NEWARK, Del, July 19, 2023 (GLOBE NEWSWIRE) -- The CBD Gummies Market has grown remarkably recently. Several factors contribute to this growth, including the increasing acceptance of CBD products for medicinal purposes, the growing preference for natural remedies, and the rise in health-conscious consumers seeking alternative wellness options.
In 2023, the CBD gummies market is projected to be worth US$743.5 Million. CBD Gummies Sales are expected to generate US$ 7,524.5 million in revenue by 2033, with a CAGR of 26% between 2023 and 2033. The growing demand for CBD due to its numerous medicinal benefits, which range from pain relief and anxiety reduction to improved sleep, is one of the many causes driving this boom. The market for CBD gummies is also expanding as more nations legalize marijuana, which is being driven by this trend.
This widespread legalization lowers entry barriers and encourages a wider consumer base to accept and use CBD gummies. CBD gummies are a tasty method for people to add CBD to their wellness regimens and are becoming increasingly popular as dietary supplements.
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Key Takeaways from the CBD Gummies Market:
- The United States holds a commanding 42.0% of the CBD gummies industry. This demonstrates the substantial demand for and uptake of CBD gummies among American consumers, emphasizing their enthusiasm for both the convenience of gummy form and the potential medicinal benefits of CBD.
- Germany has a substantial market share of 38.0%, demonstrating the country's strong demand for CBD gummies. German consumers have accepted CBD gummies as a well-liked option for wellness and relaxation, fostering the market's rapid expansion.
- A huge market share of 32.0% for China highlights the prominence of CBD gummies in the Chinese market. China's demand for CBD edibles is increasing despite legal bans on cannabis. Due to the increased interest in natural health products and the potential advantages of CBD, the demand for CBD gummies is surging in China.
- With a sizeable market share of 21.0%, the United Kingdom has a noteworthy consumer predilection for CBD gummies. The growing acceptance and availability of CBD products, shifting perceptions of cannabis, and the demand for alternative wellness solutions are some of the factors propelling the growth of the UK market.
- With a 12.0% market share, India is a prominent industry player and is showing signs of being a hot market for CBD gummies. CBD gummies have become popular in India because of the rising interest in holistic health and alternative treatments. They provide a practical and pleasurable approach to introducing CBD into daily routines.
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Competitive Landscape and Marketing Strategies:
The market for CBD gummies is characterized by fierce rivalry, with both big and little businesses fighting for a piece of the action. More companies are joining the market as demand for CBD gummies grows, escalating competition. Additionally, since cannabis is increasingly legalized globally, businesses have more potential to expand and meet the growing demand for CBD gummies.
Key Players Profiled in the CBD Gummies Market Survey
- Americas
- CV Sciences
- Charlotte's Web
- Verma Farms
- PureKana
- Dixie Brands Inc.
- Premium Jane
- Kushie Bites
- Sunday Scaries
- Hemp Bombs
- Reliva CBD Wellness
- Europe
- CBD Oil Europe
- Medterra
- Balance CBD
- CBDfx
- CBD Pure
- Others
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Charlotte's Web
Charlotte's Web is among the top manufacturers of CBD edibles. The Stanley Brothers, motivated by their daughter Charlotte's struggle with a rare form of epilepsy, launched the business in 2013. The business sells a range of CBD gummies for energy, sleep, anxiety, and pain management.
BAEYS
Although this firm is relatively new to the CBD gummies market, it has already established itself as a prominent contender. The business is headquartered in Los Angeles, California, and was established in 2018. The business also sells a range of additional CBD products, such as CBD topicals, CBD capsules, and CBD oil.
CV Sciences
CV Sciences is yet another well-known name in the CBD edibles industry. The business is headquartered in Las Vegas, Nevada, and was established in 2014. The business sells a range of CBD gummies for energy, sleep, anxiety, and pain management.
Verma Farms
Although this firm is relatively new to the CBD gummies market, it has already established itself as a prominent contender. The business is headquartered in California and was established in 2017. The business also sells a range of additional CBD products, such as CBD topicals, CBD capsules, and CBD oil.
Key Developments
- Growing knowledge of CBD's potential health advantages has sparked a sharp surge in the market for CBD gummies in recent years. An easy and pleasurable option for consumers to include CBD in their wellness routines is CBD gummies.
- The popularity of online sales channels is a key factor in the growth of the CBD gummies industry. Online shops are the go-to option for customers looking for accessibility and diversity in their CBD gummy purchases since they provide a broader selection of CBD gummy items, competitive pricing, and ease of doorstep delivery.
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Key Segments of the CBD Gummies Market
By Product Type:
- High CBD Concentrated Gummies
- CBD isolate Gummies
- Broad-spectrum CBD Gummies
- Full-spectrum CBD Gummies
By Sale Channel:
- Conventional Distribution Channel
- Supermarket/ Hypermarket
- Head shops/
- Smoke shops
- Local health stores
- Others
- Online Retailing
By Packaging:
- Pouches
- Bottles
- Jars
- Tins
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Top Reports Related to Food and Beverage Market Domain:
CBD Oil Market Size: The global CBD oil market is expected to record a CAGR of 31% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of US$ 389 million. By 2033, the valuation is anticipated to reach US$ 5,980.6 million.
CBD Snacks Market Share: The global CBD Snacks market is expected to reach a market valuation of USD 712.5 Mn by the year 2022, accelerating with a CAGR of 13.2% by 2022-2032.
Flavored CBD Powder Market Trends: The global flavored CBD powder market is expected to witness a market value of US$ 4 billion in 2023 and is expected to accumulate a market value of US$ 34.1 Billion by registering a CAGR of 23.9% in the forecast period from 2023 to 2033.
Cannabis Drinks Market Sale: The cannabis drinks market is expected to value US$ 0.4 billion in 2022 and is projected to grow at a CAGR of 37.3% during the forecast period of 2022 to 2032, to reach a value of US$ 8.3 billion by 2032.
Cannabis Concentrate Market Value: The Cannabis Concentrate Market is valued at USD 1,736.0 Million in 2022 and is anticipated to reach USD 3,079.7 Million by 2032. The market is expected to grow at a CAGR of 5.9% from 2022 to 2032.
Cannabis Beverages Market Analysis: The adoption of the cannabis beverages market is expected to increase at a CAGR of 17.00% during the forecast period. The cannabis beverages market size is anticipated to rise from US$ 1,227.3 Million in 2023 to US$ 5,899.5 Million by 2033.
Australia Legal Cannabis Market Growth: The Australian legal cannabis market is expected to reach a market valuation of US$ 67.39 Million by the year 2022, accelerating with a moderate CAGR of 30.1% by 2022-2032.
CoQ10 Gummies Market Forecast: According to Future Market Insights research, during the projected forecast period, the CoQ10 Gummies market is expected to grow at a CAGR of 5.6%.
Jellies and Gummies Market Demand: The global Jellies and Gummies market is expected to reach a market valuation of US$ 6,665 million by 2023, recording a CAGR of 5.6% from 2023 to 2033.
Vitamin Gummies Market Overview: As per Future Market Insights (FMI), the vitamin gummies market totaled US$ 3.7 Bn in 2021 and is expected to exhibit a CAGR of 6.2% to reach the value of US$ 6.8 Bn in 2031.
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