The CBD gummies market is expected to be worth US$743.5 million in 2023. CBD gummy sales revenue is expected to reach US$7,524.5 million by 2033. Between 2023 and 2033, the CAGR will be 26%.
The CBD market has risen rapidly in recent years as people have become more interested in the potential benefits of CBD. CBD gummies are a convenient way to consume CBD, and they are available in a variety of flavours, making them more popular among the general population today.
The CBD market has expanded rapidly in recent years as people have become more interested in the possible benefits of CBD. CBD gummies are a convenient way to absorb CBD and come in a variety of flavours, making them more popular among the general public today.
Canberra was the first city in Australia to legalise personal use, possession, and small-scale cultivation of cannabis. The Therapeutic Goods Administration (TGA) is conducting a safety study of CBD at lower concentrations, based on which Australian health authorities may soon change CBD’s scheduling status and make it available over the counter in low amounts. This started the trend and contributed to a rise in market demand for CBD goods, boosting the global sale of CBD gummies.
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There is no such thing as a one-size-fits-all CBD strategy. This is especially true of the various ways of consumption. Some people prefer to smoke CBD oil, while others prefer to take it as a tincture. CBD gummies and other products are becoming more popular as people become more aware of their benefits.
CBD gummies have received a mixed response thus far. Some individuals adore them, while others find them overly sugary or fake in flavour. However, as more individuals experiment with CBD products, the CBD gummy industry is expected to expand.
Key Takeaways from CBD Gummies Market Study
- The overall growth of the global CBD gummies market is estimated to be around US$ 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.
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.
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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
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