The CBD gummies market is expected to be worth US$743.5 million in 2023. CBD gummy sales revenue is expected to reach US$7,524.5 million by 2033. Between 2023 and 2033, the CAGR will be 26%.
The CBD market has been growing rapidly in recent years, as people have become more interested in the potential benefits of CBD. CBD gummies are a convenient way to take CBD, and they come in a variety of flavors making them more popular among the mass of today.
The CBD Gummies Market is rapidly expanding as people seek easy and pleasurable methods to include cannabidiol (CBD) into their daily lives. With the growing popularity of CBD for its possible health advantages, gummies have become a popular option due to its discreet and pleasant packaging. As the regulations surrounding CBD products become more apparent, the market is projected to expand and diversify.
Canberra was the first Australian city to legalise cannabis for personal use, possession, and growing in small amounts. The Therapeutic Goods Administration (TGA) is actively pursuing a safety study of CBD at lower concentrations, which could lead to the Australian health authorities relaxing CBD’s scheduling status and making it available over the counter in low doses in the near future. This sparked the trend and contributed to an increase in demand for CBD products in the market, boosting sales of CBD gummies around the world.
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When it comes to CBD, there is no such thing as one size fits all. This is especially true when it comes to the various consumption methods available. Some people prefer vaping CBD oil, while others might enjoy using a tincture. All in all the CBD gummies and other products are getting higher traction these years with growing awareness about such products.
So far, the reaction to CBD gummies has been mixed. Some people love them, while others find them too sweet or artificial-tasting. However, with more and more people trying out CBD products, it’s likely that the CBD gummy market would continue to grow.
Key Takeaways from CBD Gummies Market Study
- The overall growth of the global CBD gummies market is estimated to be around US$ 6.5 Billion over the forecast years through 2032, by experiencing the astounding CAGR of 29%.
- On the basis of different product types high CBD concentrated gummies are figured out to have acquired almost 28.2% of the total sales achieved last year.
- For the distribution and sales of CBD gummies the conventional segment is the major contributor by contributing for nearly 54.6% in the last few years.
- North America CBD gummies market leads all the broad geographical regions with United States having a total share of almost 42% in the global market.
- Asia Pacific CBD gummies market is the fastest growing market with recent developments and adoption
Competitive Landscape for the Global CBD Gummies Market
Most companies in the market are focusing on getting certifications from international organizations such as Possession of Certificate of Analysis (COA) to gain a competitive edge. Key companies and brands assessed and profiled in the report for the global CBD Gummies market are:
Growing Americas CV Sciences, Charlotte’s Web, Verma Farms, PureKana, Dixie Brands Inc., Premium Jane, Kushie Bites, Sunday Scaries, Hemp Bombs, Reliva CBD Wellness, etc. And, in Europe some of the prominent market includes CBD Oil Europe, Medterra, Balance CBD, CBDfx, CBD Pure, etc.
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Recent Developments in the Global CBD Gummies Market:
To acquire a competitive edge over its rivals, CBD businesses have been putting numerous growth plans into practice, including mergers and acquisitions, the launch of new products, and an increase in manufacturing capacity. For illustration, CV Sciences, Inc. debuted its Happy Lane product line in August of the year 2020.
Key Segments of the CBD Gummies Market
Product Type:
- High CBD Concentrated Gummies
- CBD isolate Gummies
- Broad-spectrum CBD Gummies
- Full-spectrum CBD Gummies
Sale Channel:
- Conventional Distribution Channel
- Supermarket/ Hypermarket
- Head shops/
- Smoke shops
- Local health stores
- Others
- Online Retailing
By Packaging:
- Pouches
- Bottles
- Jars
- Tins
- Others
Table of Content
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. The Massive Impact of the Crisis
2.1. Global CBD Gummies Market Forecast Scenario Comparison of Annual Growth Rates for short Term (2022-2026) and Long Term (2027-2032)
2.1.1. Optimistic Scenario
2.1.2. Likely Scenario
2.1.3. Pessimistic Scenario
2.2. Key Factors Impacting the Market
2.3. Note: Market Assessment shall be Provided for Likely Scenario
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
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