CBD Snacks Market

CBD Snacks Market Size, Growth, Forecast (2023-2028)

The Global CBD Snacks Market size is valued at US$ 712.5 Million in 2022 and is anticipated to increase at US$ 1.7 Billion by 2028, with a growing CAGR 13.20% of in the next six years.

Product Description:

Cannabidiol is an amorphous molecule found in cannabis and is extracted from the resin, leaves and flowers of marijuana or hemp. Cannabidiol is injected into snacks to treat a variety of health conditions, including antioxidant and neuroprotective properties. CBD is one of the main cannabinoids derived from hemp or marijuana and is mainly found in the Cannabis Sativa plant. In recent years, the use of cannabidiol has been legal in many countries around the world for pharmaceutical, personal care and industrial applications such as cosmetics and food and beverages. proportion.

CBD Snacks Market Growth:

The adoption of natural products over pharmaceuticals increases is expected to show significant growth over the forecast period in the market.

REPORT COVERAGE:

Drivers:

Growing consumer awareness of the nutritional benefits associated with hemp derivatives and the increasing production of industrial hemp has led to the growth of the CBD snack industry. The growing awareness of the health benefits of CBD products has fueled the growth of the CBD snack market around the world. The need for cannabidiol (CBD) in the preparation of snacks and wellness products owing to their healing abilities is foreseen to accelerate the demand in this market. This fast-paced lifestyle has created a new eating habit that is different from the traditional three-square meal at the family table. Consumers are increasingly moving toward snacks that provide clearer and cleaner labels. The demand for CBD snacks increased in the market due to the therapeutic benefits of CBD (Cannabidiol). Clients will receive a more lucrative lifestyle that translates into a better posture on food and soft drinks as a potential medical benefit. Shoppers are now gradually recalling a diet that contributes to a comprehensive way of dealing with well-being and prosperity that covers almost every aspect of their life. Additionally, clients gradually engage in wellness movements that enhance prosperity. Therefore, interest in CBD snacks bites continues to pack all the energy, as well as public awareness of wellness and wellness boosts, with a growing number of fairly exclusive shoppers interested in getting protected and nutritious nutrition. If the customer is hungry, come back for a snack 24 hours a day. They often choose healthy snacks that are nutritious and contain natural ingredients, health-supporting labels, and no-claim snacks. In addition, consumers are increasingly participating in fitness activities that enhance well-being. Consumers are now more diet conscious because they invest in a holistic approach to health and wellness that covers almost every aspect of their lives. As a result, the demand for CBD-infused snacks is gaining momentum around the world, driven by a growing public awareness of health and fitness, along with a growing number of high-end consumers interested in eating safe and nutritious food.

New players are turning to strategies such as partnerships, alliances, mergers, and collaborations. With the help of these strategies, new players can embrace the essential and necessary market exposure to help them understand the dynamics of the global CBD Snacks market. Consumers are more likely to adopt a healthier lifestyle that consumes more food and drink along with potential health benefits. Increasing urbanization and industrialization has resulted in a busy and hectic lifestyle. On the contrary, the interest in CBD snacks is to establish itself in the pharmaceutical industry for its recovery properties. The growing interest in spiced drinks and juices in the global market is also one of the components that influences the interest of manufacturers. Cannabidiol has become the latest consumer trend due to a growing number of social media influencers, marketing initiatives, and apps by industry participants promoting the benefits of cannabis. The cannabidiol market is driving the market as product options such as cosmetics, skincare, intimate lubricants, haircare, gummies, pharmaceuticals, infused beverages, pills, and other products continue to increase. CBD snacks help relieve the heartbeat, severe aches, and flu associated with colds, cramps, hacks, and many other drugs. The increased use of CBD snacks in these food and beverage industries is expected to drive the growth of the global CBD snack market. The business is expected to grow at a profitable rate during the outlook period as the adoption of CBD-based products to treat a variety of medical conditions increases.

Restraints:

The regulation and enforcement of CBD use in the food and beverage industry has the potential to hamper the growth of the CBD snack market. Additionally, the lack of legalization programs in various Asian and African countries is another key factor hampering the growth of the global CBD snacks market. The lack of legalization of cannabis in the Asia-Pacific region limits the region's growth prospects.

Impact of COVID 19 on the CBD Snacks Market:

During the COVID-19 period, there is an increased focus on maintaining health and strengthening the immune system, prompting consumers with a variety of products focused on health and wellness, such as CBD. Some of the in-store retailers selling CBD products in the UK may continue to operate even after the country is closed, some customers buying generic items while others use e-retailers and delivery services. Additionally, e-retailers operate in most developed countries, continuing the growth of the CBD snack market. The UK government has allowed in-store retailers to continue operating during the outbreak. The world market for CBD snacks is still very loosely regulated, so it fits in well with existing players. Therefore, the CBD snack market will experience marked growth through the COVID-19 pandemic.

CBD Snacks Market Segmentation Analysis:

The CBD sector, which is derived from marijuana by type of source, has the largest revenue share due to increased adoption of refined cannabidiol products along with increased legalization of medical marijuana. Also, the high potency of marijuana-derived CBD is one of the key factors that make up a large share of the sector.

Based on distribution channels, the cannabidiol market is segmented into Business to Consumer (B2C) and Business to Business (B2B). The B2C sector consists of hospital pharmacies, retail pharmacies and online stores. The B2C segment held the largest share of revenue in 2019 and is expected to grow at a profitable rate over the forecast period.

According to end users, the healthcare sector dominated the market with a 44.5% revenue share in 2019 and is expected to grow at a profitable growth rate over the forecast period. The pharmaceutical sector is expected to show the highest growth rates during the forecast period. Companies that manufacture CBD infusion drugs to treat a variety of medical conditions, such as epilepsy and multiple sclerosis (MS) symptoms, are expected to drive growth in this sector.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

North America and Europe are top contributors to the global CBD snack market. However, during the forecast period, Asia Pacific is expected to grow rapidly in the CBD snack market. Urbanization is changing the lifestyle and eating habits of the Asia Pacific region. In the Asia Pacific region, the snack category is growing rapidly, driven by consumer convenience trends. Many hemp and CBD snacks manufacturers have expressed an interest in doing business in Thailand after reforms to current regulations were announced. Asia Pacific is an undeveloped CBD snacks segment and represents the next big business opportunity to take advantage of the new global movement towards cannabis legalization. The dominance in the region is due to a growing number of companies dealing with nutritious food. Additionally, end-user demand for improved athlete performance helps Asia Pacific maintain the majority of the global CBD snack market in the future.

Key Players in the Market:

Major Key Players in the Global CBD Snacks Market are

• Medical Marijuana Inc
• Isodiol
• Aurora Cannabis
• CV Sciences
• NuLeaf Naturals
• Canopy Growth Corporation
• Green Roads
• Tilray
• Folium Biosciences
• GW Pharmaceuticals
• Charlotte's Web-CW Hemp
• Medterra
• Elixinol
• Endoca
• Gaia Herbs, LLC