The scope of our recent study, titled "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)," includes the description of factors fuelling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with market share analysis.
The CBD gummies market was valued at US$ 2,133.48 million in 2021 and is projected to reach US$ 12,182.21 million by 2028. It is expected to grow at a CAGR of 28.3% from 2021 to 2028.
CBD gummies are infused with CBD oil, which has various therapeutic benefits, including anti-inflammatory, neuroprotective, anti-anxiety, and analgesic effects. These gummies can alleviate athletic injuries, promote relaxation, and reduce stress and anxiety levels. The effects of CBD gummies are typically noticeable within 30 minutes to an hour of consumption. CBD gummies are a popular and easily accessible form of CBD product, available in a diverse range of flavours. To address emerging consumer trends, manufacturers are launching alternative options such as sugar-free, organic, vegan, GMO-free, and gluten-free CBD gummies. This trend is expected to create significant growth prospects for the CBD gummies market in the foreseeable future.
Based on category, the CBD gummies market is segmented into sugar-free and conventional. In 2020, the conventional CBD gummies segment held a substantial share in the global market, but the sugar-free segment is expected to grow at a faster CAGR during the forecast period. Conventional CBD gummies are readily available in various retail outlets, including supermarkets, hypermarkets, pharmacy stores, and drug stores. Furthermore, they are simple to produce due to the easy availability of raw materials. Nevertheless, the conventional CBD gummies category may experience declining demand as consumers increasingly prioritize health-conscious options.
Despite consumers having access to a variety of healthier alternatives to conventional gummies, which may impede the segment's growth over the forecast period, local manufacturers may still opt for conventional raw materials due to their affordability and accessibility. This factor could potentially have a positive impact on the conventional CBD gummies market.
Based on geography, the CBD gummies market is segmented into - North America, Europe, and the Rest of the World. In 2020, North America emerged as the leading region in the global CBD gummies market due to the high awareness of CBD products in the US. A 2019 Gallup Poll revealed that 14% of American consumers use CBD products, and this number is expected to increase in the future. The surging awareness of the health benefits of CBD is a significant driver of market growth in the US and Canada. Additionally, the promotion of CBD products by American celebrities and influential personalities, such as Kim Kardashian, who endorses CBD gummies for sleep, is expected to further boost the CBD gummies market in North America in the coming years.
Impact of COVID-19 Pandemic on CBD Gummies Market
The COVID-19 pandemic has had a negative impact on numerous industries, causing operational difficulties due to lockdowns, travel bans, manufacturing unit shutdowns, and supply shortages. The food and beverage industry was among those most affected, as the disruption of supply chains, labor shortages, and raw material shortages made operations challenging. Additionally, pandemic-related lockdowns and border restrictions created barriers to product innovation and collaboration opportunities. While the CBD gummies market experienced some negative impact, the pandemic also had positive effects on demand. As people stayed home, they became more focused on their physical and mental well-being, leading to an increased preference for healthier foods, beverages, and dietary supplements, including CBD gummies. However, many manufacturers struggled with shortages of raw materials and labor, negatively impacting their profits. Despite these challenges, the global marketplace is recovering, and manufacturers are working to overcome demand and supply gaps as they return to full capacity. Additionally, e-commerce platforms have played a significant role in supporting the growth of the CBD gummies market in regions like North America, Asia-Pacific, and Europe, providing uninterrupted services to consumers throughout the pandemic's early months.
The report segments the CBD gummies market as follows:
The CBD gummies market based on category is bifurcated into sugar-free and conventional. In terms of distribution channel, the market is segmented into specialty stores, online retail, and others. Based on geography, the CBD gummies market is segmented into North America, Europe, and the Rest of the World.
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