Growing Awareness Regarding Health Benefits of CBD to Drive CBD Gummies Market
According to our latest market study, titled "CBD Gummies Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Category (Sugar-Free and Conventional) and Distribution Channel (Specialty Stores, Online Retail, and Others)," the market was valued at US$ 2,133.48 million in 2021 and is projected to reach US$ 12,182.21 million by 2028. It is expected to grow at a CAGR of 28.3% from 2021 to 2028.
Cannabidiol (CBD) is one of the active ingredients found in cannabis. It is either extracted directly from the hemp plant or synthesized in laboratories. Hemp-derived CBD not having more than 0.3% THC has been legalized at the federal level in the US. CBD helps in reducing pain, anxiety, and stress. It has analgesic and anti-inflammatory properties that help in reducing muscle pain. CBD oil is used in a variety of products. CBD gummies are infused with a measured quantity of CBD oil and are one of the most accessible forms of CBD available for consumption in the market. The rising awareness regarding the health advantages of CBD-infused products is expected to boost the growth of the CBD gummies market. Moreover, the increasing availability of a wide range of products across different retail channels is projected to drive the CBD gummies market during the forecast period.
CBD is becoming popular among fitness enthusiasts, athletes, and sportspersons, as it helps in relieving performance-related stress and anxiety. Moreover, it also reduces muscle pain due to its analgesic effects. Celebrities are widely consuming CBD gummies as they help in improving their sleep. Thus, the growing adoption of CBD gummies by sports personalities and celebrities is driving the CBD gummies market. According to the 2019 Gallup Poll, 14% of the US consumers surveyed used CBD products, and 64% of them were familiar with CBD. CBD gummies resemble conventional gummies in terms of appearance and flavor. Moreover, they do not have a strong plant flavor like CBD oil. CBD gummies are one of the most readily available CBD products in various supermarkets and hypermarkets, drug stores, and pharmacies across the US. Due to their health benefits, the growing preference for CBD gummies is projected to drive the CBD gummies market during the forecast period.
Key players operating in the global 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.
Impact of COVID-19 Pandemic on CBD Gummies Market
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverages industry is one of the leading industries, suffering severe disruptions, such as supply chain breaks and shutdowns of production plants, due to the pandemic. The CBD gummies market experienced a mixed impact of the pandemic. As the pandemic affected people's mental health, they preferred foods and supplements that boost their mental health and keep them free from stress and anxiety. This factor favored the growth of the CBD gummies market. However, due to supply chain disruptions and operational difficulties resulting from the outbreak, there was a shortfall in production and distribution, which created a demand and supply gap. However, the manufacturers are overcoming the supply shortfall as they are now permitted to operate with full capacity. Moreover, due to the rise in vaccination rates and steady improvement of the global marketplace, the CBD gummies market is projected to witness lucrative growth in the coming years. Furthermore, the growth of e-commerce platforms is expected to support the distribution of CBD gummies across different regions in the coming years.
CBD Gummies Market Breakdown – by Region
CBD Gummies Market Growth Report and Forecast to 2028
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CBD Gummies Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Category (Sugar-Free and Conventional) and Distribution Channel (Specialty Stores, Online Retail, and Others)
CBD Gummies Market Growth Report and Forecast to 2028
Download Free SampleCBD Gummies Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Category (Sugar-Free and Conventional) and Distribution Channel (Specialty Stores, Online Retail, and Others)
The report segments the CBD gummies market as follows:
Based on category, the CBD gummies market is bifurcated into sugar-free and conventional. In terms of distribution channel, the market is segmented into specialty stores, online retail, and others. Based on geography, the CBD gummies market is segmented into North America, Europe, and the Rest of the World.
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