According to a new market research report “CBD Gummies Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Category (Sugar-Free and Conventional) and Distribution Channel (Specialty Stores, Online Retail, and Others)” published by TheInsightPartners, the CBD Gummies market size is projected to grow from US$ 2,133.48 million in 2021 to US$ 12,182.21 million by 2028, at a Compound Annual Growth Rate (CAGR) of 28.3% during the forecast period.
CBD gummies are chewable sweets infused with CBD oil. CBD oil has a lot of advantages. It helps in reducing pain and stress, owing to its anti-inflammatory and analgesic effects. Moreover, it improves sleep as it induces calmness by controlling anxiety. The regulations regarding the consumption of CBD products are different in various countries. However, CBD products with not more than 0.3% THC content are legal in the US. Manufacturers are launching 100% CBD isolate gummies with 0% THC due to the growing dispute regarding the THC content. This factor is projected to open new opportunities for the CBD gummies market over the forecast period.
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Key vendors engaged in the CBD Gummies market and covered in this report: Aurora Cannabis, Inc.; Canopy Growth USA, LLC; CBD American Shaman; CV Sciences, Inc.; Diamond CBD; CBDfx; Sunday Scaries; Medix CBD; Reliva CBD; and Fab CBD
North America held the largest share of the global CBD gummies market in 2020, while Europe is expected to grow significantly over the forecast period. CBD products are gaining huge traction in countries such as the US and Canada. The high influence of social media and celebrities on people, coupled with the rise in the promotion of CBD products by celebrities on their social media accounts, is projected to drive the regional market. Moreover, less stringent regulations in the US regarding the use of CBD products compared to other countries are expected to support the market growth of CBD gummies in North America. Furthermore, strong retail infrastructure and availability of a wide range of CBD gummies of different brands across various retail channels in the US are also projected to fuel the growth of the North America CBD gummies market over the forecast period.
Impact of COVID-19 Pandemic on CBD Gummies Market
The COVID-19 pandemic has affected many industries, including the food & beverages industry. The pandemic created operational difficulties because of lockdowns, business shutdowns, and supply chain disruptions. There was a mixed impact of the pandemic on the CBD gummies market. Initially, due to lockdowns and business shutdowns, manufacturers suffered from a shortage of raw materials and labor, which affected their production and supply. However, as people became more health-conscious, they preferred health-boosting products. CBD gummies experienced significant demand, owing to their medicinal effects. Moreover, as CBD helps reduce stress and anxiety, people preferred CBD products to reduce work-related and pandemic-related stress. These factors positively boosted the market growth. Moreover, as the vaccination rates are increasing and the government restrictions are relaxed, the market is further expected to witness positive growth in the coming years
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Market Insights
Surging Influence of Social Media and Celebrities
Social media is playing a vital role in influencing the lifestyles of people. Many celebrities and influential personalities use social media to promote products. CBD products are widely used by celebrities and are heavily promoted on their social media accounts. For instance, influential personalities such as Seth Rogan, Snoop Dogg, Olivia Wilde, Jay Z, Danny DeVito, Wiz Khalifa, and Willie Nelson are promoting the use of CBD. Most celebrities have chosen to either launch their own brand or invest in a cannabis-based business. Celebrities and businesswomen such as Kim Kardashian and Martha Stewart use CBD gummies to improve their sleep. These celebrities have a large number of followers on social media platforms such as Instagram, Twitter, and Facebook. Thus, the rise in the promotion of CBD products, including CBD gummies, by celebrities and a high influence of celebrities on people are expected to drive the CBD gummies market in the future.
Report Spotlights:
Progressive industry trends in the CBD gummies market to help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the CBD gummies market from 2019 to 2028
Estimation of global demand for CBD gummies
Porter’s five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
Recent developments to understand the competitive market scenario
Market trends and outlook as well as factors driving and restraining the growth of the CBD gummies market
Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
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