The Rise of CBD Gummies A Natural Alternative to Traditional Pain Relief

ROCKVILLE, MARYLAND, UNITED STATES, September 29, 2023 /EINPresswire.com/ -- According to Fact.MR's industry analysis, the global CBD gummies market size is achieved a valuation of US$ 1.46 billion in 2022, marking a significant growth rate of 12.8% from 2018 to 2022. The market is poised for a remarkable surge, with a projected compound annual growth rate (CAGR) of 30.1%, ultimately reaching a substantial value of US$ 26.41 billion by the conclusion of 2033.

This robust growth is underpinned by several key factors, including the increasing momentum behind initiatives aimed at legalizing cannabis for both medical and recreational use. CBD gummies have garnered immense popularity due to their recognized properties, which encompass anti-depressant, neuroprotective, anti-anxiety, and pain relief effects.

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Moreover, the market anticipates a substantial rise in demand for high-concentration CBD gummies, with a projected CAGR of 30.4%, culminating in a market valuation of US$ 24 billion by 2033. In the United Kingdom, CBD gummies sales are expected to experience robust growth as well, with a forecasted CAGR of 29.4%, leading to a market value of US$ 2.48 billion by 2033.

CBD Gummies Market – Key Takeaways

-Low concentration CBD gummies formulations continue to account for more than 90% of market share.

-Consumer preference for offline shopping remains strong, with perception of high quality and authentic products.

-Increasing scope of medical applications are driving the rapid growth of high concentration CBD gummies.

-Legalization has resulted in North America becoming a major regional market for CBD gummies.

CBD Gummies Market – Principal Growth Catalysts

Extended Efficacy: CBD gummies' longer-lasting effects, when compared to smoking cannabis, play a pivotal role in driving consumer demand.

Legalization Momentum: The growing legalization of cannabis for both recreational and medical purposes is a substantial driving force behind the expanding CBD gummies market.

THC Removal: The elimination of tetrahydrocannabinol (THC) from CBD gummies has significantly fueled demand, especially within the medical sector.

Smoke-Free Alternatives: Increasing numbers of consumers seeking smoke-free alternatives contribute significantly to the rising demand for CBD gummies.

CBD Gummies Market – Primary Challenges

Legal Constraints: Legal restrictions on cannabis persist in various parts of the world, acting as a significant impediment to the growth potential of the CBD gummies market.

Competitive Landscape:

Maintaining product standards, initiatives for quality control, strengthening the supply chain management systems, etc., are some key objectives on which industry players are concentrating.

Numerous strategies such as agreements, collaborations, mergers, and acquisitions are adopted by key players to expand their footprints globally.

For instance :

In February 2021, the proprietor of Diamond CBD, First Capital Venture Co. (PotNetwork Holdings division), and Champs, Inc. entered into a contract. This initiative aims to increase the market share of Diamond CBD with the introduction of products that are generally endorsed by athletes.

Key Companies Profiled:

-Verma Farms
-Hemp Bombs
-Verified CBD
-Nature’s Script
-CBDistillery
-Endoca
-Plus CBD
-Koi CBD
-Green Roads
-Charlotte’s Web

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What Factors Contribute to Robust Profit Margins for CBD Gummies Manufacturers?

Rising Insomnia Cases Fueling Demand for CBD Gummies

In recent years, a notable surge in global insomnia cases has emerged. Vulnerable groups such as individuals with mental and physical health concerns, older populations, and women are disproportionately affected by this sleep disorder. The prevalent trend of demanding work schedules has disrupted sleep patterns for many, contributing to the growing insomnia epidemic. As individuals seek solutions to combat this issue, the consumption of cannabis-based products like CBD gummies, known for their relaxing properties, has gained popularity. The ease of consumption and effectiveness of CBD gummies make them a convenient remedy for insomnia, leading to an anticipated increase in demand over the forecast period.

Flavorful Choices Drive the Rising Demand for CBD Gummies

Leading manufacturers of cannabinoid gummies are strategically focusing on diversifying their product offerings to cater to a wide range of consumer preferences. CBD gummies are now available in a myriad of forms and flavors, appealing to diverse tastes worldwide. Today's consumers prioritize sensory experiences in their food and beverage choices, extending this preference to their CBD consumption. Consequently, suppliers are addressing both health benefits and sensory satisfaction, meeting customer expectations and driving increased demand.

Healthcare Industry Boosts Sales of CBD Gummies

The healthcare sector plays a pivotal role in driving the high sales of CBD gummies. These gummies offer effective control over inflammatory responses within the body, positioning CBD products as a viable alternative to traditional analgesics like aspirin and ibuprofen. Moreover, CBD, including gummies, is gaining recognition for its anti-depressant and anti-anxiety properties. Additionally, CBD's ability to facilitate neurogenesis in critical brain areas associated with depression and anxiety further enhances its appeal as a therapeutic option. Consequently, the healthcare industry is a prominent contributor to the growth opportunities enjoyed by CBD gummies manufacturers.

Check out more related studies published by Fact.MR Research:

Sleep Gummies Market: The global demand for sleep gummies is expected to witness progressive growth over the forecast period. Rising awareness of the need to alter the sleeping patterns and a healthy sleeping schedule is predicted to result in the upliftment of demand for sleep gummies in the assessment period.

CBD Beverages Market: CBD beverages have gained popularity as cannabis products were legalized by the Farm bill (Agricultural Improvement Act) in 2014. The rising awareness of the health benefits of CBD products has elevated the growth of the CBD beverages market globally. Cannabidiol is a non-psychoactive molecule found in cannabis, which is extracted from leaves, resin, and flowers of marijuana or hemp.
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