Newark, Nov. 09, 2022 (GLOBE NEWSWIRE) — CBD Gummies Market Size from USD 1.86 billion to USD 13.39 billion in 8 years: The increasing prevalence of anxiety, depression and insomnia will lead to the growth of the market.
Upcoming Opportunities
Brainy Insights estimates that the USD 1.86 billion in 2022 CBD gummies market will reach USD 13.39 billion by 2030. CBD gummies will get immense popular due to their diverse properties, including relief from acute pain, stress, and headaches. The focus on developing therapeutic medicines for mental illnesses such as anxiety and depression is one of the lucrative opportunities for the growth of the CBD gummies market. The legalization of marijuana for medicinal purposes has pushed the sales of CBD gummies by many folds. CBD gummies available in the market have a minimum to zero percentage of THC content, which makes them free of any psychotropic effects. Thus, growing awareness regarding the benefits of CBD gummies is leading to positive growth in the market.
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Key Insight of CBD Gummies Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the CBD gummies market. Key factors favouring the growth of the CBD gummies market in North America include the legalization of marijuana to develop therapeutic medicines. This has led to an increase in CBD gummies players across regions. Also, active promotion and digital marketing of CBD gummies on social media platforms have contributed significantly to regional growth.
The sugar-free segment is expected to augment the CBD gummies market during the forecast period.
The product type segment is divided into conventional and sugar-free. The sugar-free segment is expected to augment the CBD gummies market during the forecast period. Sugar-free CBD gummies are in demand among the senior population and health-conscious population. The sugar content of these gummies is negligible and is usually replaced with stevia or maple syrups. Fitness enthusiasts have shown tremendous interest in sugar-free gummies as they benefit from their zero-sugar content.
The high CBD gummies segment is anticipated to dominate the market over the forecast period.
The concentration segment is divided into CBD isolate gummies, broad-spectrum CBD gummies, high CBD gummies and full-spectrum CBD gummies. The high CBD gummies segment is anticipated to dominate the market over the forecast period. This can be attributed to the need for therapeutics applications of high CBD gummies. The high quantity of marijuana oil is adequate for sleep disorders, and thus, many consumers prefer to use high CBD gummies.
The online channels segment is anticipated to dominate the market over the forecast period.
The distribution channel segment is divided into conventional channels and online channels. The conventional channel segment includes hypermarkets and supermarkets, local pharmacies, retail stores and others. The online channel segment is anticipated to dominate the market in the forthcoming years, owing to the growing demand for CBD gummies on e-commerce sites. The widespread use of digital marketing to sell such products has positively affected the online channel segment.
Advancement in market
In February 2021, Champs Inc. signed an agreement with PotNetwork Holdings, a subsidiary of First Capital Venture Co. The deal is exclusive and is intended to launch athlete-approved consumer goods, which include diamond CBDs.
In December 2021, the international brand Chill Brands Group PLC launched a new range of premium CBD gummies. The entire product line is available on their website and can be ordered online in the U.S. market.
Market Dynamics
Driver: Rising use of CBD gummies in pain management
The commercially available CBD gummies are widely used in pain management among adults. Various pain relief medications available in the market, including naproxen, aspirin, etc., have some threatening side effects. CBD oil is found to have pain-relieving effects on the consumer by improving the endocannabinoid receptor activity, acting along with the neurotransmitters and reducing inflammation. These provide instant relief to patients suffering from acute pain originating from chronic conditions. CBD gummies are also prescribed to people suffering from anxiety and stress. It is found to reduce the occurrence of panic attacks in patients suffering from hypertension and acute anxiety.
Restraint: Lack of awareness
There is a lack of awareness regarding the benefits of CBD gummies. Developing and under-developed countries are not yet aware of the chronic pain management and stress management attributes of marijuana oil. The sale of conventional painkillers is high in these regions, and consumers are not willing to switch to such health supplements, primarily CBD based.
Opportunity: Growing incidence of mental illness
Mental health has been consistently included in the Sustainable Development Goals in recent years. In the past years, there has been increasing recognition of the critical role which mental health plays in achieving global development goals. The incidence of various mental disorders, such as anxiety, depression, hypertension, etc., has increased in the last decade. The rise in pressure among students and working professionals has led to an increase in anxiety and depression. The anxiety and Depression Association of America stated that anxiety is the most prevalent mental illness in the U.S.A, as more than 40 million adults are affected by anxiety in the country. Further, some-macro economic factors such as recession, inflation, unemployment, trade war, etc., also cause stress among the working population. Much past and ongoing research provide evidence that CBD gummies effectively reduce the prevalence of anxiety, insomnia, etc.
Challenge: Lack of uniformity in the industry standards
The CBD gummies market is highly segregated within regions. There is no such uniformity in the standard for the CBD gummies market. This creates an issue for the players willing to expand their business and are operating or planning to operate in different regions. Thus, this lack of uniformity in industry standards is a significant challenge for the companies operating in the market.
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Some of the major players operating in the CBD gummies market are:
• Dixie Brands
• CV Sciences, Inc.
• Relive CBD
• Green Roads
• Sunday Scaries
• Medix CBD
• PureKana
• Hemp Bombs
• Premium Jane
• Diamond CBD
• Charlotte’s Web
• Verma Farm
• Kushie Bites
• Medterra
• CBDfx
Key Segments Cover in the Market:
By Product Type:
• Conventional
• Sugar-Free
By Concentration:
• CBD Isolate Gummies
• Broad Spectrum CBD Gummies
• High CBD Gummies
• Full-Spectrum CBD Gummies
By Distribution Channel:
• Conventional Channels
o Hypermarkets and Supermarkets
o Local Pharmacies
o Retail Stores
o Others
• Online Channels
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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Source: Globenewswire