According to the Market Statsville Group (MSG), the global CBD gummies market size is expected to grow from USD 1.299.84 million in 2022 to USD 8,977.65 million by 2033, at a CAGR of 29.9% from 2023 to 2033.
The element driving the market for cannabidiol (CBD) gummies throughout the anticipated period is the constantly rising demand for convenience foods. The increased legality of cannabidiol (CBD) gummies is the main reason driving the market's growth. The expanding consumer lifestyle and quickening urbanization are the main forces behind the demand for cannabidiol (CBD) gummies. Additionally, throughout the course of the forecasting period, demand for cannabidiol (CBD) gummies is expected to increase due to the growing usage of cannabis for the treatment of mental disorders, neurological diseases, cancer, and pain management. However, it is anticipated that the market for cannabidiol (CBD) gummies would be constrained by the lack of consumer knowledge, whilst public attitudes against the use of CBD might pose a threat to market expansion.
Cannabidiol, or CBD, is added to sweet, chewy sweets to make CBD gummies. CBD is an extract from hemp, a kind of cannabis that does not make people high. It's one of several cannabinoids, naturally occurring substances in cannabis that interact with the neurological system of humans and frequently have positive effects. While some CBD gummies employ "full spectrum" CBD, which contains a number of other cannabinoids and minerals that can potentially have positive benefits, others use CBD isolate for infusion.
Since CBD gummies don't contain any psychoactive ingredients, they won't make you feel high. From hemp, which has nearly no THC, CBD is produced. The component of marijuana known as THC is what makes you feel high. To be deemed hemp, a substance must have a THC content of less than 0.3 percent; otherwise, cultivators might face criminal charges under federal law.
The outbreak of SARS-CoV-2 termed "COVID-19" has created significant demand for treatment across the globe, thereby rising demand for the healthcare and biotechnological sector. The healthcare sector, including Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Diagnostic Centers, and more are demanding gummies to treat various diseases. Cannabinoids like THC and CBD, which are found in cannabis, have long been used to treat a variety of symptoms. Cannabinoids like CBD and THC are widely used due to their wide range of medicinal advantages and ease of operation. Cannabis products have become increasingly popular because to health benefits such as pain reduction, reduced anxiety, and reduced inflammation. The cannabis industry, on the other hand, has maintained an inconsistent signal since the beginning of the COVID-19 crisis. It has found quick and often random rises that differ by state, suggesting the outbreak's ever-changing nature and impact on consumer shopping.
CBD (Cannabidiol) gummies are gaining a lot of popularity among consumers owing to their pain-relieving, anti-depressant, anti-anxiety, and neuroprotective effects, which are projected to drive market expansion over the forecast period. Aspirin, acetaminophen, ibuprofen, and naproxen are just several of the painkillers available on the market, and they all have very dangerous adverse effects. Besides, these products can assist in the reduction of chronic pain by increasing endocannabinoid receptor activity, lowering inflammation, and acting with neurotransmitters. Over the forecast period, such health benefits are expected to fuel demand.
On the other hand, CBD gummies have become a common way for people to manage stress, and the product has become essential for those who have been using it for a while. As a result, these consumers continue to boost revenue. Furthermore, a rise in the overall public's stress levels as a result of the pandemic could contribute to increased demand for CBD gummies. An increase in anxiety and depression has been seen around the world as a result of increased pressure among working people and even students. According to the Anxiety and Depression Association of America (ADAA), anxiety is the most common mental illness in the United States in 2019, with more than 40 million individuals age 18 and older suffering from the disorder. The demand for CBD gummies is expected to rise over the forecast period, owing to the rising prevalence of anxiety and depression.
Most CBD products are not FDA-approved since their strengths and purity might differ between brands and even within the same brand, causing potential negative side effects. As a result, their use is prohibited in many countries. Furthermore, the availability of CBD dark chocolates, salad dressings, and protein supplements poses a major threat to effective adoption, restricting growth prospects.
