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CBD Gummies Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global CBD gummies products market size was valued at USD 5.4 billion in 2022 and is expected to grow at a CAGR of 25% from 2023 to 2030. The increasing demand for CBD products, particularly in the form of edibles such as gummies, is driving the market. CBD is among the most commonly used products for its medicinal properties, such as reducing inflammation and pain, and providing a sense of relaxation, among others. Gummies are gaining popularity due to their ease of consumption and their ability to mask the taste of CBD with added flavors.
The rising trend of the legalization of cannabis and its derivatives, such as CBD, is expected to drive the market in the coming years. For instance, in November 2021, China legalized the production and sale of CBD-infused food products. Furthermore, the increasing demand for organic and natural products is driving the growth of the market. Consumers are more conscious of the health effects of the products they use, and the popularity of organic products, such as CBD gummies, is increasing due to their health benefits.
Furthermore, the growing influence of social media is increasing the demand for CBD gummies, especially among millennials. Social media influencers are promoting the use of these products, leading to a surge in their popularity. Companies are also utilizing influencer marketing to promote their products and increase their reach. For instance, in March 2021, Cannabinoid Creations launched a social media campaign with the hashtag #CannabinoidCreationsFam to increase their reach among consumers and create brand awareness.
The demand for CBD gummies is increasing in the medical sector as well, as people are using them to treat various medical conditions, such as anxiety, depression, insomnia, chronic pain, and inflammation. Furthermore, the rising trend of personalized medicine is expected to boost the market growth. Patients are increasingly opting for personalized treatments due to their convenience and effectiveness.
Overall, the growing demand for CBD gummies products and the increasing awareness of their health benefits are expected to drive the market growth in the coming years.
Product Insights
The edible segment led the market and accounted for around 33.3% share in 2022. The demand for CBD gummies is rising due to their convenience and ease of use. CBD gummies are available in various flavors and sizes, which makes them a popular choice among consumers. Additionally, their portability and easy storage make them a preferred choice among consumers. Furthermore, the rising trend of cannabis-infused food and beverages is expected to fuel the demand for CBD gummies in the coming years.
The oral segment is expected to expand at the fastest CAGR of 8.8% over the forecast period. The rising demand for CBD infused oral products such as gums, sprays, oils, and tinctures have been driving the growth of the segment. CBD oral products have a wide range of applications including pain relief, anxiety relief, and reducing stress. In addition, the increasing acceptance of CBD by the medical community is expected to further drive the demand for CBD gummies in the near future.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 38.3% in 2022. The growth of the segment is mainly driven by the rising consumer preference to purchase health and wellness products from supermarkets & hypermarkets. According to a study by FashionNetwork.com in 2020, increasing awareness of the health benefits of CBD gummies products is driving more people to purchase them from supermarkets & hypermarkets. These establishments also provide a reasonable selection of products and assist customers in making quick purchasing decisions for the required health supplement.
The online segment is anticipated to expand at the highest CAGR of 15.3% over the forecast period. E-commerce development in the health and wellness industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in February 2022, CBD Gummies launched its official website dedicated to selling its CBD products. The website will offer products across categories like tinctures, gummies, capsules, and topicals. In addition, it will also offer the best brands and products for health and wellness along with expert advice and opinions on choosing the right product.
Type Insights
The regular CBD gummies segment accounted for the largest revenue share of 72.3% in the year 2022. The increasing popularity of CBD gummies among consumers of all ages has led to the growth of the regular CBD gummies segment. Factors such as the health benefits of CBD gummies, the availability of a wide variety of flavors, and the easy consumption of CBD gummies are some of the key drivers of the regular CBD gummies segment. The regular CBD gummies segment is further driven by the growing popularity of CBD gummies among fitness enthusiasts.
The vegan CBD gummies segment is anticipated to expand at the highest CAGR of 10.5% over the forecast period. The increasing demand for vegan CBD gummies among health-conscious consumers has significantly contributed to the growth of the vegan CBD gummies segment. Furthermore, the increasing awareness about animal welfare is also driving the growth of the vegan CBD gummies segment. Companies such as Just CBD and Hemplucid have vegan CBD gummies in their product portfolio.
Regional Insights
North America accounted for the largest share of the global CBD gummies market in 2020. The regional market is expected to grow at a significant pace over the forecast period on account of the growing popularity of CBD gummies in the region. The rising usage of CBD gummies for medical purposes is driving the growth of the market in the region. The presence of the major players in the region is further projected to boost the market growth. For instance, in June 2021, Sunday Scaries, a U.S.-based CBD products manufacturer, launched a new range of vegan gummies with a higher concentration of CBD.
Europe is expected to be the second-largest market for CBD gummies. The region is witnessing increasing acceptance of CBD products among consumers, which is driving the growth of the regional market. The presence of prominent players in the region is also expected to contribute to the market growth. For instance, in April 2021, UK-based CBD products manufacturer Love Hemp launched an exclusive range of CBD gummies with multiple flavors in the region.
Financial Projections
In this part of the CBD gummies products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your CBD gummies products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a CBD gummies products business comes from the sale of products such as CBD gummies and other related products. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, food & beverage, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the CBD gummies products business running will be described. The list of operating expenses includes product acquisition and development, wages, marketing and advertising, utilities, insurance policies, shipping and handling, and others.
Key companies & market share insights
Some of the key companies operating in the CBD gummies market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, Green Roads launched CBD gummies with a range of flavors, including strawberry, blueberry, and tropical.
– In June 2022, Lord Jones launched its All Natural CBD gummies, which are vegan and gluten-free.
– In August 2022, PureKana launched its vegan CBD gummies, which contain 20 mg of cannabidiol per piece.
Some of the prominent players in the CBD gummies market include:
– Green Roads
– Lord Jones
– PureKana
– Charlotte’s Web
– Joy Organics
– Medterra
– Fab CBD
– Hemp Bombs
– Irwin Naturals
– Diamond CBD
Global CBD Gummies Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global [CBD Gummies] products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– CBD Gummies
– CBD-infused Beverages
– CBD Topicals
– CBD Oils
– CBD Capsules & Tablets
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Organic
– Conventional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: With the emergence of the CBD industry, product innovation and customization have become key factors that are driving the market. Companies are increasingly offering unique flavors, shapes, sizes and packaging of CBD gummies to cater to different consumer tastes and preferences. Additionally, companies are introducing new product lines such as vegan CBD gummies, sugar-free CBD gummies, and organic CBD gummies. This has enabled them to gain a competitive edge in the market.
[Q]: Who are the Key Players in the CBD Gummies Products Market?
[A]: Major players in the global CBD gummies market include Folium Biosciences, Green Roads, RxCBD, CBDfx, Just CBD, Diamond CBD, Sun State Hemp, CBD Essence, and Relax Gummies.
[Q]: Which Region Offers the Largest Opportunity for Sales of CBD Gummies Products?
[A]: North America is expected to dominate the market owing to the growing awareness about the benefits of CBD gummies for health and wellness. Moreover, the presence of major players in the region is also expected to fuel the market growth in the region.
[Q]: What are the Factors Driving the CBD Gummies Products Market?
[A]: Factors such as increased demand for organic and natural products, the growing use of CBD for therapeutic purposes, increasing awareness about the health benefits associated with CBD gummies, and the easy availability of CBD products in the market are driving the growth of the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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