CBD Gummies Market

CBD Gummies Market Size, Share, Growth (2023-2028)

CBD Gummies Market was anticipated at USD 3.61 billion in 2023 to  USD 13.46 in 2028 with a CAGR of 30.10% throughout the foreseen period (2023-2028).

CBD Gummies Market Overview

Cannabidiol (CBD) is extracted from the cannabis plant. It does not cause a state of euphoria like tetrahydrocannabinol (THC) or marijuana. CBD sweets are widely used to reduce depression and anxiety. CBD candies are also most popular among all the edibles available. These edibles have a low THC content and a high concentration of cannabidiol. It is important to note that while consumers can consume enough CBD Gummies to compromise health, consuming too much CBD can make you feel low. Several studies have also shown that CBD can cause fatigue, diarrhea, and appetite changes in some consumers. However, consumers claim that gummy and edibles with CBD are incredibly effective in controlling stress and anxiety.

Recent Developments

• Medterra CBD has launched Functional CBD Sweets, which combines 25 mg of pure Medterra CBD with premium ingredients and is THC-free. The new line includes an attractive range of products to encourage manufacturers to focus on their sales. As a result, there has been an increase in the display of CBD products on online platforms in Europe.

• Puration, Inc. (USOTC: PURA) released an update on CEO Brian Shibley's CBD business takeover campaign. The company launched the campaign in January this year and subsequently secured a $ 5 million investment to support the campaign in February.

• Tilray acquired Smith & Sinclair to develop CBD-infused groceries. British company Smith & Sinclair makes alcoholic sweets, edible flavors and other unique cocktails. The deal gives Canadian marijuana company Tilray another way to differentiate itself.

CBD Gummies Market Drivers and Restraints:

An increase in the legalization of cannabis for medical and recreational purposes is an important factor supporting the demand for cannabidiol gummies (CBD). No trace of tetrahydrocannabinol (THC) content in the product is expected to further stimulate demand from consumers interested in this product for medical purposes. CBD sweets are not psychotropic, which means that sweets will not elevate consumers because they do not contain THC. The increase in the use of cannabis for the treatment of neurological disorders, psychiatric disorders and cancer, as well as pain control, is expected to boost demand for CBD sweets. A diverse cannabis application is expected to translate into a significant growth opportunity for the market in the coming years.

Cannabis users are looking for alternatives to smoking cannabis, which is expected to drive demand for candy, tinctures and gummy chocolates, among other edibles. Under the 4As, 36% of CBD consumers use edibles. CBD candies should replace other consumables, such as chocolates, cookies, brownies, and candies that are not considered healthy. Also, according to FONA International, CBD Gummies was the third most popular Google food search in 2018. Additionally, CBD demand for Gummies is primarily due to millennials. Transport and consumption of the product should bode well for demand. A lack of THC in the product is also expected to support demand. Consuming CBD Gummies for anxiety, depression, pain, inflammation and sleep-inducing is expected to fuel market growth. The long-lasting effect of groceries on tobacco is also believed to stimulate demand. Three-quarters of the participants associate CBD consumption with at least one health benefit.

REPORT COVERAGE:

CBD Gummies Market Segmentation:

By concentration, 

•  low and high concentrated products.

 The demand for high CBD Gummies is estimated to grow strongly during the forecast period. Patients with epilepsy, sleep disorders, schizophrenia, and glaucoma are the main consumers of highly concentrated CBD Gummies that contain more than 20 mg of CBD per gum. Growing consumer awareness of the benefits of edible marijuana products for the treatment of sleep disorders is expected to fuel the growth of the segment in the near future. Low concentration CBD Gummies estimated to be the largest segment in 2018. New buyers prefer low strength candies ranging from 1mg to 20mg CBD per Gummies. Uncertainty and side effects such as fatigue, diarrhea, and changes in appetite and weight with high CBD consumption are expected to drive demand for low-resistance products. The low price is also expected to increase consumer demand, buying CBD Gummies for general health, socializing and beginner purposes. Increasing popularity among millennials is expected to further boost demand in the near future.

By distribution channel, 

• online 

• offline

Regular consumers of CBD Gummies prefer online shopping because of its ease of use. In addition, the main players operating in the market are focusing on a strategy of direct sales to the consumer to increase transparency and confidence and obtain a greater consumer base. This factor should positively influence the growth of the segment in the coming years. Consumers are more inclined to use offline stores, such as smoke and headwear stores, health stores, pharmacies, and cannabis dispensaries where the sale of cannabis is legal. Consumers prefer offline stores to buy genuine, quality products. Retail pharmacies offer CBD Gummies with a specific prescription. Leading manufacturers are focusing on retail pharmacies as the preferred distribution channel due to the easy availability of products for consumers.

CBD Gummies Market Regional Analysis:

The global CBD Gummies market has been categorized based on geography into

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

North America is estimated to be the fastest and largest market for CBD gummies. Legalizing the use of cannabis for medical and recreational purposes is a major driver of regional demand. Canada legalized the use of cannabis for recreational and medical purposes in 2018. Publicly available medicinal cannabis, resulting in further launch of new products in the region. Market players are focused on introducing new products and expanding their product portfolio. These products are gluten-free, vegan, and non-GM.

Europe is also expected to experience significant growth during the forecast period, due to the increase in the number of cannabis users. In Europe, the UK is estimated to be the fastest growing market in due to increasing demand for products. New companies are entering the market to meet the growing demand for CBD-infused groceries. For example, in 2019, Pollen, a new brand of CBD, was launched in the UK, offering luxury products like CBD Gummies, beverage drops, and fizzy drinks. The increasing demand from Australia and Uruguay due to the legalization of recreational and medicinal cannabis and the willingness of consumers to try new CBD-infused edibles is expected to positively influence growth in the rest of the segment.

CBD Gummies Market Key Players:

1. Premium Jane

2. CV Sciences

3. Diamond CBD

4. Pure Kana

5. Hemp Bombs

6. Medix CBD

7. Green Roads CBD

8. Sunday Scaries

9. Reliva CBD Wellness

10. Dixie Brands Inc