Increasing awareness about health benefits and the psychoactive impact of CBD-infused snacks will offer new growth horizons for market players.
DUBAI, UAE / ACCESSWIRE / May 26, 2020 / Before legalization came in effect in Canada and some parts of the United States, cannabis was primarily consumed through rolling papers, bongs, and pipes. However, after cannabis legalization, entrepreneurs started capitalizing on the opportunity and introduced a slew of innovations in to the market, one of which is CBD-infused snacks and drinks. Today, CBD snacks is one of the fastest-growing industries in North America and as suggested by a new Future Market Insights (FMI) report, the global market for CBD snacks would also progress at a pace, surpassing the billion-dollar mark by 2020 end. Owing to profuse growth, large corporations are tapping remunerative opportunities by introducing new CBD snacks in the market.
"Market leaders must lay greater emphasis on preferences of millennial population owing to swelling popularity of CBD snacks," finds FMI.
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Key Takeaways of CBD Snacks Market Study
- Gummies and chocolates are preferred CBD snacks among consumers, accounting for a leading market share.
- Heightening demand for clean labelled food items will inflate the sales of CBD snacks owing to greater consumer awareness.
- Store-based retailers currently define the key distribution channel, whereas E-retailers are rapidly gaining traction.
- North America's CBD snacks market will record double-digit CAGR through 2030, and the market in Asia Pacific exhibits a higher growth rate.
CBD Snacks Market - Key Growth Drivers
- Accelerating production of hemp derivatives in North America will stoke the growth of CBD snacks market through 2030.
- Rising adoption in variegated end-use areas such as pharmaceuticals, animal feed, personal care, and food and beverages will impel market growth over the forecast period.
- Massive investments by CBD snacks manufacturers in the United States are contributing substantially to the revenue pool of market.
- Growing adoption of CBD gummies over unhealthy alternatives such as confectioneries, brownies, cookies, and chocolates will supplement the growth of market through the projection period.
- Lesser stigmas attached with CBD snacks compared to smoking cannabis will continue to augment the demand.
CBD Snacks Market - Key Restraints
- Lack of cannabis legalization in Asia Pacific is restricting growth prospects in the region. However, once legalized, the market will offer plethora of opportunities owing to the vast untapped population of Asia Pacific.
- Greater than recommended amount of CBD snacks can cause confusion, hallucinations, paranoid delusions, and extreme sedation similar to smoking marijuana. Hence, this factor will restrict wider adoption through 2030.
Anticipated Impact of COVID-19 on CBD Snacks Market
Strengthening immune systems and maintaining healthy diet are primary focus areas of consumers during the ongoing COVID-19 crisis. Hence, demand for CBD snacks has grown stronger in the first quarter of 2020. The United Kingdom government has allowed store-based retailers to stay open during the pandemic. Moreover, E-retailers are functioning in most developed countries thereby sustaining the growth of CBD snacks market. Since the global CBD snacks market is still largely unregulated it has augured well for established players. Hence, CBD snacks market will exhibit pronounced growth through the course of COVID-19 pandemic.
Explore the full CBD snacks market report with 56 illustrative figures, 48 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-11581
Competitive Landscape of CBD Snacks Market
Some of the leading players in the global CBD snacks market that are featured in this FMI report include, but are not limited to, Just CBD, Pure Kana, Premium Jane, Dixie Brands Inc., CBD American Shaman, Evo Hemp, Weller, Naturebox, VELOBAR, LivityFoods LLC, and ZBD. Leading manufacturers are adopting inorganic growth strategies such as mergers and acquisitions to bolster their footprint in CBD snacks market. Expanding the production capacity is the key strategic tenet of established players. Moreover, they continue to explore the whitespaces in CBD snacks market through multiple R&D undertakings. Innovation is the key to maintain hegemony in CBD snacks market.
More About the Report
This Future Market Insights study of 250 pages provides all-inclusive insights on the global CBD snacks market. The market analysis is based on type (gummies, bars, and cookies), and distribution channel (hypermarkets/supermarkets, convenience stores, discount stores, pharmacy/drug stores, food and drink specialty stores, and independent small groceries) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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