CBD gummies are one of the forms of cannabidiol edibles. These are the food products that contain the therapeutic compound called cannabidiol (CBD) that is from the hemp plant. CBD gummies are the tasty, easy, and distinct way to consume CBD. Various gummies use 3 variations of CBD which include full-spectrum CBD containing all the naturally occurring phytochemicals of plants such as terpenes, cannabinoids, oils, and some traces of THC; broad-spectrum CBD containing all phytochemicals except THC; and CBD isolate a pure form of CBD.
Global CBD Gummies Market: Growth Factors
The high concentration of CBD and very low or no concentration of THC in CBD gummies has resulted in attracting a huge population which is fostering the growth of the global CBD gummies market. Moreover, the rise in legalization on the use of cannabis and CBD-infused products for medical purposes and increasing use of CBD for treatment of pain, depression, anxiety, & neurological disorders are the factors spurring the CBD gummies demand, ultimately leading to the growth of the market. In addition to this, the consumers who smoke cannabis are seeking a good alternative, which is driving the demand for CBD gummies. Factors such as the rising demand for CBD gummies among millennials and the increasing interest of consumers in CBD edibles are also fueling the growth of the market. Furthermore, CBD gummies are available in several flavors and superfoods including spirulina, turmeric, multivitamins, & apple cider vinegar. Thus, manufacturers with their effective strategies of marketing and introduction of new flavors in CBD gummies to be competitive in the market may lead to opportunities for the growth of the global CBD gummies market during the forecast period. However, the availability of alternatives for CBD gummies and different laws for its use in different countries may restrain the growth of the global CBD gummies market.
The food & beverages industry is one of the sectors which are severely hit by the covid-19 pandemic. The unexpected and rapid spread of the disease resulted in a strict lockdown and had a restriction on transportation. Due to this, there was a disruption in the supply chain. Moreover, the manufacturers had to shut down the unit temporarily which harmed the production of the products. Though, later with the ease in lockdown, the industry had to face challenges due to lack of labor, scarce raw material as well as CBD gummies as the demand was rising. Furthermore, the retail shops and pharmacies which are the sales channel of the CBD gummies were also shut down which also added up to slow down the growth of the global CBD gummies market. However, sale from online channel supported to the steady growth of the global CBD gummies market during the pandemic and is expected to rise at a healthy rate post-covid-19 pandemic.
Global CBD Gummies Market: Segmentation
The global CBD gummies market is divided into concentration, distribution channel, packaging, and region. Based on the concentration, the market is bifurcated into high and low. Among these, the high concentration segment is anticipated to grow exponentially due to its health benefits and medicinal use for the treatment of schizophrenia, epilepsy, and sleep disorders. Based on the distribution channel, the market is divided into online retailing and store-based retailing. Among these, the online retailing segment is expected to grow during the forecast period due to the easiness of convenience and the current situation of a pandemic. Based on the packaging, the market is split into bottles, pouches, tins, and jars.
Global CBD Gummies Market: Regional Analysis
North America is anticipated to maintain its dominance in the global CBD gummies market during the forecast period. Factors such as rising R&D for the medicinal use of cannabis after the legalization of its use in the US, growing demand for CBD gummies among millennials, and increase in the entry of new players in the market are boosting the growth of the market in this region. Europe is expected to grow with a high CAGR. This is attributed owing to amendment in narcotics laws for the use of cannabis for medicinal use and rising adoption of the population for CBD-infused edibles to manage sleeping disorders, depression, & anxiety.
Global CBD Gummies Market: Competitive Players
Medterra, CV Sciences, Dixie Brands Inc, Hemp Bombs, Green Roads CBD, Dixie Brands Inc, Premium Jane, Sunday Scaries, and Reliva CBD Wellness are the key players of the global CBD gummies market.