The global Cannabidiol (CBD) Gummies Market size reached USD 3.3 billion in 2022 and is expected to achieve a revenue CAGR of 30% during the forecast period. The major drivers for the growth in revenue include the increasing use of CBD-based products in the pharmaceutical and nutraceutical industries and the rising awareness of CBD's potential health benefits among consumers.
CBD gummies are becoming more popular among people with chronic conditions such as arthritis, anxiety, depression, and sleeplessness, who prefer them to CBD oil due to their taste and ease of use. CBD gummies do not induce a "high," making them appealing to consumers who are averse to psychoactive effects. The market's revenue growth is being driven by the availability of CBD gummies in a variety of flavors, doses, and formulations.
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The legalization of cannabis in many countries and the increasing use of CBD-based products in the beauty and personal care sectors are expected to drive market revenue growth. CBD gummies' anti-inflammatory and antioxidant properties make them suitable for use in skincare and personal care products.
To meet the rising demand for vegan and organic products, manufacturers are increasingly using natural sweeteners like stevia and agave syrup in CBD gummies. The market's revenue growth is also being driven by the increasing popularity of social media and e-commerce platforms, which allow vendors to reach a larger customer base.
The market's revenue growth could be restrained by the lack of industry regulation and standardization, which has led to the proliferation of low-quality and counterfeit products. The high price of CBD products and the absence of insurance coverage for CBD-based goods are other factors that could hinder revenue growth.
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Based on concentration, the global CBD gummies market is divided into full-spectrum CBD gummies and broad-spectrum CBD gummies. Full-spectrum CBD gummies are expected to account for the largest revenue share during the forecast period due to customers' rising preference for natural and organic products. Broad-spectrum CBD gummies, on the other hand, are expected to register the fastest revenue CAGR due to the increased emphasis on health and wellness and the absence of THC's intoxicating effects.
Based on distribution channel, the global CBD gummies market is segmented into online and offline. The online segment is expected to account for the largest revenue share during the forecast period due to its convenience and accessibility. The offline segment is expected to register the fastest revenue CAGR due to the personalized approach to sales that it offers.
The North American market is expected to account for the largest revenue share during the forecast period due to rising demand for CBD gummies. The market in Europe is expected to register the fastest revenue CAGR due to the region's increasing acceptance of cannabis for medical and recreational use. The market in the Asia Pacific region is expected to account for a moderately large revenue share during the forecast period due to strict laws governing the use of cannabis and CBD in the region.
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