WASHINGTON, Nov. 16, 2022 (GLOBE NEWSWIRE) — Global CBD Gummies Market was valued at $1.4 Billion in 2021 and is projected to surpass a valuation of $6.8 Billion by 2028 at a CAGR of 30.2% during the forecast period, 2022–2028.
Market Overview
As more and more people discover the benefits of CBD, the demand for CBD products has skyrocketed. CBD gummies are one of the most popular types of CBD products on the market and for a good reason. They’re easy to take, they come in a variety of flavors, and they offer all the benefits of CBD in a convenient gummy form.
The CBD gummies market is growing rapidly, with new products and brands entering the market regularly. Our analysis shows that the market is still in its early stages, with a high potential for growth. There is a wide range of CBD gummies available on the market, with different flavors, dosages, and price points. The average price of CBD gummies has decreased in recent months due to increased competition.
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What Makes Them Lucrative for Consumers?
- Convenience and Easy Dosing
CBD gummies are popular among consumers for their convenience and easy dosing. They are also seen as a more approachable way to consume CBD than other products, such as tinctures or vape oils. CBD gummies are made with CBD oil extracted from hemp plants. Hemp plants contain small amounts of THC, the psychoactive compound found in marijuana. However, CBD gummies will not get consumers high as they do not have enough THC to produce that effect. CBD is known to offer a wide variety of potential health benefits, including reducing anxiety, relieving pain, and promoting better sleep.
- Healthy Snack Option
CBD gummies are generally perceived as a healthy snack option and are often used as a means of self-care. Additionally, many people see CBD gummies as an alternative to other sugary snacks. However, some people are hesitant to try CBD gummies because they perceive them to be “medicinal” or associate them with cannabis culture.
Top Players in Global CBD Gummies Market
- CV Sciences Inc.
- Dixie Brands
- Reliva CBD
- Sunday Scaries
- Green Roads
- Medix CBD
- Hemp Bombs
- PureKana
- Diamond CBD
- Premium Jane
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What’s Driving this Growth of the CBD Gummies Market?
VMR’s survey found that people are turning to CBD gummies for a variety of reasons, including helping with anxiety, pain relief, and sleep. Interestingly, women are more likely than men to say they use CBD gummies for anxiety relief, while men are more likely than women to say they use them for pain relief.
Of those who had tried CBD products:
- 62% said they were satisfied with them.
- Most popular reasons for trying CBD were pain relief (54%), stress relief (51%), and sleep aid (50%).
- Respondents were willing to pay more for CBD products than they are for other wellness products, with 73% saying they would pay up to 10% more.
Positive Word of Mouth, Increasing Legalization of CBD, and Health Benefits Fueling Demand for CBD Gummies
The growing demand for the CBD gummies market is being driven by word-of-mouth recommendations from satisfied customers. As more people try CBD gummies and experience the benefits for themselves, they are sharing their positive experiences with others. This is leading to more people searching for these products online and in stores.
Vantage Market Research (VMR) believes that the CBD gummies market has considerable potential for growth due to the increasing popularity of CBD products and the normalization of cannabis use across several prominent countries such as Germany, Thailand, US (a few states), and the Netherlands, among others. The report predicts that the market will continue to grow steadily over the next few years, with more retailers entering the market and more consumers buying CBD gummies.
In terms of marketing, VMR recommends that brands focus on communicating the health benefits of CBD gummies and downplay any associations with cannabis culture. Additionally, it is important to target consumers who are interested in natural and healthy alternatives to traditional snacks.
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Segments Covered:
By Concentration
- High, Low
By Distribution Channel
- Online, Offline
By Region
- North America, Europe, Asia Pacific, Latin America, Middle East & Africa
CBD Gummies are Majorly Sold Through Online Channel
Our analysis of the CBD gummies market finds that online sales are soaring, accounting for the vast majority of the market share. This shift away from brick-and-mortar stores is likely due to the convenience and discretion afforded by online shopping.
CBD gummies are one of the fastest-growing segments of the CBD market, with sales more than doubling in 2021. The bulk of CBD gummy sales occur through online channels, which offer consumers greater convenience and discretion.
According to Vantage Market Research’s analysis, the online CBD gummies market is forecast to grow at a compound annual rate of approximately 50% through 2024. This explosive growth is being driven by consumer demand for natural wellness solutions, as well as the increasing availability of high-quality CBD products. The report also states that this trend is driven by the growing awareness of CBD among consumers, as well as the increasing availability of CBD products online.
54% CBD Gummies Sold Through Online Channel
The report on the global CBD gummies market found that 54% of CBD users say they purchase their gummies online, with 34% buying them in-store and 12% purchasing through a friend or family member. This is in line with other recent studies that have found online sales of CBD products to be growing rapidly.
CBD gummies are a popular product among those who use CBD, as they offer a convenient and tasty way to take CBD. They are also easy to find online, with a number of retailers offering them for sale. This is likely to continue to be the case as awareness of CBD grows and more products become available.
We attribute the growth of online CBD gummies market sales to a number of factors, including the increasing acceptance of cannabis as a potential treatment for a range of medical conditions, the growing number of states legalizing marijuana, and the improving accessibility of online retail channels.
Survey Reveals 62% of Consumers are Satisfied with CBD Gummies
The results of a new study conducted by Vantage Market Research show that the global CBD gummies market is booming. The study, which was conducted between April and May of 2022, surveyed 3,000 consumers in the United States, Germany, and the United Kingdom about their purchase habits when it comes to CBD gummies.
The findings show that CBD gummies are becoming more popular among consumers, with nearly one-third of respondents saying they have purchased CBD gummies in the past six months. This number is even higher among millennials, with 41% of respondents aged 18-34 saying they have purchased CBD gummies in the past six months.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on CBD Gummies Market Forecast Report (2022-2028).
Regional Analysis
North America Region Dominates the Global Market
Geographically, North America holds a significant market share in the CBD Gummies market and will likely continue this trend in the coming years. This surge is due to the increased legalization of recreational cannabis, which includes CBD Gummies.It is anticipated that further efforts made by CBD businesses to expand their product portfolios and introduce new offerings into the market will fuel regional growth throughout the course of the projection period. In addition, the sugar-free, gluten-free, organic, and vegan gummies derived from non-genetically modified hemp plants are anticipated to generate lucrative opportunities for the industry in a comprehensive manner. Again, the United States is the primary location for the extensive research and development activities that are being conducted to investigate the therapeutic potential of marijuana.This will likely increase the market growth of this region, provoking the vast interest in CBD brands. In addition, market players scramble to seek regulatory approvals from government organizations across the U.S. region owing to its varied health and recreational advantages, driving the North America market growth.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 1.4 Billion |
| Revenue Forecast by 2028 | USD 6.8 Billion |
| CAGR | 30.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | CV Sciences Inc., Dixie Brands, Reliva CBD, Sunday Scaries, Green Roads, Medix CBD, Hemp Bombs, PureKana, Diamond CBD, Premium Jane |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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Source: Globenewswire