Analysis of CBD Gummies market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Fact.MR- a market research and competitive intelligence provider- expects the global CBD gummies market to surge exponentially at a prolific 28% CAGR throughout the 2021-2031 forecast period. Increasing drives to legalize cannabis for recreational and medical purposes is acting as the primary growth lever for the market.
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Given the extensive recreational and medical applications of CBD, demand for CBD gummies skyrocketed at an exponential 25% CAGR from 2016 to 2020.
According to Fact.MR, sales are expected to be further fuelled, attributed to surging drives for legalizing cannabis usage for both medical and recreational purposes. The market is slated to expand 11.3x across the forecast period, registering a stellar 28% CAGR from 2021 to 2031.
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Insomnia strikes roughly 10–30% of the global population, according to the National Center for Biotechnology Information (NCBI). According to it, this number would rise to 60-70% in forthcoming years. Notably, women, older persons, and those with physical and mental health concerns are more likely to suffer from insomnia.
Prevalence of sedentary lifestyles amid tight work schedules is leading to major disruptions in sleep cycles of individuals, leading to heightening cases of insomnia. Consequently, people are seeking various approaches to counter the same. One such approach is consuming cannabis products, including CBD gummies which helps the mind relax.
Since, gummies are so easy to swallow, it serves as a facile treatment for insomnia. Therefore, these rising insomnia cases are likely to skyrocket the growth of the CBD gummies market in forthcoming years.
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Prominent manufacturers of CBD gummies are stressing offering multiple alternatives to consumers. There are several gummies to pick from, ensuring that there is something for everyone with a sweet taste. CBD candies are available in a variety of strengths, forms, and tastes.
Contemporary consumers are highly conscious about indulging their sensory experiences. This compels them to opt for different flavours while consuming different kinds of foods and beverages. This is applicable even in CBD consumption.
Manufacturers are thus fulfilling the dual purpose of imparting health benefits while not compromising on consumer expectations, helping bolster sales in the future.
The healthcare sector is one of the biggest contributors to CBD gummies market growth. CBD gummies are useful in controlling our bodies' inflammatory reactions. CBD products, such as gummies, are becoming increasingly popular as an alternative to traditional analgesics such as ibuprofen, aspirin, and others.
CBD has been found to have significant anti-anxiety and anti-depressant properties. Additionally, it is known to increase neurogenesis (brain cell growth) in critical areas of the brain associated with anxiety and depression. All these factors contribute as a prominent driver to the market’s growth in the upcoming years.
Most CBD products are not FDA-approved, as their strengths and purity can vary between brands and even within the same brand, which may not yield the desired positive results. Hence, their uptake is restricted in several countries.
Moreover, availability of substitutes such as CBD dark chocolates, salad dressings and protein supplements pose as a key restraint to effective adoption, hindering growth prospects.
Attributed to its multifarious health and recreational benefits, manufacturers are scrambling to seek regulatory approvals from government bodies, particularly across the United States.
For instance, as a consequence of growing demand, CBD gummies are now totally legal in Colorado, the most liberal state. This is generating significant growth opportunities for market participants to advertise their products with varied flavors.
The 2018 Agriculture Improvement Act, often known as the 2018 Farm Bill Act, allowed businesses to produce and sell hemp and hemp-based goods derived from any component of the cannabis sativa L plant, including all derivatives and seeds.
The market is benefiting from some positive regulatory developments. This includes the removal of hemp from the Prohibited Drugs Act (CSA), which implies that cannabis plants and products containing less than or equal to 0.3% THC are no longer controlled substances under federal law.
These advancements benefited the market by allowing manufacturers to extend their product line, therefore fueling demand for CBD gummies and driving product launches in North America.
CBD gummies are one of the most simple — and enjoyable — methods to consume cannabidiol (CBD). They are simple to administer (no measuring or droppers required), portable, discreet, and sweet, making them an excellent alternative for anyone who want to experience CBD for the first time.
They may be beneficial for a variety of reasons, including anxiety relief and sleeplessness relief. As consumers become more aware of the benefits of veganism and gluten free products, these are seeping into the cannabidiol market as well.
Owing to the COVID 19 pandemic, the demand for these products is only going skyrocket in the near future. Following this trend, the demand for vegan and gluten free CBD gummies is going to fuel in the forthcoming years.
Some Latin American nations have authorised cannabis for medicinal purposes. Colombia, Chile, Mexico, Brazil, Peru, and Argentina are among them.
CBD products, including CBD gummies, can be lawfully marketed in Colombia through retail channels if they contain less than 1% THC and are licensed by Colombia's food and drug regulatory authorities. Fact.MR expects the Latin American CBD gummies demand to surge astronomically at a CAGR of 36.6% until 2031.
Sales prospects for CBD Gummies across Asia are largely untapped, providing the next great commercial opportunity. CBD gummy sales will rise as more people become aware of the cognitive health advantages they provide. A market exceeding 40% is projected for the entire region.
Following the introduction of the new legislative amendments, a number of hemp and CBD producers have expressed interest in doing business in Thailand. This has paved the way for the introduction of CBD edibles as well as market innovation.
Canberra is the first city in Australia to legalise cannabis for personal use, possession, and production in small amounts. The Australian Capital Territory (ACT) legislators enacted a bill that enabled persons over the age of 18 to possess up to 50 gms of dry cannabis or 150 gms of wet cannabis.
The Therapeutic Goods Administration (TGA) is aggressively pursuing a safety evaluation of CBD at lower concentrations, based on which Australian health authorities may soon loosen CBD's scheduling status and make it available over the counter in low dosages.
This might lead to an increase in market demand in the coming years. The government's softer attitude on CBD usage will increase demand for CBD gummies.
Low concentration CBD gummies are estimated to be the most popular, accounting for close to 90% of the revenue, owing to first-time users' preference to avoid side effects.
However, demand for high concentration CBD gummies is increasing, primarily driven by the healthcare sector due to its efficacy in treating conditions such as glaucoma, epilepsy, schizophrenia, and sleep disorders.
The CBD gummies market is driven largely by canonical companies. To achieve a competitive precedence, most firms in the market are congregating their focus on obtaining certifications from international organisations such as Possession of Certificate of Analysis (COA).
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According to Fact.MR, sales of CBD gummies will skyrocket at 28% CAGR
The global CBD gummies market expanded at a stellar 25% CAGR from 2016 to 2020
Fact.MR expects the market for CBD gummies to expand 11.3x until 2031
Increasing scramble for seeking regulatory approvals for recreational and medicinal consumption of CBD is providing opportunities for further growth
Latin America stands to gain the maximum, expanding at a CAGR of 36.6% by 2031
Fast-track regulatory approvals by State governments is bolstering growth of CBD gummies sales across the U.S
The Asian market will likely account for 40% of global CBD gummies demand
Low concentration CBD gummies will remain top-selling, capturing 90% revenue share
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