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The legalization of CBD production in several countries around the world is driving the market forward. Consumer preference for preventive health products is on the rise, which is expected to drive the market for CBD confectionery. In addition, there are many government & private organizations that support the R&D of CBD, as it possesses many medicinal properties that potentially help in the treatment of a wide range of illness.
With the changing regulations of CBD as a novel food in Europe, which means that the companies should seek authorization for bringing CBD products in market. However, because of CBD’s high demand, the European Commission announced recently that it will suspend the applications for novel food status, which is further expected to drive the market for CBD confectioneries in European countries.
CBD Confectionery is becoming popular among cannabis consumers because of its flavorfulness, package size, and potential mental health benefits. Brands are introducing CBD confectioneries to this fast-growing market, as consumers became aware with the mental and physical health benefits of CBD.
Concerns related to COVID-19 have driven consumers to newly developed alternatives such as edible products and other infusion products. Consuming cannabis by inhalation allows THC to enter the lungs and enter the bloodstream quickly, allowing users to experience the associated mind-altering effects much faster than ingesting an edible product. Advancements in scientific development and product innovation have begun to overcome the drawbacks of edibles like inconsistent effect of cannabis after consumption, which is positively effecting the CBD infused confectionery market.
Demand and sales skyrocketed rapidly in countries where the use of CBD is permitted in pandemic. CBD products are increasingly being used by consumers looking for alternatives to modern medicine to treat a variety of illnesses, including: chronic pain, anxiety, inflammation, depression, and sleep disorders. Following social distance practices, sales of CBD-enriched confectionery and delivery services over online channels are increasing in developed countries.
The report will cover the following key insights:
CBD gummies segment is expected to witness significant growth, owing to the availability of products in various flavours, shapes, and colors, which makes it enticing for consumers. However, the increasing product innovation and offerings of CBD candies by leading companies such as Cresco Labs is aiding to the fast growth of this segment.
Offline distribution channel is expected to hold the major share, owing to the consumer’s perception that they provide good quality and authentic products. This channel also provides a one-stop shopping experience. However, online channel is predicted to grow at the fastest pace because of convenience and penetration of CBD infused confectionery on e-commerce channels.
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North America is expected to see significant growth, owing to increasing interest of consumers for CBD products and increasing legalization of cannabis across U.S. With the legalization of CBD in more states of U.S., major companies are increasingly immersing themselves in the fast growing global CBD infused confectionery market. For instance, in September 2020, Canopy Growth Corporation, developed an innovative line of CBD wellness gummies, made with 100% U.S. natural hemp.
The report will include the profiles of key players such as Aurora Cannabis Inc., Canopy Growth Corporation, VIVO Cannabis Inc., CV Sciences, Inc., Tilary Inc., Tauriga Sciences, Inc., MariMed, Inc., American Cannabis Innovations Conglomerated, Cannabinoid Creations, Joy Organics, and others.
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