The scope of our recent study, titled "CBD Gummies Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Category (Sugar-Free and Conventional) and Distribution Channel (Specialty Stores, Online Retail, and Others)," includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with market share analysis.

The CBD gummies market was valued at US$ 2,133.48 million in 2021 and is projected to reach US$ 12,182.21 million by 2028. It is expected to grow at a CAGR of 28.3% from 2021 to 2028.

CBD gummies are infused with CBD oil, which has anti-inflammatory, neuroprotective, anti-anxiety, and analgesic effects. They help reduce the pain from athletic injuries, induce calmness, and relieve stress and anxiety. People see the effects of CBD gummies after around 30 minutes to 1 hour of consumption. CBD gummies are widely available forms of CBD products. They are available in a variety of flavors. The manufacturers are also launching sugar-free, organic, vegan, GMO-free, and gluten-free CBD gummies to cater to emerging consumer trends. This factor is projected to open significant growth opportunities in the CBG gummies market over the forecast period.

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Based on category, the CBD gummies market is segmented into sugar-free and conventional. The conventional segment held a significant share in the global CBD gummies market in 2020. The sugar-free segment is projected to grow at a faster CAGR over the forecast period. Conventional gummies are widely available across supermarkets and hypermarkets, pharmacy stores, and drug stores. Moreover, they are easy to manufacture as the raw materials are easily available. However, the conventional CBD gummies can experience reduced popularity as consumers are becoming health-conscious.

Moreover, consumers have a wide range of healthier alternatives for conventional gummies, which can hinder the segment's growth over the forecast period. However, local manufacturers may still use conventional raw materials as they are affordable and easily accessible. This factor can positively drive the conventional CBD gummies market.

Based on geography, the CBD gummies market is segmented into – North America, Europe, and the Rest of the World. North America held the largest share in the global CBD gummies market in 2020. There is high awareness about CBD products in the US. According to the 2019 Gallup Poll, 14% of the surveyed American consumers use CBD products. This number is projected to grow in the future as the awareness regarding the health benefits of CBD is increasing dramatically in countries like the US and Canada. Moreover, many American celebrities and influential personalities are using and promoting CBD products. For instance, Kim Kardashian—an American celebrity and businesswoman with a large number of followers on social media—stated that she consumes CBD gummies regularly to have a proper sleep. This factor is also expected to favor the growth of the CBD gummies market across North America in the coming years.

Impact of COVID-19 Pandemic on CBD Gummies Market

The COVID-19 pandemic has negatively impacted various industries due to lockdowns, travel bans, the shutdown of manufacturing units, and supply shortages. The food & beverages industry faced operational difficulties caused by disruption of supply chains, labor shortage, and shortage in raw material supply. Additionally, lockdowns and border restrictions hampered product innovation and collaboration opportunities in the market. The CBD gummies market witnessed the mixed impact of the pandemic. As people stayed in their homes due to the work from home mandates, they focused more on their physical and mental well-being. They preferred healthier foods, beverages, and dietary supplements that boosted their mental health. This factor leveraged the demand for CBD gummies. However, due to operational difficulties, many manufacturers suffered from a shortage of raw materials and labor, which negatively impacted their profits. However, the global marketplace is recovering from the losses, and the manufacturers are overcoming the demand and supply gaps as they are permitted to operate with full capacity. A strong foothold of e-commerce platforms in various regions such as North America, Asia-Pacific, and Europe also supported the growth of the CBD gummies market as these platforms offered uninterrupted services to the consumers even during the initial months of the pandemic.

The report segments the CBD gummies market as follows:

Based on category, the CBD gummies market is bifurcated into sugar-free and conventional. In terms of distribution channel, the market is segmented into specialty stores, online retail, and others. Based on geography, the CBD gummies market is segmented into North America, Europe, and the Rest of the World.

High Influence of Social Media and Celebrities on People to Boost Market Growth

CBD gummies are infused with cannabidiol and has less than 0.3 percent tetrahydrocannabinol (THC). Cannabidiol or CBD is a medicinal compound extracted from hemp plants that are antagonistic in behavior. Therefore, these gummies have pharmaceutical applications for relieving stress, pain, anxiety, depression, insomnia, inflammation, and many more. CBD gummies are also used for the treatment of epilepsy. These gummies come in a variety of forms, tastes, colors, and cannabidiol concentrations.

Social media is playing a crucial role in changing the lifestyles of people. Over the past few years, the number of social media users has increased dramatically owing to the rising penetration of the internet and smartphones. People are largely influenced by social media influencers and celebrities and try to follow them. Brands are getting benefitted due to the growing influence of social media and celebrities on people. CBD products are heavily promoted by celebrities on social media platforms. Some of the influential personalities such as Seth Rogan, Snoop Dogg, Olivia Wilde, Jay Z, Danny DeVito, Wiz Khalifa, and Willie Nelson are promoting the use of CBD. Most celebrities have chosen to either launch their own brand or invest in a cannabis-based business. Willie Nelson, for example, has his own cannabis company, Willie's Reserve. Pre-rolled joints, dried flowers, edibles, and oil concentrates are among the few items he sells on his website. Celebrities and businesswomen such as Kim Kardashian and Martha Stewart use CBD gummies to improve their sleep. Kim stated that she regularly uses CBD gummies to help her to get proper sleep. On the other hand, Martha Stewart also mentioned that she consumes CBD gummies and CBD drops from her own brand. These celebrities have a large number of followers on social media platforms. Thus, the rising promotion of CBD products including CBD gummies by celebrities and a high influence of celebrities on people are expected to drive the CBD gummies market in the future.

Key Market Players:

A few players operating in the CBD gummies market are Dixie Brands; Aurora Cannabis Inc.; Canopy Growth Corporation; Sunday Scaries.; Diamond CBD; CBD American Shaman; CV Sciences, Inc.; Medix CBD; CBDFx; and Elixinol among others.

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