CBD Gummies Market Size, Share & Trends Report

CBD Gummies Market Size, Share & Trends Analysis Report By Concentration (High, Low), By Distribution Channel (Online, Offline), By Region (North America, Europe, RoW), And Segment Forecasts, 2021 - 2028

  • Published Date: Apr, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-3-68038-853-4
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 70

Report Overview

The global CBD gummies market size was valued at USD 1.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 30.7% from 2021 to 2028. CBD (Cannabidiol) gummies are receiving immense popularity among consumers owing to their exceptional pain relief, anti-depressant, anti-anxiety, and neuroprotective properties, which are expected to fuel the growth of the market over the forecast period. During the COVID-19 pandemic, people around the globe have focused on the essentials of daily life. Governments across the globe have also put restrictions on the export and import of non-essential items, such as CBD, unprocessed hemp, and isolate. Hence, during the COVID-19 pandemic, the market for CBD gummies has witnessed slow growth across the globe.

U.S. CBD gummies market size, by concentration, 2018 - 2028 (USD Million)

A wide range of pain medications are available in the global market such as aspirin, acetaminophen, ibuprofen, and naproxen, and all of these painkillers have very serious side effects. On the other hand, these products can help in reducing chronic pain by improving endocannabinoid receptor activity, reducing inflammation, and acting together with neurotransmitters. Such health benefits are anticipated to fuel their demand over the forecast period.

However, CBD gummies have evolved as an important method to cope up with stress and the product has become essential among consumers who have been enjoying it for a while. Thus, these consumers continue to contribute to revenue growth. Further, an increase in the stress levels of the common masses due to the outbreak of the pandemic can contribute to higher demand for CBD gummies.

The increasing pressure among working individuals and even students has resulted in a gradual rise in anxiety and depression across the globe. According to statistics provided by the Anxiety and Depression Association of America (ADAA), in 2019, anxiety is the most common mental illness in the U.S., with more than 40 million adults of age 18 and older affected by this disorder only in the U.S. With the increasing prevalence of anxiety and depression, the demand for CBD gummies is anticipated to receive a boost over the forecast period.

A rise in the legalization of cannabis for medical and recreational purposes is a major factor supporting the demand for cannabidiol gummies. No traces of tetrahydrocannabinol (THC) content in the product is expected to further drive the demand among consumers interested in the consumption of the product for medical purposes.

Concentration Insights

The low concentrated CBD gummies held the largest share of 90.2% in 2020 and are expected to maintain their lead over the forecast period. First-time buyers prefer low CBD content gummies ranging from 1 mg to 20 mg CBD per gummy. Most of the companies including Hemp Bombs, Green Roads, Charlotte’s Web, and CV Sciences, Inc. offer low content gummies containing 5mg, 10mg, and 15mg CBD per gummy.

High concentrated gummies are projected to register the fastest CAGR of 34.7% from 2021 to 2028. The increasing awareness among consumers regarding the advantages of marijuana edibles for the treatment of sleep disorders is anticipated to fuel the segment growth in the near future. Consumers consume these high-potency CBD gummies for an extra boost of CBD. Available in various flavors in the market, these products help people relax and feel calm from their hectic lifestyles, along with reducing stress and anxiety and enhancing mood.

Distribution Channel Insights

The offline distribution channel was the largest segment with a share of 56.4% in 2020 and is expected to witness the fastest growth over the forecast period. The overall sales through offline channels dropped drastically owing to the closure of all the brick and mortar stores due to the pandemic across the globe. Moreover, there is a high penetration of head shops around most large cities owing to which head shops enjoy a significant existing clientele and a loyal local customer base. Consumers prefer offline stores for purchasing authentic and quality products. Retail pharmacies provide CBD products with a specific prescription.

Global CBD gummies market share, by distribution channel, 2020 (%)

The online distribution channel is expected to register a growth rate of 17.2% from 2021 to 2028. The hassle-free shopping experience offered by Amazon and other online platforms is expected to drive the segment. Easy payment methods, which fit into the regulatory standards of different countries, have made operations easier. Major manufacturers of CBD gummies focus on online distribution channels to reach more consumers.

Regional Insights

North America held the largest share of 62.0% in 2020.In the U.S., the legalization of cannabis for medical and recreational purposes is among the top factors driving the market. The Farm Bill of 2018 legalized the growth of industrial hemp as long as plants have a maximum THC content of 0.3%. CBD gummies are legal in all 50 states in the country as long as they are derived from hemp. These factors are foreseen to drive the demand for CBD gummies over the forecast period.

Europe is expected to register the fastest CAGR of 31.0% from 2021 to 2028. This is attributed to the rise in the number of cannabis consumers. CBD products are legal in almost every European country, but there are some exceptions. In January 2019, the European Commission decided to review the Novel Food requirements to clarify CBD regulations.

Key Companies & Market Share Insights

The market players face intense competition, especially from the top companies in the market as they have a large consumer base, strong brand recognition, and vast distribution networks and they are continuously expanding their presence across major markets. For instance, in February 2021, Champs, Inc. signed an exclusive distribution agreement with First Capital Venture Co., a subsidiary of PotNetwork Holdings and the owner of Diamond CBD. This cooperative effort is to bring athlete-approved products to the market that will widen the opportunity for Diamond CBD.

Companies have been implementing various expansion strategies, such as mergers & acquisitions, new product launches, and production capacity expansion, to gain a competitive advantage over other players. For instance, in August 2020, CV Sciences, Inc. launched its Happy Lane product line that includes soft gels, roll-ons, liquids, chews, and gummies. These are distributed through the convenience store channel and select natural products retailers across the U.S. Some prominent players in the global CBD gummies market include: -

  • CV Sciences, Inc.

  • Dixie Brands

  • Reliva CBD

  • Sunday Scaries

  • Green Roads

  • Medix CBD

  • Hemp Bombs

  • PureKana

  • Diamond CBD

  • Premium Jane

CBD Gummies Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 2.1 billion

Revenue forecast in 2028

USD 13.9 billion

Growth Rate

CAGR of 30.7% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Concentration, distribution channel, region

Regional scope

North America; Europe; RoW

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Australia

Key companies profiled

CV Sciences, Inc.; Dixie Brands; Reliva CBD; Sunday Scaries; Green Roads; Medix CBD; Hemp Bombs; PureKana; Diamond CBD; Premium Jane

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global CBD gummies market report on the basis of concentration, distribution channel, and region:

  • Concentration Outlook (Revenue, USD Million, 2016 - 2028)

    • High

    • Low

  • Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

    • Online

    • Offline

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

    • RoW

      • Australia

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