Let’s take a step back. Both hemp and marijuana fall into the cannabis genus. Cannabis plants contain two naturally-occurring compounds: cannabidiol (CBD) and tetrahydrocannabinol (THC). CBD and THC are both cannabinoids but have different effects on the body. Most prominently, THC has psychoactive effects and CBD doesn’t, which is why CBD doesn’t make you feel high.
In a recent Gallup poll, 64% of U.S. adults said that they were familiar with CBD and/or CBD products. In a 2020 SingleCare survey, we found that one-third of Americans have used CBD.
How common is CBD use?
While it shows plenty of promise in treating various conditions, “it is not a one-size-fits-all [remedy] to treat specific conditions or symptoms of those conditions for every individual,” says Manisha Singal, MD, the founder of Aethera Beauty . “Research on the benefits and action of CBD in topical formulations as well as ingestible forms is ongoing. That experimentation is in its preliminary stages and there is a long way to go. The medical potential for CBD and other cannabinoids is undeniable, but medical research takes time and careful analysis.”
People use CBD for almost everything. Name a medical condition and there’s likely someone out there treating it with CBD or other cannabis products. But when someone claims that CBD cured their migraines or skin rash, take it with a grain of salt. Because the CBD industry is so new, there simply hasn’t been enough research to fully understand its effects yet.
Here’s the big question: is CBD legal or not? The laws around cannabis are frequently changing and vary from state to state. CBD derived from hemp is legal, as long as it meets certain requirements. The Agriculture Improvement Act of 2018 (AKA the 2018 Farm Bill) allowed for the production and marketing of hemp-derived CBD products without federal regulation as long as they contain no more than 0.3% THC. But these products should not be labeled or marketed as medications. The FDA has only approved one CBD-based drug (Epidiolex), so the sale of other CBD products as drugs for the treatment of specific medical conditions is not yet legal.
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.
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 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.
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.
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.
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.
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.