revenue share of xx% in the year 2021

Based on concentration, the low concentrated CBD gummies held the largest share of xx% in 2021 and are expected to maintain their lead over the forecast period. First-time buyers prefer low CBD content gummies ranging from 1 mg to 20 mg CBD per gummy. Moreover, the high concentration of CBD products causes side effects such as fatigue, diarrhea is expected to demand low resistance CBD products. Furthermore, these low concentration products have low prices and are increasing in popularity for general health is expected to increase the market's growth.

Based on the distribution channel, the offline distribution channel was the largest segment, with a share of xx% in 2021. Consumers prefer offline stores to buy genuine, quality products. And also high penetration of retail stores around most large cities owing to which head shops enjoy a significant existing clientele and a loyal local customer base. Major manufacturing companies focus on retail pharmacies that provide CBD products due to ease of availability for consumers with a specific prescription.

Geographical Penetration:

North America is dominating the global CBD gummies market in the year 2021

North America is dominating the global CBD gummies market in the year 2021. In the United States, the legalization of cannabis for medical and recreational purposes is the major factor driving the market in this region. The 2018 Farm Bill fully legalized Hemp-derived CBD products that contain less than 0.3% tetrahydrocannabinol (THC) on a federal level. CBD gummies are legal in 50 states in the U.S. as long as they are derived from hemp. These factors are anticipated to drive the demand for CBD gummies over the forecast period. The Anxiety and Depression Association states that anxiety disorders are the most common mental illness in the united states. Anxiety affects 40 million adults in the U.S. age 18 and older every year, or 18.1% of the population. With the increasing prevalence of anxiety and depression, the demand for CBD gummies is anticipated to boost over the forecast period.

Competitive Landscape:

The CBD gummies market is moderately fragmented with regional and global players. Some key market players include Reliva CBD, Premium Jane, PureKana, Medix CBD, Dixie Brands, Dixie Brands, CV Sciences, Inc., Hemp Bombs, Green Roads CBD, Diamond CBD Limited, and CBD American Shaman, LLC, among others. The strategy for product launch, partnerships, mergers, and joint ventures has been the crucial approach behind developing these companies in the global market strategy. CBD gummies market companies are developing new products to drive market growth. For instance, in May 2021, CV Sciences, Inc. Launched PlusCBD Calm and Sleep Gummies. These two flavorful gummies support healthy stress responses and sleep cycles for people to get back to their normal routines. In April 2022, Hemp Bombs Expands Product Line with the Launch of Delta-9 THC Gummies Delta-9 THC Gummies, available in 12-count packages and flavors including Blue Raspberry Dream, Exotic Lime, and Goji Berry Explosion. In February 2022, Reliva CBD launched KG7, a new high-quality CBD product line developed for adult consumers with an active lifestyle. KG7's lineup of CBD products includes delicious, pectin-based gummies made with natural flavors and colors.

Covid-19 impact: Negative impact on the global CBD gummies market

The outbreak of the COVID-19 pandemic had led to the enactment of strict lockdown regulations across several nations resulting in the temporary closure of man manufacturing units and delay in R&D activities for CBD gummies. The supply distribution is disrupted due to lockdown and restrictions on transportation. Moreover, people around the globe focus only on the essential products of daily life. Many countries have also restricted importing and exporting of non-essential items, such as CBD, unprocessed hemp, and isolate. Hence, during the COVID-19 pandemic, the CBD gummies market has seen a negative impact across the globe.