DUBAI, United Arab Emirates, Nov. 07, 2022 (GLOBE NEWSWIRE) — The global CBD gummies market is expected to witness an impressive growth rate of 29% during the projected years from 2022 to 2032. The size of the gummies market CBD is expected to reach a valuation of approximately US$7,270 million by the end of 2032 compared to the current valuation of US$715 million in 2022.
The CBD market has grown rapidly in recent years, with people becoming more interested in the potential benefits of CBD. CBD gummies are a convenient way to take CBD, and they come in a variety of flavors, making it more popular among today’s masses.
Canberra was the first Australian city to legalize cannabis for personal use, possession and cultivation of small amounts. The Therapeutic Goods Administration (TGA) is actively pursuing a review of the safety of CBD at lower concentrations based on which Australian health authorities may relax CBD’s scheduling status and possibly soon make it available in low doses over-the-counter. This started the trend and contributed to the rise in demand for CBD products in the market, driving the sales of CBD gummies around the world.
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When it comes to CBD, there is no one-size-fits-all solution. This is especially true when it comes to the different consumption methods available. Some people prefer vaping CBD oil, while others prefer using a tincture. Overall, CBD gummies and other products have been gaining popularity in recent years with growing awareness of these products.
So far, the reaction to CBD gummies has been mixed. Some people love them, while others find them too sweet or artificial in taste. However, with more and more people trying out CBD products, the market for CBD gummies is likely to continue to grow.
Key insights from the CBD gummies market research
- The overall growth of the global CBD gummies market is estimated at around US$6.5 billion over the forecast years to 2032, knowing the astonishing CAGR of 29%.
- Based on different product types, high CBD gummies reportedly acquired almost 28.2% of the total sales made last year.
- For the distribution and sale of CBD gummies, the conventional segment is the main contributor, contributing nearly 54.6% over the past few years.
- The CBD gummies market in North America leads all major geographies, with the United States holding a total share of nearly 42% in the global market.
- CBD gummies market in Asia-Pacific is the fastest growing market with the recent developments and adoption
Competitive landscape for the global CBD gummies market
Most of the companies in the market focus on obtaining certifications from international organizations such as possessing a Certificate of Analysis (COA) to gain a competitive edge. Leading companies and brands reviewed and featured in the Global CBD Gummies Market report 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 major markets include CBD Oil Europe, Medterra, Balance CBD, CBDfx, CBD Pure, etc.
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Recent developments around the world CBD gummies Market:
To gain a competitive advantage over rivals, CBD companies have put into practice many growth plans, including mergers and acquisitions, new product launches, and increased manufacturing capacity. As an illustration, CV Sciences, Inc. launched its Happy Lane product line in August 2020.
Key segments of the CBD gummies market
Type of product:
- Concentrated high CBD gummies
- CBD Gummies Isolate
- Broad-spectrum CBD gummies
- Full Spectrum CBD Gummies
Sales channel :
- Conventional distribution channel
- Supermarket/ Hypermarket
- Store heads/
- Local health stores
- Online retail
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1. Market overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limits
2. The massive impact of the crisis
2.1. Global CBD Gums Market Forecast Scenario Short-term (2022-2026) and Long-term (2027-2032) Annual Growth Rate Comparison
2.1.1. Optimistic scenario
2.1.2. Likely scenario
2.1.3. Pessimistic scenario
2.2. Key Factors Impacting the Market
2.3. Note: A market assessment must be provided for the likely scenario
3. Market dynamics
3.1.1. Supply-side drivers
3.1.2. Demand side drivers
3.1.3. Economic secondary factors
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