In terms of revenue, the Global CBD Gummies Market is expected to reach USD 6.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 30.00% from 2022 to 2028.
The Gummies containing CBD (cannabidiol), which has outstanding neuroprotective, pain-relieving, anti-anxiety, and anti-depressant properties, are gaining much popularity with consumers. During the projected period, it is predicted that these features will encourage the market for CBD Gummies to grow.
According to data published by the Anxiety and Depression Association of America (ADAA), more than 40 million persons aged 18 and older in the U.S. alone suffered from anxiety disorders in 2019, making it the most prevalent mental ailment in the country. Over the projected period, it is expected that demand for CBD Gummies will increase due to the rising incidence of anxiety and depression.
According to the estimates, the Global CBD Gummies Market is expected to reach USD 6.8 Billion by 2028. Whether the Food and Drug Administration (FDA) adopts regulatory reform will impact these estimates. The business is expected to grow to more than $6.1 billion by 2028, even without such reforms.
Some of the major drivers and facts increasing CBD Gummies consumption are as follows,
● CBD has been shown to be effective in treating a variety of conditions, including anxiety, pain, inflammation, and insomnia. As more people learn about the potential benefits of CBD, more are trying it for themselves and finding relief from their symptoms.
● The taste of CBD oil is generally very offensive to most individuals since it leaves a harsh aftertaste on the tongue after consumption. Contrary to other approaches like sublingual tinctures and vaping, CBD Gummies offer a more covert way to take CBD oil.
● In many countries around the world, cannabis is becoming increasingly accepted as a safe and effective treatment for a variety of medical conditions. This change in attitude is making it easier for people to access high-quality CBD products like gummies.
● The main advantages of any high-quality CBD product come from the CBD oil that is present in CBD Gummies. Numerous diseases, such as depression, migraines, post-traumatic stress disorder, chronic pain, and anxiety, can be effectively treated with oil.
On the other hand, Consuming CBD Gummies may have several effects on your body, such as Dry mouth, Lower blood pressure, diarrhea, and changes in appetite. Such factors may hamper the market growth over the forecast period.
In 2021, North America held the largest share of the market. The legalization of cannabis for both medical and recreational uses in the US is one of the leading market drivers. Industrial hemp can now be grown legally as long as plants have a THC concentration of no more than 0.3%, according to the Farm Bill of 2018. All 50 states have legalized CBD Gummies, provided they are made from hemp. Throughout the projection period, these factors are anticipated to fuel demand for CBD Gummies
● Charlotte's Web Inc., a market leader in hemp extract health products, introduced three new CBD hemp candies in September 2021. The launch of the product was meant to demonstrate that gummies are a viable and adaptable option for people interested in ingesting CBD.
● In February 2021, Champs, Inc. reached an exclusive distribution agreement with First Capital Venture Co., a part of PotNetwork Holdings and the owner of Diamond CBD. In order to expand Diamond CBD's customer base, the two companies have joined up to distribute products with athlete endorsements.
● Lazarus Naturals, a company based in the United States that produces high-quality CBD, declared the release of its CBD gummy line for December 2021. All of them get their deliciousness and health benefits from real fruit extracts and other natural sources including herbs, spices, and vitamins.
● The Chill Brands Group PLC, a global provider of premium CBD products, released a new line of CBD Gummies for the U.S. online market in December 2021.
The Global CBD Gummies Market is Segmented as follows:
- Distribution Channel
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global CBD Gummies Market is:
CV Sciences Inc. (US), Dixie Brands (US), Reliva CBD (US), Sunday Scaries (US), Green Roads (US), Medix CBD (US), Hemp Bombs (US), PureKana (US), Diamond CBD (US), Premium Jane (US)
The Global CBD Gummies Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|