Connect with us

Hi, what are you looking for?

Friday, May 27, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Analysis

Global CBD gummies market projected to reach US$12B by 2028

The market is expected to surge due to CBD’s medicinal and healing effects

CBD Gummies Global Market
The global CBD gummies market is projected to reach US$12.1 billion by 2028. Photo via Unsplash

The global CBD gummies market is expected to surge during the next six years due to CBD’s medicinal effects and reduced stigma, according to a new report.

On Thursday, the analytics firm Research and Markets valued the global CBD gummies market at US$2.1 billion in 2021 and projected it to reach US$12.1 billion by 2028.

Fueled by legalization efforts and more widespread acceptance, the market is expected to grow at a compound annual growth rate (CAGR) of 28.3 per cent from 2021 to 2028.

CBD or cannabidiol is an active component in cannabis and does not carry any potential risk of misuse or dependency, according to the World Health Organization (WHO).

Read more: CBD market to reach US$56.2B by 2028: GMI report

Read more: CBD relieves menstruation symptoms: Canopy-sponsored clinical trial

The CBD gummies market relies on specialty stores and online retail to reach consumers. Specialty stores accounted for the largest market share in 2020, while the firm expects the online retail segment to grow at the fastest CAGR between now and 2028.

A variety of CBD gummies brands at affordable prices are available on e-commerce platforms like Amazon.com. E-commerce platforms have registered significant growth as they offer consumers home delivery, discounts, and a wide range of products by comparing available alternatives.

There has been increased awareness surrounding CBD’s health benefits during recent years, including its use among athletes to aid in recovery and pain management.

Global CBD Gummies Projection

The global CBD gummies market was valued at $2.1 billion in 2021. Image via Research and Markets

According to the report, North America held the largest share of the global CBD gummies market in 2020, although Europe is projected to register the fastest growth up until 2028 due to a significant concentration of cannabis consumers.

The European Union legalized CBD in November 2020, paving the way for the increased growth potential of the CBD gummies market throughout Europe.

Read more: Curaleaf to enter Caribbean market via agreement with CBD distributor

Read more: CBD can enhance feelings of pleasure during exercise: study

The report also found that CBD is increasingly viewed as a novel product for food, beverages, and nutritional supplements. These factors are expected to support the growth of the CBD gummies market across Europe during the coming years.

Manufacturers are focusing on lowering the THC content and using clean-label and organic ingredients in CBD gummies, which should also increase market growth.

According to Research and Markets, the leading players in the CBD gummies market include Aurora Cannabis, Inc. (TSE: ACB) (Nasdaq: ACB); Canopy Growth Corp. (TSE: WEED) (Nasdaq: CGC) and CV Sciences, Inc. (OTCMKTS: CVSI).

 

Follow Mugglehead on Twitter

Like Mugglehead on Facebook

Follow Ryan Garner on Twitter

ryan@mugglehead.com

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Health and Safety

Science doesn't know yet, but one psychedelic researcher is chasing clues to see if it can

Canada

As more medium-to-small producers came into play this year, great weed started hitting legal shelves at fairer prices

Culture

Punishments for possession include caning and the death penalty. Despite a global trend of reform, The Fine City remains staunch in its anti-drug stance

Analysis

While legal weed businesses decry enforcement of their accounts, the platform says it's keeping its all-ages community safe