CBD Gummies Industry Overview
The global CBD gummies market size was valued at USD 1.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 30.7% from 2021 to 2028. CBD (Cannabidiol) gummies are receiving immense popularity among consumers owing to their exceptional pain relief, anti-depressant, anti-anxiety, and neuroprotective properties, which are expected to fuel the growth of the market over the forecast period. During the COVID-19 pandemic, people around the globe focused on the essentials of daily life. Governments across the globe have also put restrictions on the export and import of non-essential items, such as CBD, unprocessed hemp, and isolate. Hence, during the COVID-19 pandemic, the market for CBD gummies has witnessed slow growth across the globe.
Gather more insights about the market drivers, restraints, and growth of the Global CBD Gummies market
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.
However, CBD gummies have evolved as an important method to cope with stress and the product has become essential among consumers who have been enjoying it for a while. Thus, these consumers continue to contribute to revenue growth. Further, an increase in the stress levels of the common masses due to the outbreak of the pandemic can contribute to higher demand for CBD gummies.
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.
A rise in the legalization of cannabis for medical and recreational purposes is a major factor supporting the demand for cannabidiol gummies. No traces of tetrahydrocannabinol (THC) content in the product is expected to further drive the demand among consumers interested in the consumption of the product for medical purposes.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
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CBD Gummies Market Segmentation
Grand View Research has segmented the global CBD gummies market on the basis of concentration, distribution channel, and region:
CBD Gummies Concentration Outlook (Revenue, USD Million, 2016 - 2028)
- High
- Low
CBD Gummies Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Offline
- Online
CBD Gummies Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- RoW
Market Share Insights:
February 2021: Champs, Inc. signed an exclusive distribution agreement with First Capital Venture Co., a subsidiary of PotNetwork Holdings and the owner of Diamond CBD. This cooperative effort is to bring athlete-approved products to the market that will widen the opportunity for Diamond CBD.
August 2020: CV Sciences, Inc. launched its Happy Lane product line that includes soft gels, roll-ons, liquids, chews, and gummies. These are distributed through the convenience store channel and select natural products retailers across the U.S.
Key Companies profiled:
Some prominent players in the global CBD Gummies market include
- CV Sciences, Inc.
- Dixie Brands
- Reliva CBD
- Sunday Scaries
- Green Roads
- Medix CBD
- Hemp Bombs
- PureKana
- Diamond CBD
- Premium Jane
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