CBD Gummies Market to Gather Steam, Efforts Towards Legalization Pays Dividends
Published : 06 Feb 2020 Industry: Food & Beverage
The global CBD gummies market is expected to grow at an exponential CAGR of 28 % over the forecast period from 2019-2029. Growing interest of consumers in edible cannabis options is a major factor that is supporting growth of the market.
The global industry is largely fragmented with a number of small and medium scale enterprises operating in the industry. Most of these companies are located within Canada, and a number of small scale businesses are also opening up in the United States. Governments are pushing to legalize marijuana in a bid to shut down the black market and bolster revenue from legal CBD gummies sales.
Key Takeaways from CBD Gummies Market Study
- In terms of the fast growing European CBD gummies market, United Kingdom is projected to display the fastest rate of growth, owing to the recent legalization of cannabis for recreational and medical use. Legalization has also resulted in North America becoming the largest regional market for CBD gummies.
- The segment of high concentration CBD gummies products is expected to witness a higher rate of growth during the forecast period owing to applications in ailments such as schizophrenia, glaucoma, and sleep disorders among others. Low concentration CBD gummies are projected to remain the largest segment, with demand from new comers.
- Longer lasting effects of CBD gummies in comparison with smoking cannabis is another key factor promoting demand, and generating a perception of health benefits with the product.
- Consumers are more inclined to visit offline channels of distribution such as dispensaries, smoke shops, pharmacies, and health stores, owing to the perception of purchasing authentic and good quality products. However, convenience factors are driving the use of online alternatives, especially among regular consumers.
“It is expected that within a few years, more states in the U.S. are likely to legalize the consumption of CBD either for medicinal or recreational purposes. Such trends of legalization is likely to boost the demand for CBD in the country.” says the Fact.MR analyst.
High Demand for Alternatives to Smoking Cannabis
Rising consumer interest in cannabis based edibles and other concentrated CBD products is supporting the growth of the market, as consumers continue to seek alternatives to smoking, which is a key factor in driving the demand for gummies. Primarily driven by millennials, CBD gummies are incrementally expected to replace other consumable variants including confectionaries, chocolates, and cookies among others.
Find More Valuable Insights on the Global CBD Gummies Market
Fact.MR, in its new offering, has provided an unbiased analysis of the global market for CBD gummies, with historical data on demand (2014-2018) and expected projections for the period (2019-2029). The CBD gummies report discloses comprehensive insights into the demand for CBD gummies based on concentration i.e. high and low, distribution channel (offline and online), and key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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