January 30, 2023

The global CBD gummies market size is expected to grow positively due to the rising awareness regarding its medicinal properties. Furthermore, the legalization of the product is expected to enhance the market growth. Fortune Business Insightspresents this information in its report titled “CBD Gummies Market, 2022.

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COVID-19 Impact:

Rising Investments in the Medical Sector to Foster Industry Growth

This market was positively impacted during the COVID-19 pandemic due to the rising investments in the medical sector. The sudden spike in COVID patients is expected to enhance the adoption of the product. Furthermore, rising depression, anxiety, and pain among people increased healthcare expenditure. Moreover, the legalization of CBD gummies is expected to enhance the gummies’ adoption. These factors may propel the industry’s growth during the pandemic.

Segmentation

By concentration, the market is segmented into high and low. As per the distributional channel, it is bifurcated into online and offline. Geographically, the industry is grouped into North America, Europe, Asia Pacific, and the rest of the world.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Driving Factors

Strong Demand for Healthy Confectioneries to Propel Industry Growth

CBD gummies are utilized to relieve pain, inflammation, anxiety, and depression. Strong demand for healthy confectioneries is likely to enhance cannabidiol adoption. Further, the introduction of novel products by manufacturers is likely to enhance the product’s sales.  Rising spending capacities and evolving lifestyles may bolster product sales. Further, strong demand for stress-relieving drugs are likely to elevate CBD adoption. Moreover, packaging modifications and product innovations may bolster the product’s adoption. Further, the longer-lasting effects of the product may enhance its adoption, thereby inciting the CBD gummies market growth.

Regional Insights

Rising Legalization of Recreational Cannabis May Foster Industry Progress in North America

North America is expected to dominate the CBD gummies market share because of the rising legalization of recreational cannabis. Furthermore, the rising demand for the gluten-free and sugar-free nature of the product is expected to enhance the product’s adoption.

In Asia Pacific, rising spending capacities may enhance the adoption of CBD gummies. Evolving consumer lifestyles and the rapid adoption of plant-based snacks are likely to enhance the demand for the product.

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In Europe, increased spending on high quality products is expected to enhance adoption. Further, increasing incidences of stress among the population and the presence of a developed digital infrastructure is expected to enhance the industry’s growth.

Competitive Landscape

Prominent Players Announce Novel Products to Enhance Brand Image

The prominent players operating in the market announce novel products to enhance their brand image. For example, in December 2021, Lazarus Naturals announced its novel range of CBD gummies products. Each product is developed using fortified ingredients and natural flavors such as herbs, adaptogens, minerals, and vitamins. This launch may allow the company to enhance its brand image globally. Further, major players opt for automated production techniques to reduce costs, enhance productivity, boost sales, increase production capacity, reduce cost and time consumption, enhance production quantity, and achieve organizational goals. In addition, companies adopt partnerships, mergers, acquisitions, and expansions to enhance their market position.

Industry Development

  • September 2021: Charlotte’s Web Inc. announced three novel hemp CBD gummies to its gummy product line-up. This launch represented the company as a flexible and convenient CBD delivery format.

List of Key Players Profiled in the CBD Gummies Market Report

  • Charlotte’s Web, Inc. (Denver, Colorado, U.S.)
  • CV Sciences, Inc. (California, U.S.)
  • Aurora Cannabis (Canada)
  • CBD Capital Group (California, U.S.)
  • PotNetwork Holdings Inc. (Florida, U.S.)
  • Sunday Scaries (San Diego)
  • Global Widget Llc (Tampa, U.S.)
  • Heavenly Rx Ltd. (Toronto, Ontario)
  • Premium Jane (Scottsdale, U.S.)
  • Village Farms International, Inc. (Delta, Canada) 

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