The global CBD snacks market was valued at USD 712.5 Million in 2022 and is expected to surpass USD 2.17 Billion by 2031, expanding at a CAGR of 13.2% during the forecast period, 2023–2031. Cannabidiol is a chemical in the Cannabis sativa plant. It consists of many therapeutic benefits, which helps in the treatment of different diseases such as anxiety, epilepsy, and cancer. Recently, the use of CBD in medical and food products has been legal in many countries. CBD is commonly used in tincture, snacks, edibles, and other products. CBD-infused snacks are available in different forms including protein bars and popcorn. These snacks provide non-psychotic and therapeutic benefits to their consumers. Increase in the health consciousness among people fuels the demand for CBD snacks.
CBD Snacks Market Trends, Drivers, Restraints, and Opportunities
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Rising urbanization and industrialization have resulted in busy and hectic lifestyles. These fast-stepped lifestyles have given rise to new eating habits that are different from the normal meals consumed at the family table. This, in turn, propels the CBD snacks market.
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Buyers looking for modest food with less ingredients from food manufacturers to exclude artificial and chemical ingredients from food products. Most customers believe that food products with natural ingredients provide superior nutrition and environment sustainability. This, in turn, drives the CBD snacks market.
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The CBD snacks market has been hampered due to disturbances in supply chain and manufacturing activities due to COVID-19.
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Rising awareness and health concern is expected to drive the CBD snacks market during the forecast period.
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Implementation of different rules and regulations for the use of CBD and CBD in food & beverages hampers the market.
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Fluctuations in the prices of raw material used in CBD snacks impedes the market.
Scope of CBD Snacks Market Report
The report on CBD snacks market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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CBD Snacks Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Source Types (Marijuana and Hemp), Types (Bars, Gummies, Cookies, and Others), End-users (Pharmaceutical, Healthcare, Personal Care, Cosmetics, and Others), Distribution Channels (B2C and B2B)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities and revenue forecast
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Key Players covered in the Report
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Evo Hemp, Green Roads, Dixie Brands Inc., ZBD, Pure Kana, LivityFoods LLC, Naturebox, VELOBAR, Just CBD, CBD American Shaman, and Weller, among others
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CBD Snacks Market Segment Insights
High demand for marijuana-derived fuels the market
In the terms of source types, the market has been divided into dry marijuana and hemp. The marijuana segment accounted for a key share of the market due to the increase in the adoption of refined cannabidiol products combined with the legalization of medical marijuana. Rising adoption of CBD containing products derived from marijuana in the food and beverage industry fuels segment growth during the forecast period. The hemp segment is growing at a rapid pace.
Rising demand for CBD gummies fuels segment growth
On the basis of types, the CBD snacks market has been segregated into bars, gummies, cookies, and others. The gummies segment constitutes a large share of the market, while the cookies segment is projected to grow during the forecast period. CBD gummies are non-psychotropic drug and non-THC, which helps reduce the risk of highly induced medication.
Pharmaceutical segment holds a key share of the market
Based on end-users, the market has been classified as pharmaceutical, healthcare, personal care, cosmetics, and others. The pharmaceutical segment is projected to grow at high pace during the forecast period. Pharmaceutical companies started manufacturing CBD permeated pharmaceuticals for treating various medical conditions such as epilepsy and multiple sclerosis (MS) symptoms.
B2C segment has major share in CBD snacks market
In terms of distribution channels, the CBD snacks market has been bifurcated into B2B and B2C. The B2C segment holds a large share of the market due to the presence of discount stores, food & specialty stores, small groceries, and e-retailers; therefore, the buyer has to experience the product features and comfort in the store itself.
North America constituted a dominant share of the market
Based on regions, the global CBD snacks market North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America accounts for a large share of the CBD snacks market. Rise in investments in the R&D sector after the legalization of CBD for medicinal purposes fuels the segment in the region. Changing lifestyle & eating habits and increasing demand for CBD snacks between millennials are driving the market in North America. Rising population preferring healthy diet snacks is driving the CBD snacks market in the region.
Segments
The global CBD snacks market has been segmented based on source types, types, end-users, distribution channels, and regions.
Source Types
Types
- Bars
- Gummies
- Cookies
- Others
End-users
- Pharmaceutical
- Healthcare
- Personal Care
- Cosmetics
- Others
Distribution Channels
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players in the Market
- Evo Hemp
- Green Roads
- Dixie Brands Inc.
- ZBD
- Pure Kana
- LivityFoods LLC
- Naturebox
- VELOBAR
- Just CBD
- CBD American Shaman
- Weller
Competitive Landscape
Key players in the CBD snacks market include Evo Hemp, Green Roads, Dixie Brands Inc., ZBD, Pure Kana, LivityFoods LLC, Naturebox, VELOBAR, Just CBD, CBD American Shaman, and Weller, among others. Mergers & acquisitions, collaborations, agreements, and partnerships are some growth strategies adopted by these players to strengthen their geographical presence.