Original report can be found here.
The market for global CBD gummies is expected to grow from $1.86 billion in 2022 and reach nearly 13 dollars by 2030, with an annual growth rate (AGR) of 27%. While North America dominated this industry a few years ago, Europe has seen rapid expansion and is poised to continue growth.
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 1.86 Billion |
| Market size value in 2030 | USD 13.39 Billion |
| CAGR (2022 to 2030) | 27.93% |
| Historical data | 2019-2020 |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Segments | The research segment is based on product type, concentration, and distribution channel. |
| Regional Segments | The regions examined for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. |
What are the drivers of the growth in the CBD market?
Benefits to chronic health issues
While there are many benefits to be found in CBD, one of its more unique features is how effective it can be for those who suffer from specific conditions and acute pain. A cannabinoid gummy has been found by some individuals as an alternative treatment option when compared with traditional medicine because they offer calming or relaxing attributes without the psychoactive properties that come along with other drugs such as THC.
Growing ability to distribute content online
The restrictions on CBD content is loosening on major online platforms like Facebook and Google. With a greater adoption of new marketing technologies such as advanced online ad targeting, SEO, SMS marketing, and direct message marketing apps it’s now easier for CBD marketers to reach their target audience.
Wider availability in physical locations
The high number of conventional facilities such as supermarkets, pharmacies, and convenience stores is the primary driver supporting the segment’s growth. CBD gummies mainly don’t require a prescription and are widely available as over-the-counter drugs in pharmacies, which increases the demand for conventional channels. The easy accessibility of these stores has a significant impact on the segment’s growth.
How to take advantage of the growing interest in the CBD market
Have a strong brand
A strong brand can help a company stand out in a crowded marketplace, and it can also help build customer loyalty. CBD brands that are successful will typically have a clear message and a consistent visual identity. They’ll also make sure their products are of the highest quality and they’ll be transparent about their ingredients and manufacturing processes.
Focus on SEO and content development
Paying attention to search engine optimization, or SEO, is a good way to organically build your brand. Combined with educational content, SEO can help build trust in your brand and expand your reach without having to pay for advertising placements.
Attend trade shows
Word of mouth marketing is one of the most powerful forms of marketing. Attending industry trade shows gives you an opportunity to meet with other industry players face-to-face and assess the competition. At trade shows, you can also demonstrate what your brand has to offer and get people on your side. This could attract a new audience and potentially investment for your CBD advertising strategy.
Build an affiliate network
Affiliate marketers are people who can help to inform the world about a product without the company having to invest their own time into marketing their product. Traditionally, affiliate marketing is based on commission only, so this channel is low risk, high reward for CBD brands. Some trusted affiliate networks include ShareASale, CannAffiliate and Clickbank.