CBD Gummies Industry Overview
The global CBD gummies market size is expected to reach USD 13.9 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 30.7% from 2021 to 2028. The exceptional medicinal properties without any harmful side effects are expected to be a major factor contributing to the growth of the market. The consumption of CBD (Cannabidiol) gummies to relieve anxiety, depression, pain, and inflammation, and to induce sleep is expected to boost the growth of the market.
The 2018 U.S. Farm Bill is considered to be one of the most supportive government policies for the promotion of CBD gummies and other CBD-based products in the U.S. The bill legalizes hemp and hemp-based products in the country and omits hemp from the definition of marijuana in section 102(16) of the Controlled Substances Act. As per this bill, the USDA will approve the states before harvesting for monitoring and production regulating purposes.
CBD Gummies Market Segmentation
Grand View Research has segmented the global CBD gummies market on the basis of concentration, distribution channel, and region:
Based on the Concentration Insights, the market is segmented into High and Low.
- 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.
- 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 (Cannabidiol).
Based on the Distribution Channel Insights, the market is segmented into Online and Offline.
- 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.
- 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.
CBD Gummies Regional Outlook
- North America
- Europe
- RoW
Key Companies Profile & Market Share Insights
The market players face intense competition, especially from the top companies in the market as they have a large consumer base, strong brand recognition, and vast distribution networks and they are continuously expanding their presence across major markets. For instance, in 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.
Companies have been implementing various expansion strategies, such as mergers & acquisitions, new product launches, and production capacity expansion, to gain a competitive advantage over other players. For instance, in 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.
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
Order a free sample PDF of the CBD Gummies Market Intelligence Study, published by Grand View Research.
