- Base Year - 2015-2019
- Forecast Period - 2020-2030
- CBD Snacks Market Value in 2020 - US$ 1,472.5 Mn
- Regions Covered - North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA.
- Key Companies - ZBD, LivityFoods LLC, VELOBAR, Naturebox, Weller, Evo Hemp, CBD American Shaman, Dixie Brands Inc., Premium Jane, Pure Kana, and Just CBD
KEY RESEARCH FINDINGS
- The availability of a wide range of CBD-fortified products and possibilities for launches in new product categories provide ample opportunities for companies to expand operations in emerging market
- The sales of CBD products through e-commerce are expected to gain momentum over the coming years
- Manufacturers are mainly focusing on reducing the THC content to get approvals from regulatory bodies. Regulations imposed on sales and application remain the key factor affecting the sales of CBD snacks market
KEY FACTORS SHAPING THE CBD SNACKS MARKET
Expansion of CBD and Hemp Industry Creates Growth Opportunities
The vagueness and ambiguity of the law regulating CBD has significantly affected the dynamic, lucrative, and largely unregulated CBD industry, with a wide range of retail goods and strong growth in revenue. Most CBD products are produced from hemp and the market for CBD products is directly proportional to the output of hemp. The key players are projected to experience sales growth.
Stringent Regulations and Ban in Several Countries Hindering Market Growth
In countries such as North America and Europe, the regulations and approvals for CBD and its related products such as CBD snacks are very stringent. In several North African countries, there has been a ban on the selling on CBD products. These regulatory hindrances are negatively affecting the sales of the CBD snacks market. Thus, manufacturers are mainly focusing on North America and Europe for the selling their products.
CBD SNACKS INDUSTRY STRUCTURE ANALYSIS
- Tier one companies are focusing on research and development to increase the sustainability of the food products
- Companies are focusing on acquisition and mergers to strengthen their supply chain management and to expand their geographical presence
CBD Gummies Accounts for About 42% Share
CBD gummies are commonly regarded as non-psychotropic drugs, with no THC, reducing the risk of a highly induced medication. CBD Gummies are supposed to replace other consumables that are deemed unhealthy, such as chocolates, cookies, brownies and confectioneries. In 2018, CBD gummies were also the third most successful food-related Google search according to FONA International.
The market for the gummies' CBDs is also powered mainly by millennials. Convenience regarding the transportation and usage of the commodity is expected to bode well for production. Lack of THC in the commodity should also boost demand.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
North America and Europe to Remain Dominant, Asia Pacific to Exhibit Growth at Higher Rate
North America and Europe hold the leading share in the CBD snacks market. However, over the forecast period the Asia Pacific is expected to grow rapidly in the CBD snacks market. Due to urbanization, the lifestyle and eating habits in Asia Pacific are changing. The awareness regarding health and wellness is rising rapidly in the Asia Pacific due to which consumers in this region are increasingly preferring nutritious snacks.
Snacks as a category are increasing rapidly in popularity within the Asia Pacific region, driven by convenience trend among consumers. A number of manufacturers of hemp and CBD have expressed interest in doing business in Thailand, following the current reforms to its regulations announced. Asia Pacific is a largely untapped CBD sector, and represents the next major business opportunity to take advantage of the emerging global movement towards cannabis legalization.
CBD Infused Products are Gaining Traction
The demand for CBD is rising at an unprecedented pace, with increasing applications in many interconnected industries and services. Touted by various experts for its extensive health benefits without any of the THC's psychoactive impacts, CBD is attaining broad market acceptance worldwide.
CBD markets are expected to grow at a rate of 49% in between 2020-21. Rates of adoption are gradually growing and will continue to increase as awareness spreads. New medicinal and therapeutic advantages are discovered each year as commercial manufacturing continues to produce an ever-expanding variety of CBD-infused food products.
How Growth will Unfold
Some of the leading manufacturers of CBD products are focusing on acquisition and mergers to expand their product portfolio. Companies operating in the market are also investing in research and development to produce various unique products of CBD Snacks. Technology is playing major role in the development of CBD Snacks products. Major players are focusing on adoption of advanced technologies to boost their production capacity and innovation capability.
CBD SNACKS MARKET TAXONOMY
The global CBD snacks market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Convenience Stores
- Discount Stores
- Pharmacy/Drug Stores
- Food and Drink Specialty Stores
- Independent Small Groceries
- E Retailers
- North America
- Latin America
- East Asia
- South Asia