Cannabidiol (CBD) Gummies Market Size, Share, Growth, Trends | Report 2023-2032
The global Cannabidiol (CBD) gummies market size was USD 3.3 Billion in 2022 and is expected to register a revenue CAGR of 30% during the forecast period.
Key Pointers
Increasing use of CBD-based products in the pharmaceutical and nutraceutical industries as well as rising consumer awareness of the potential health advantages of CBD are major factors driving market revenue growth.
There is a rising need for CBD products, especially gummies, as a result of the rising prevalence of chronic conditions such as arthritis, anxiety, depression, and sleeplessness. For people who dislike the flavor of CBD oil, CBD gummies are a simple and practical way to absorb the substance. The non-psychotropic properties of CBD gummies and the absence of the THC-induced ‘high’ are other factors contributing to their rising popularity.
Rising trend of self-medication, whereby individuals attempt to address their health and wellness issues without seeking advice of a healthcare provider, is another factor driving revenue growth of the market for CBD gummies. Revenue growth of the market is driven by availability of CBD gummies in a range of flavors, doses, and formulations.
In addition, it is expected that revenue growth of the market would be driven by the legalization of cannabis in a number of countries and rising use of CBD-based products in the beauty and personal care sector. CBD gummies are being used in more skincare and personal care products due to their anti-inflammatory and antioxidant characteristics, which are good for the health of the skin.
In addition, it is expected that rising demand for vegan and organic goods would increase sales of CBD gummies created with natural and organic components. To meet rising demand for healthier options, producers are increasingly substituting natural sweeteners such as stevia and agave syrup for artificial sweeteners.
Revenue growth of the market for CBD gummies is also driven by rising popularity of social media and e-commerce platforms, which allow vendors to reach a larger customer base. It is now simpler for customers to buy CBD gummies due to the availability of a large selection of CBD gummies on e-commerce platforms and the simplicity of quickly comparing products and pricing.
However, absence of industry regulation and standardization, which has led to the proliferation of low-quality and counterfeit items are major factors, which could restrain revenue growth of the market. High price of CBD products and absence of insurance coverage for CBD-based goods are other factors, which could hamper revenue growth of the market to some extent.
Competitive Landscape:
The CBD gummies market is currently fragmented, with a number of large and medium-sized players accounting for a majority of market revenue. Major players are deploying various strategies, such as entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products, in order to gain a competitive advantage. Some major companies included in the CBD gummies market are:
Cannabidiol (CBD) Gummies Market Segmentations:
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