Besides, Nigella sativa (black seed or kalonjie) is an alternative to cannabis or CBD oil. The spicy, pungent small black seeds can be swallowed or powdered and used as oil or added to other spices. Immune stimulation, anti-inflammatory, and antioxidant properties, anticancer, hypoglycaemic, antihypertensive, anti-asthmatic, antibacterial, cancer-fighting, and anti-parasitic activity are only a few of the advantages. Kalonji increases learning and memory, alertness, and mood elevation, in addition to helping to treat pain, epilepsy, Parkinsonism, and anxiety. It was found to protect brain cells from several neurotoxins in experimental animal models. For instance, two grams daily of black seed could result in reduced fasting blood sugar levels, along with decreased insulin resistance. At least 16 research support the use of black seeds (Nigella Sativa) as a natural anti-epileptic medication, each revealing distinct aspects of its clinical promise in reducing seizure onset, frequency, and duration. Furthermore, thymoquinone from black seeds is an antioxidant that stimulates cancer cell apoptosis. It works against cancers of the blood, lungs, kidneys, liver, prostate, breast, mouth, cervix, skin, and colon.
The major players in the market are continuously launching products to stay competitive in the market. Market players face fierce competition, especially from the market's top companies, which have a large consumer base, strong brand awareness, and extensive distribution networks, and are constantly expanding their presence across major markets. For instance, in May 2021, CV Sciences, Inc. introduced PlusCBDTM Calm and Sleep two flavorful gummies that promote healthier stress responses and sleep cycles for those returning to their regular routines. Each PlusCBDTM Calm gummy contains 10mg of CBD, as well as two neuroactive amino acids: 5-HTP and L-Theanine, derived from sustainable hemp. PlusCBDTM Calm and Sleep gummies are free from artificial flavours and sweeteners, making them a good choice for anyone looking for a natural way of improving their stress response and sleep cycle. With the launch of the PlusCBDTM gummy line, the company is assisting many consumers in gaining some rest in the middle of the COVID-19 pandemic's unprecedented circumstances. For instant, in April 2020, Medterra CBD launched functional CBD gummies, which include 25mg of pure CBD with superior ingredients and thus are THC-free. Keep Calm CBD gummy, Stay Alert CBD gummy, and Sleep Tight CBD gummy are among the new products, which come in a range of flavours. In 2018 CV Sciences, Inc., announced the launch of Plus CBD Gummies at Natural Product Expo East 2018. Additionally, CBD Gummies come in two flavours: Citrus Punch and Cherry Mango. These products are non-GMO, gluten-free, and vegan-friendly, and they meet all of the regulatory organizations' requirements.
The study categorizes the CBD gummies market based on type and application area at the regional and global levels.
Based on the type, the market is bifurcated into 5 mg gummies, 10 mg gummies, 15 mg gummies, 25 mg gummies, 50 mg gummies and Others. 25 mg gummies segment is expected to dominate the market share with 36.4% in 2022 in the global CBD gummies market. A growing awareness among consumers of the benefits of marijuana edibles for treating sleep disorders is expected to drive growth in this segment over the next few years. These high-potency CBD candies are consumed by customers who want an additional CBD boost. These products, which are readily available on the market in a variety of tastes, assist consumers in unwinding from their fast-paced lives, lowering their levels of stress and anxiety, and improving their mood.
Based on the regions, the global CBD gummies market has been segmented across North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2022, North America dominated with 42% share in the global market. The legalization of cannabis for both medicinal and recreational uses in the US is one of the main market drivers. Industrial hemp can now be grown legally as long as plants have a THC concentration of no more than 0.3%, according to the Farm Bill of 2018. All 50 states in the nation have legalized CBD gummies, provided they are made from hemp. During the course of the projection period, these elements are anticipated to fuel demand for CBD gummies.
The CBD gummies market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Frequently Asked Questions
Want to Review Complete Market Research Report
Budget constraints? Get in touch with us for special pricing
Request for Special PricingCustomize this Report
Related Reports
Metagenomics Sequencing Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Medical Cannabis Oil Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Development Scenario, Opportunities, and Forecast By 2027
Mar 2024Novel Vaccine Delivery System Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027
Mar 2024Lysosomal Storage Disease Treatment Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Development Scenario, Opportunities, and Forecast By 2027
Mar 2024Single-Use Bioprocessing Market 2022: Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033
Mar 2024