Publication Month: Feb 2022 | Report Code: TIPRE00017402 | No. of Pages: 120 | Category: Food and Beverages | Status: Published
CBD gummies are chewable sweets infused with CBD oil. CBD oil has a lot of advantages. It helps in reducing pain and stress, owing to its anti-inflammatory and analgesic effects. Moreover, it improves sleep as it induces calmness by controlling anxiety. The regulations regarding the consumption of CBD products are different in various countries. However, CBD products with not more than 0.3% THC content are legal in the US. Manufacturers are launching 100% CBD isolate gummies with 0% THC due to the growing dispute regarding the THC content. This factor is projected to open new opportunities for the CBD gummies market over the forecast period.
North America held the largest share of the global CBD gummies market in 2020, while Europe is expected to grow significantly over the forecast period. CBD products are gaining huge traction in countries such as the US and Canada. The high influence of social media and celebrities on people, coupled with the rise in the promotion of CBD products by celebrities on their social media accounts, is projected to drive the regional market. Moreover, less stringent regulations in the US regarding the use of CBD products compared to other countries are expected to support the market growth of CBD gummies in North America. Furthermore, strong retail infrastructure and availability of a wide range of CBD gummies of different brands across various retail channels in the US are also projected to fuel the growth of the North America CBD gummies market over the forecast period.
|Market Size Value in||US$ 2,133.48 Million in 2021|
|Market Size Value by||US$ 12,182.21 Million by 2028|
|Growth rate||CAGR of 28.3% from 2021 to 2028|
|No. of Pages||120|
|No. of Tables||30|
|No. of Charts & Figures||43|
|Historical data available||Yes|
|Segments covered||Category, and Distribution Channel|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The COVID-19 pandemic has affected many industries, including the food & beverages industry. The pandemic created operational difficulties because of lockdowns, business shutdowns, and supply chain disruptions. There was a mixed impact of the pandemic on the CBD gummies market. Initially, due to lockdowns and business shutdowns, manufacturers suffered from a shortage of raw materials and labor, which affected their production and supply. However, as people became more health-conscious, they preferred health-boosting products. CBD gummies experienced significant demand, owing to their medicinal effects. Moreover, as CBD helps reduce stress and anxiety, people preferred CBD products to reduce work-related and pandemic-related stress. These factors positively boosted the market growth. Moreover, as the vaccination rates are increasing and the government restrictions are relaxed, the market is further expected to witness positive growth in the coming years
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Social media is playing a vital role in influencing the lifestyles of people. Many celebrities and influential personalities use social media to promote products. CBD products are widely used by celebrities and are heavily promoted on their social media accounts. For instance, influential personalities such as Seth Rogan, Snoop Dogg, Olivia Wilde, Jay Z, Danny DeVito, Wiz Khalifa, and Willie Nelson are promoting the use of CBD. Most celebrities have chosen to either launch their own brand or invest in a cannabis-based business. Celebrities and businesswomen such as Kim Kardashian and Martha Stewart use CBD gummies to improve their sleep. These celebrities have a large number of followers on social media platforms such as Instagram, Twitter, and Facebook. Thus, the rise in the promotion of CBD products, including CBD gummies, by celebrities and a high influence of celebrities on people are expected to drive the CBD gummies market in the future.
Based on category, the CBD gummies market is segmented into sugar-free and conventional. The sugar-free segment is projected to grow at the fastest CAGR over the forecast period. Sugar-free CBD gummies are ideal for consumers who prefer lowering their sugar intake and simultaneously enjoy CBD gummies' effects. Over the past few years, people have been highly concerned about the calories present in the foods and beverages they consume. The rising calorie-consciousness among people is driving the demand for sugar-free CBD gummies. Sugar-free CBD gummies can also be consumed by people who have diabetes. Many companies in the market offer sugar-free, vegan, gluten-free, and organic gummies. For instance, CBD American Shamans offers exclusive sugar-free and gluten-free CBD gummies to their calorie-conscious consumers. This factor is projected to drive the segment in the coming years.
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Based on distribution channel, the CBD gummies market is segmented into specialty stores, online retail, and others. The specialty stores segment accounted for the largest market share in the CBD gummies market in 2020. Specialty stores have a strong customer footfall and have a deep product assortment. Manufacturers of CBD gummies usually prefer to sell their products through specialty stores, owing to a heavy customer base. Moreover, specialty stores have trained staff that provides guidance to the customers while choosing the product. These factors are expected to boost the segment's growth in the coming years.
The key players operating in the CBD gummies market include Aurora Cannabis, Inc.; Canopy Growth USA, LLC; CBD American Shaman; CV Sciences, Inc.; Diamond CBD; CBDfx; Sunday Scaries; Medix CBD; Reliva CBD; and Fab CBD.