The CBD gummies market has soared over recent years, and a recent report anticipates that the global market will top $12 billion USD over the next six years, according to a recent report.
According to consulting research service The Insight Partners, the global CBD gummies market was valued at $2.1 billion USD in 2021 and is expected to grow by another $10 billion USD by 2028. That marks an annual growth rate of over 28%.
Cannabidiol (CBD) continues to show great promise in the world of medicine, serving as a potential natural remedy to ailments including pain, anxiety, and seizures without the psychoactive effects that are typical with the consumption of tetrahydrocannabinol (THC). [1]
CBD gummies, in particular, make consuming and dosing CBD easy. And the pleasant flavors that these products come in make gummies both a tasty treat and an effective therapeutic for various health issues.
Legalization of CBD and Consumption From High-Profile Figures Fueling the Cannabinoid’s Popularity
Coupled with the recent legalization of hemp thanks to the 2018 Farm Bill that helped destigmatize the cannabinoid, CBD products are poised to continue to be increasingly popular among consumers. Most European Union (EU) member states also now consider CBD a legal ingredient in food, beverages, cosmetics, and supplements. The EU recently legalized CBD in late 2020, blazing a trail for the growth potential of the CBD gummies market among European nations.
Public figures including celebrities and athletes are also increasingly embracing CBD, which is increasing awareness of the cannabinoid therapeutic potential among the masses.
Well-known athletes are touting CBD for its effectiveness in targeting pain and inflammation over recent years, including professional golfer Rickie Fowler, NFL player Rob Gronkowski, and NBA player Klay Thompson. Celebs like Whoopi Goldberg, Kim Kardashian, and John Legend are either using CBD for medicinal purposes or getting involved business ventures promoting CBD.
Online CBD Shops Expected to See the Most Growth Over the Next Few Years
Much of CBD gummy sales stem from specialty shops and online stores. More specifically, specialty retailers currently comprise the largest market share, but e-commerce shops are growing at a faster pace thanks to the convenience of home delivery services and a vast selection of products across the market.
Despite the hit that the CBD gummies sector took during the recent health crisis, the market is recovering nicely. In fact, many consumers have been looking to CBD-based products as a way to handle the anxiety and sleep issues that may have been triggered by the effects of the pandemic.
CBD gummies manufacturers are capitalizing on this increased growth through new product innovations and development tactics. Many are looking to focus more on lower-THC content and organic ingredients in their products to cater to the wellness market.
References:
- Bruni, N., et al, “Cannabinoid Delivery Systems for Pain and Inflammation Treatment“, Molecules, (2018); Vol.23(10): 2478. [Journal Impact Factor = 4.411] [Times cited = 220]
Image: https://pixabay.com/it/photos/cannabis-marijuana-erba-6558927/
