Global CBD Snacks Market: Overview
Cannabidiol (CBD) is one of the phytochemicals found in the Cannabis sativa plant. Unlike THC, CBD does not make the consumer feel high. CBD oil is derived from resins, flowers, and leaves of the cannabis plant. CBD oil is most commonly used to make a tincture, snacks, edibles, and other products of CBD. The CBD-infused snacks are available in a variety of forms, ranging from protein bars to popcorn. These CBD snacks offer non-psychotic and therapeutic benefits to the consumer.
Global CBD Snacks Market: Growth Factors
The rising health benefits of CBD-infused products, legalization of cultivation of cannabis in developed countries, and increasing R&D on cannabis in the medical therapeutics field are some of the key factors fuelling the growth of the global CBD snacks market. Additionally, it is been reported that around 64 percent of the US population have a snack at least once a day. Moreover, with the consumption of unhealthy snacks, there are risk factors associated with obesity, high blood pressure, osteoarthritis, and sleep apnea. Thus, new eating habits with changing lifestyles among the millennials and the rising population focusing on a diet to maintain health & wellness are driving the demand for healthy snacks which in turn is ultimately boosting the growth of the market. In addition to this, some of the CBD snacks are also available in organic forms that are gluten-free thereby attracting consumers that are health-centric. Also, the manufacturers are forming alliances, entering partnerships, mergers & acquisitions to expand their business globally. All these factors are contributing to the growth of the global CBD snacks market. Furthermore, the entry of new players owing to the rising evidence-based health benefits of CBD snacks will fuel the growth of the market during the forecast period. However, some of the countries have strict regulations and also banned the use of CBD-based products. This will hinder the growth of the global CBD snacks market.
Though the food & beverages are adversely affected by the covid-19 pandemic, owing to enforcement of lockdown and social distancing rules, the demand for CBD snacks has increased during the pandemic. This is primarily due to the increasing inclination of the population toward being healthy and preferring healthy products that can strengthen their immunity. In addition to this, growth in online sales due to its ease of convenience & availability is also supporting the growth of the market. Furthermore, the CBD snacks also have a long shelf-life which makes the consumers buy in bulk and store them during the lockdown. Thus, the growth of the market is estimated to grow at a healthy rate during the pandemic.
Global CBD Snacks Market: Segmentation
The global CBD snacks market is divided into the distribution channel, type, and region. Based on the distribution channel, the market is categorized into convenience stores, pharmacies, supermarkets, independent small groceries, discount stores, food & specialty stores, and e-retailers. Based on type, the global CBD snacks market is bifurcated by bars, gummies, cookies, and others.
Global CBD Snacks Market: Regional Analysis
North America holds the major share in terms of revenue. The growth in the market is due to growing R&D on cannabidiol after the legalization of its use for medicinal purposes. Factors such as new eating habits, growing demand for CBD snacks among millennials, rising number of the population preferring healthy diet snacks with therapeutic benefits are expected to drive the growth of the global CBD snacks market. Europe holds the second position due to the presence of major players, amendment of narcotics laws in Germany, rising adoption of CBD to manage pain, depression & anxiety, and increasing awareness of health benefits of CBD. On the other hand, Asia Pacific region is anticipated to grow with the highest CAGR during the forecast period. This is attributed due to the legalization of the cultivation of cannabis in India and the increasing preference for CBD snacks that are gluten-free by the health-conscious population in this region.
Global CBD Snacks Market: Competitive Players
The market is highly competitive due to the rising demand for CBD-infused snacks. Evo Hemp, Green Roads, Dixie Brands Inc., ZBD, Pure Kana, LivityFoods LLC, Naturebox, VELOBAR, Just CBD, CBD American Shaman, and Weller are some of the prominent players operating in the global CBD snacks market.
Global CBD Snacks Market: Regional Segment Analysis
What Reports Provides