This newly published and insightful report on CBD gummies sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global CBD gummies market.
Further, while the market for CBD gummies is still in a nascent stage in Latin America, the region is displaying the highest rate of growth accounting for a massive CAGR of 36.6 %, as legalization trends spread across the region.
Global CBD Gummies Market: In-Depth Assessment on Key Segments
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the CBD gummies market, which includes global GDP growth rate, various industries growth rate, such as CBD, healthcare, confectionery and others.
The report also comprises the study of current issues with end users and opportunities for CBD gummies. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The market is set to grow by 11.3X during the forecast period owing to the legalization of cannabis for recreational and medical applications across Canada, and a rising number of states in the U.S. Some U.S. states also allow the use of low THC content for medical CBD gummies, which is also expected to contribute to the demand.
The offline distribution channel was the largest segment with a share of 56.4% in 2020 and is expected to witness the fastest growth over the forecast period. The overall sales through offline channels dropped drastically owing to the closure of all the brick and mortar stores due to the pandemic across the globe. Moreover, there is a high penetration of head shops around most large cities owing to which head shops enjoy a significant existing clientele and a loyal local customer base. Consumers prefer offline stores for purchasing authentic and quality products. Retail pharmacies provide CBD products with a specific prescription.
The increasing pressure among working individuals and even students has resulted in a gradual rise in anxiety and depression across the globe. According to statistics provided by the Anxiety and Depression Association of America (ADAA), in 2019, anxiety is the most common mental illness in the U.S., with more than 40 million adults of age 18 and older affected by this disorder only in the U.S. With the increasing prevalence of anxiety and depression, the demand for CBD gummies is anticipated to receive a boost over the forecast period.
The low concentrated CBD gummies held the largest share of 90.2% in 2020 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. Most of the companies including Hemp Bombs, Green Roads, Charlotte’s Web, and CV Sciences, Inc. offer low content gummies containing 5mg, 10mg, and 15mg CBD per gummy.
Europe is expected to register the fastest CAGR of 31.0% from 2021 to 2028. This is attributed to the rise in the number of cannabis consumers. CBD products are legal in almost every European country, but there are some exceptions. In January 2019, the European Commission decided to review the Novel Food requirements to clarify CBD regulations.
High concentrated gummies are projected to register the fastest CAGR of 34.7% from 2021 to 2028. The increasing awareness among consumers regarding the advantages of marijuana edibles for the treatment of sleep disorders is anticipated to fuel the segment growth in the near future. Consumers consume these high-potency CBD gummies for an extra boost of CBD. Available in various flavors in the market, these products help people relax and feel calm from their hectic lifestyles, along with reducing stress and anxiety and enhancing mood.
The online distribution channel is expected to register a growth rate of 17.2% from 2021 to 2028. The hassle-free shopping experience offered by Amazon and other online platforms is expected to drive the segment. Easy payment methods, which fit into the regulatory standards of different countries, have made operations easier. Major manufacturers of CBD gummies focus on online distribution channels to reach more consumers.
A wide range of pain medications are available in the global market such as aspirin, acetaminophen, ibuprofen, and naproxen, and all of these painkillers have very serious side effects. On the other hand, these products can help in reducing chronic pain by improving endocannabinoid receptor activity, reducing inflammation, and acting together with neurotransmitters. Such health benefits are anticipated to fuel their demand over the forecast period.