The global CBD Gummies market has witnessed remarkable growth, with a market size of USD 1.5 billion in 2021, and is projected to maintain an impressive CAGR of 30.9 percent during the forecast period. The markets success can be attributed to various factors, including increased public pressure to legalize marijuana for both medical and recreational use, the absence of psychotropic effects in CBD gummies, and their expanding range of medical applications.
Growing Variety of Medical Applications Drives Market Expansion
One of the driving forces behind the CBD gummies markets growth is the increasing range of medical applications. These chewy candies are gaining recognition for their potential in treating neurological diseases, mental disorders, cancer, and more. The World Health Organization (WHO) has reported that CBD appears to have no abuse or reliance consequences in humans, making it a desirable option for those seeking therapeutic benefits without the psychotropic effects associated with THC.
Pandemic Fuels Demand for CBD Gummies
The COVID-19 pandemic had a mixed impact on the CBD gummies market. While manufacturers initially faced challenges due to lockdowns and supply chain disruptions, the demand for CBD gummies surged as people sought ways to improve their health and alleviate pandemic-related stress and anxiety. CBD gummies, known for their therapeutic properties, emerged as a popular choice among consumers during these trying times.
Rising Cases of Insomnia and Celebrity Endorsements Drive Market Growth
Insomnia is a growing concern globally, with between 10 and 30 percent of individuals suffering from it, a number expected to increase significantly in the coming years. CBD gummies have gained popularity as a convenient and effective way to address sleep issues caused by modern lifestyles and work-related stress. Additionally, celebrity endorsements, with influencers like Seth Rogan, Snoop Dogg, and Kim Kardashian supporting CBD products, have contributed to the markets expansion.
Regulatory Challenges and Diverse Product Offerings Pose Obstacles
While the legalization of cannabis has propelled the CBD gummies market, strict regulatory certifications and varying product quality have hindered growth in some regions. The absence of FDA approval for most CBD products has led to uncertainty among consumers. Additionally, the market faces competition from alternative products such as protein supplements and CBD-infused dark chocolates.
Store-Based Distribution and Vegan Options on the Rise
Store-based distribution channels continue to dominate the CBD gummies market, driven by the development of numerous CBD product outlets. The pandemic, while impacting physical stores, has favored online sales. Furthermore, the Vegan category of CBD gummies is experiencing rapid growth, driven by health-conscious consumers seeking sugar-free and gluten-free options.
North America Leads, Europe Shows Promising Growth
North America has emerged as a dominant force in the CBD gummies market, with extensive research and development efforts in the U.S. contributing to its success. The recent legalization of cannabis for both medicinal and recreational uses in the U.S. has further fueled demand. Europe is also showing promising growth, with most EU member states legalizing CBD products.
Key Players Shaping the Market
Leading companies in the CBD Gummies market include CHARLOTTES WEB, CV Sciences, Green Roads World, Medterra, Balanced Health Botanicals, Dixie Brands Inc, Medix Wellness LTD, Diamond CBD, Premium Jane, and CBDfx. These industry leaders are continually innovating to meet the growing demand for CBD gummies.
The CBD gummies market is set for robust growth, driven by changing consumer preferences, expanding medical applications, and the endorsement of influential figures. As the industry continues to evolve, companies are actively adapting to meet the demands of an increasingly health-conscious and diverse market.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cbd-gummies-market
Visit Our Blogs:
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
COMTEX_442467075/2840/2023-10-26T02:15:53