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CBD Edibles Market key Insights Based On Product Type, Application and Regional Demand Till 2031
2/9/2022
Popularity of Therapeutic CBD Edibles amid Coronavirus Pandemic
Since the coronavirus breakdown, manufacturers from the food & beverages (F&B) industry are targeting on the production of various CBD (Cannabidiol) products for pain and anxiety relief. Cannabis-infused products or CBD edibles are helpful to consumers in many ways due to their remarkable medicinal benefits. Available in a variety of forms and flavors, these CBD edibles release hemp-based chemical or cannabis into the body for relief from stress and depression. Apart from inevitable financial losses due to the coronavirus pandemic, several people are also facing fear and anxiety issues. CBD edibles are found to be beneficial due to their therapeutic properties during the ongoing COVID-19 outbreak. CBD edibles market stakeholders are effortlessly contributing to set their businesses to keep the economies running amid the ongoing pandemic. Their thoughtful and data-driven decisions are responsible for the increasing demand for CBD edibles from all over the world. Market players are investing in new regions to increase the production of hemp and marijuana plants, thus driving the CBD edibles market.
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Growth of Healthcare Sector Contributes to Market Expansion
The CBD edibles market is expected to expand at a CAGR of 13.7% during the forecast period. The CBD edibles market is projected to reach the valuation of US$ 34.15 Bn by 2031. CBD edibles are gaining popularity due to their health benefits for reducing stress and chronic pain. Companies in the CBD edibles market are anticipated to join forces with researchers to develop various products in order to cater healthcare and pharmaceutical industries at a global level.
CBD is found to be effective for cancer treatments, anxiety, and relaxation. CBDs are helpful in reducing inflammation to a great extent and in chronic pain relief. People are consciously taking efforts to stay fit and healthy during the pandemic. Increasing government expenditure on healthcare supports the rising popularity and awareness of edible CBD products across the world. Small and medium scale manufacturers in the food & beverages industry are taking advantage of the situation to establish their brands in the market by introducing innovative products to cater the demands from consumers.
Proliferating Business Opportunities in CBD Edibles Market
There are lucrative revenue opportunities for food practitioners, and manufacturers in the CBD edibles market to grow their businesses. Global acceptance and legalization of consumption of hemp and cannabis for health benefits is augmenting product manufacturers to increase the production of high-quality CBD edibles. Many countries are now making it legal to use CBD edibles since the past few years. There has been a tremendous growth in the consumption of CBD edibles after the coronavirus breakdown. Due to awareness of antioxidant and anti-aging properties of CBD & hemp products, consumers across the globe are focusing on purchasing tasty and flavorful CBD gummies, cannabis-infused chocolate bars, candies, etc. Consuming Keto-friendly CBDs, sugar-free CBD edibles, and CBDs with different fruit flavors are also a part of daily routine of many people at a global level. Little THC (Tetrahydrocannabinol) concentration (0.3%) drastically eliminates psychoactive effects and increases the usage of CBD edibles in pharmaceutical & healthcare applications.
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Challenges, Legalization, Popularity, and Social Acceptance
High costs and stringent government rules & regulations on consuming CBD edibles are some of the major challenges manufacturers are facing. These products are having healing properties and can be used in chronic pain relief. Cannabis-derived products are expensive, and this factor can affect the global market. The challenge is to make them available in affordable prices so that everyone can experience their benefits. Government should focus on promotional activities in underdeveloped countries to spread awareness about CBD edibles. The rising usage of CBD edibles as dietary supplements is helping to boost production of CBD edibles.
Canopy Growth Corporation, a specialist in diversified cannabis and CBD product manufacturing, is gaining recognition due to its newly developed CBD edible products that are attracting consumers. Products such as CBD supplements, tasty CBD gummies, wellness gummies, and CBD beverages are also equally popular among consumers across the world.
North America to Lead CBD Edibles Market; Asia Pacific to Offer Growth Opportunities
The increasing expenditure on healthcare and research & development activities in North America is expected to account for the largest share of the CBD edibles market. This can be attributed to technological advancements, changing lifestyles, awareness of CBD-infused products, and presence of other major market contributors in the region.
Due to rapid urbanization and presence of top market contributors, China is one of the fastest growing markets for the production of hemp-based product and CBD edibles. The rising demand and acceptance of CBD products in recent years is contributing to the growth of the China CBD edibles market. In addition, India is also one of the most important countries in the Asia Pacific to show satisfactory growth opportunities in the CBD edibles market. The high availability of raw materials required for producing CBD edibles, industrialization, and rapidly developing economy are some of the factors attributable to the fastest revenue growth in Asia Pacific.
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eCommerce Sector and Strategic Approach of Online Distribution Channels
Sales of hemp and CBD edibles have increased since the coronavirus pandemic. Increasing online vendors across the globe are selling their products fiercely due to legalization in many countries. Factors such as growing offline and online channels, development of eCommerce industry, and rapidly expanding online businesses are boosting the demand sentiments in the CBD edibles market. Companies in the CBD edibles market are developing innovative products to fulfill the demands of consumers. Competition is tough and market players are striving to top the business by using strategic approaches. Manufacturers in the CBD edibles market are increasing the availability of an innovative range of CBD products in a variety of different forms. Various ongoing research activities on cannabidiol and its impact on human body are helping to grow businesses exponentially. Manufacturers in the CBD edibles market are exploring opportunities in product creativity and design considerations. In order to boost credibility, companies are achieving high level of sophistication and performance in the CBD edibles market to meet consumer demands.
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