DUBAI, United Arab Emirates – The global CBD gummies market is set to witness an impressive growth rate of 29% over the projected years of 2022 to 2032. The CBD gummies market size is anticipated to reach a valuation of around US$ 7,270 Million by the end of year 2032 from the current valuation of US$ 715 Million in 2022.
The CBD market has been growing rapidly in recent years, as people have become more interested in the potential benefits of CBD. CBD gummies are a convenient way to take CBD, and they come in a variety of flavours making it more popular among the mass of today.
Canberra was the first Australian city to legalize cannabis for personal use, possession, and cultivation of small quantities. The Therapeutic Goods Administration (TGA) is actively pursuing a safety review of CBD at lower concentrations based on which the Australian health authorities could relax the scheduling status of CBD and possibly make it available in low doses over the counter soon. This started the trend and contribute to the demand uptick of CBD products in the market favouring the sales of CBD gummies worldwide.
When it comes to CBD, there is no such thing as one size fits all. This is especially true when it comes to the various consumption methods available. Some people prefer vaping CBD oil, while others might enjoy using a tincture. All in all the CBD gummies and other products are getting higher traction these years with growing awareness about such products.
So far, the reaction to CBD gummies has been mixed. Some people love them, while others find them too sweet or artificial-tasting. However, with more and more people trying out CBD products, it’s likely that the CBD gummy market would continue to grow.
Key Takeaways from CBD Gummies Market Study
- The overall growth of the global CBD gummies market is estimated to be around US$ 6.5 Billion over the forecast years through 2032, by experiencing the astounding CAGR of 29%.
- On the basis of different product types high CBD concentrated gummies are figured out to have acquired almost 28.2% of the total sales achieved last year.
- For the distribution and sales of CBD gummies the conventional segment is the major contributor by contributing for nearly 54.6% in the last few years.
- North America CBD gummies market leads all the broad geographical regions with United States having a total share of almost 42% in the global market.
- Asia Pacific CBD gummies market is the fastest growing market with recent developments and adoption
Competitive Landscape for the Global CBD Gummies Market
Most companies in the market are focusing on getting certifications from international organizations such as Possession of Certificate of Analysis (COA) to gain a competitive edge. Key companies and brands assessed and profiled in the report for the global CBD Gummies market are:
Growing Americas CV Sciences, Charlotte’s Web, Verma Farms, PureKana, Dixie Brands Inc., Premium Jane, Kushie Bites, Sunday Scaries, Hemp Bombs, Reliva CBD Wellness, etc. And, in Europe some of the prominent market includes CBD Oil Europe, Medterra, Balance CBD, CBDfx, CBD Pure, etc.
Recent Developments in the Global CBD Gummies Market:
To acquire a competitive edge over its rivals, CBD businesses have been putting numerous growth plans into practice, including mergers and acquisitions, the launch of new products, and an increase in manufacturing capacity. For illustration, CV Sciences, Inc. debuted its Happy Lane product line in August of the year 2020.
Key Segments of the CBD Gummies Market
- High CBD Concentrated Gummies
- CBD isolate Gummies
- Broad-spectrum CBD Gummies
- Full-spectrum CBD Gummies
- Conventional Distribution Channel
- Supermarket/ Hypermarket
- Head shops/
- Smoke shops
- Local health stores
- Online Retailing
(This information is primarily sourced from Future Market Insights Global and Consulting Pvt. Ltd. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).