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According to new report available with Million Insights, the global CBD snacks industry offers in-depth assessment of the growth, size, competitive landscape and other aspects in different geographical regions. Furthermore, it sheds light on the market contribution, recent developments and successful marketing strategies of leading companies.
The global CBD Snacks Market size is expected to reach USD 2.05 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 15.5% from 2021 to 2028. Rising consumers’ inclination towards the consumption of CBD snacks and increasing research activities to develop new products are driving the market. Moreover, the increasing population and rising disposable income are contributing to the market growth.
The non-alcoholic drinks segment is expected to expand at the highest CAGR of 17.7% from 2021 to 2028. Being more nutrition conscious, consumers are shifting toward non-alcoholic drinks from alcoholic drinks. Moreover, citizens are aware of the side effects of the consumption of alcohol. These factors are expected to drive the market over the forecast period.
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The berry segment held the largest share of more than 30.0% in 2020. The natural berry flavor is popular in the industry as it is widely used for preserves, jams, and cakes and acts as an anti-oxidant. Consumers’ choice, increasing nutrition consciousness, and change in the taste are the factors contributing to the growth of this segment.
The offline distribution channel held the largest share of more than 70.0% in 2020. Producers of CBD snacks use the traditional retail channels, including word of mouth publicity, advertising, and marketing. Offline channels are expected to maintain their lead as they provide a choice of physical verification of the products to the buyers at the time of purchasing.
The baked goods segment dominated the market and held a revenue share of more than 25.0% in 2020. Due to the growing demand for ready-to-eat food products, the popularity of baked food is rising across all the regions.
Manufacturers are looking to maintain their brand image and gain customer loyalty by offering innovative CBD snacks as per customer specifications and analyzing consumer behavior patterns. Key players in the market are offering various flavors, such as berry, chocolate, citrus, coconut, vanilla, caramel, and pineapple.
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CBD Snacks Market Report Highlights:
• North America dominated the market and accounted for a revenue share of over 30.0% in 2020. The presence of nutrition-conscious citizens and the increasing consumption of CBD snacks are contributing to the regional market growth.
• By snack, the non-alcoholic drinks segment is expected to expand at the highest CAGR of 17.7% from 2021 to 2028. Being more nutrition-conscious, consumers are shifting toward non-alcoholic drinks.
• Based on flavor, the chocolate segment is expected to register the highest CAGR of 16.8% from 2021 to 2028. The growing popularity of chocolate-coated snacks is contributing to the growth of this segment.
• The online distribution channel segment is expected to register the fastest CAGR of 16.9% from 2021 to 2028. The use of online shopping portals and mobile apps is getting popular among the young population.
Million Insights has segmented the global CBD snacks market on the basis of snack, flavor, distribution channel, and region:
CBD Snacks Outlook (Revenue, USD Million, 2017 – 2028)
- Baked Goods
- Non-alcoholic drinks
- Candies
- Snacks
- Others
CBD Snacks Flavor Outlook (Revenue, USD Million, 2017 – 2028)
- Berry
- Chocolate
- Citrus
- Others
CBD Snacks Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
CBD Snacks Regional Outlook (Revenue, USD Million, 2017 – 2028)
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players of CBD Snacks Market
- Aurora Cannabis
- Cannabinoid Creations
- Canopy Growth Corp.
- CBD American Shaman
- CV Sciences, Inc.
- Dixie Brands
- Elixinol Global Limited
- FOLIUM BIOSCIENCES
- Green Roads
- Isodiol International Inc.
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