The global CBD gummies market is poised to acquire stellar gains, expanding at a CAGR of 28% from 2021 to 2031, according to a recently published report by Fact.MR. Growth is being accelerated by extensive campaigns to legalise commercial and recreational usage of cannabis.
From 2016 to 2020, the market accrued massive gains, registering an expansion rate of 25% CAGR throughout the historical period. CBD gummies are poised to witness credible uptake across the healthcare industry, amid purported reports of it being an effective remedy to insomnia.
CBD gummies are also becoming increasingly popular as an alternative to traditional analgesics such as ibuprofen, aspirin, and others. Additionally, it possesses significant anti-anxiety and anti-depressant properties. In certain studies, CBD is known to increase neurogenesis in critical areas of the brain associated with anxiety and depression.
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Key Segments Covered
- High Concentration CBD Gummies
- Low Concentrated CBD Gummies
- Distributional Channel
- CBD Gummies Sales through Offline Channels
- CBD Gummies Sales through Online Channels
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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).
- Verma Farms is one of those businesses that have chosen to concentrate in a single sector in order to become specialists in that field. In fact, they only promote themselves as a CBD gummies company.
- Hemp Bombs is yet another firm headquartered in the United States. This firm makes certain that all of their plant material is sourced from within the United States.
- In terms of marketing, Hemp Bombs aims to ensure that all of its consumers have access to as much information about CBD as possible.
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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.
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