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).
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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.
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.
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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).
ryan@mugglehead.com
