The CBD gummies industry is projected to rise at an exponential CAGR of 28% between 2019 and 2029. The widespread applications of cannabis and the removal of tetrahydrocannabinol is the predominant factor driving its sales. The increasing scope of medical applications will continue to aid the growth of the CBD gummies market, reveals Fact.MR in its new study.
“Within a few years, more states in the U.S. are likely to legalize the consumption of CBD either for medicinal or recreational purposes. Such trends are likely to boost the demand for CBD in the country,” concludes the Fact.MR report.
CBD Gummies Market – Key Takeaways
- Low concentration CBD gummies formulations continue to account for more than 90% of market share.
- Consumer preference for offline shopping remains strong, with perception of high quality and authentic products.
- Increasing scope of medical applications are driving the rapid growth of high concentration CBD gummies.
- Legalization has resulted in North America becoming a major regional market for CBD gummies.
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CBD Gummies Market – Key Driving Factors
- Longer lasting effect of CBD gummies in comparison to smoking cannabis is a major factor contributing to demand.
- Legalization of cannabis for recreational and medical purposes is a significant contributor to market growth.
- The removal of tetrahydrocannabinol (THC) from CBD gummies is contributing to demand from the medical industry.
- Consumers seeking alternatives to smoking drive demand for CBD gummies.
CBD Gummies Market – Key Constraints
- Cannabis continues to be legally restricted in many parts of the world, hampering the rise of the CBD gummies market.
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The global CBD gummies market is largely fragmented. The leading players profiled in the report include, but are not limited to Green Roads CBD, Dixie Brands Inc., Hemp Bombs, Premium Jane, Medix CBD, Reliva CBD Wellness, Diamond CBD, Pure Kana, and CV Sciences. Market leaders are investing in new product launches. Key players are channeling their efforts towards long term collaborations, vertical integration, mergers, and acquisitions, which are also gaining importance as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the CBD gummies market. Global, regional and country level analysis of the latest industry trends impacting the CBD gummies market are covered in this Fact.MR study. The report offers compelling insights on CBD gummies market on the basis of concentration (high concentration and low concentration), distribution channel (offline and online), across six regions (Middle East and Africa, South Asia & Oceania, East Asia, Europe, Latin America, North America).