CBD Snacks Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Source (Marijuana, Hemp, Others), By Product Type (Gummies, Bars, Cookies, Others), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Pharmacy/Drug Stores, Online, Others), By Region, By Competition 2018-2028
Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationCBD Snacks Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Source (Marijuana, Hemp, Others), By Product Type (Gummies, Bars, Cookies, Others), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Pharmacy/Drug Stores, Online, Others), By Region, By Competition 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 712.5 Million |
| CAGR (2023-2028) | 10.8% |
| Fastest Growing Segment | Cookies |
| Largest Market | North America |
Market Overview
Global CBD Snacks Market was valued at USD 712.5 Million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 10.8% through 2028. The growth of the market is being driven by the increasing popularity of CBD and the growing demand for healthy snacks. CBD snacks are snacks that are infused with cannabidiol (CBD), a compound found in the cannabis plant. CBD is a non-psychoactive compound, meaning that it does not cause a high. CBD is known for its potential health benefits, such as reducing anxiety, improving sleep, and relieving pain.
CBD snacks are found at in a variety of forms, including chips, bars, gummies, and chocolates. They are also found at in different flavors, such as sweet, salty, and savory. CBD snacks are typically more expensive than traditional snacks, but many consumers are willing to pay a premium for the potential health benefits. The CBD snacks market is still in its early stages of development, but it has the potential to be a major force in the snack food industry. The growing popularity of CBD and the increasing demand for healthy snacks are two of the main factors that are driving the growth of the market. The market is also benefiting from the legalization of cannabis in many countries.
As the market continues to grow, it is expected that there will be more innovation in the product category. New CBD snacks are being developed all the time, and there is a growing trend towards using organic and natural ingredients. The market is also expected to benefit from the growing popularity of online shopping, which makes it easier for consumers to find and purchase CBD snacks. The future of the CBD snacks market is bright. The market is expected to continue to grow in the coming years, driven by the increasing popularity of CBD and the growing demand for healthy snacks. The market is also benefiting from the legalization of cannabis in many countries and the growing trend towards online shopping.
Key Market Drivers
Legalization of CBD
The legalization of CBD is a pivotal driver influencing the growth and dynamics of the CBD snacks market. Historically, the legal status of CBD has been a complex and evolving landscape. CBD, derived from the hemp plant, gained prominence due to its non-psychoactive nature and potential health benefits. The global shift towards the legalization of CBD has been significant. Many countries have recognized the distinction between CBD and its psychoactive counterpart, THC, leading to the removal of legal barriers. In the United States, the 2018 Farm Bill legalized the cultivation and sale of hemp-derived CBD, opening doors for the incorporation of CBD into various consumer products, including snacks. The future of the CBD snacks market is intricately tied to ongoing changes in CBD's legal status. As more regions embrace CBD, the market is expected to witness expanded product offerings, increased consumer acceptance, and heightened competition among manufacturers. However, uncertainties around future regulatory decisions necessitate a cautious approach for businesses operating in this space.
The legalization of CBD has contributed to a boost in consumer confidence. As CBD becomes more widely accepted, consumers are more likely to explore and incorporate CBD snacks into their routines. However, there's an ongoing need for education to dispel misconceptions about CBD, especially regarding its source, potential benefits, and lack of psychoactive effects. The legalization of CBD stands as a cornerstone for the CBD snacks market. It has liberated the industry from legal uncertainties, paving the way for growth, innovation, and increased consumer acceptance. As the regulatory landscape continues to evolve, businesses operating in this space must remain adaptable, informed, and proactive to capitalize on emerging opportunities and navigate potential challenges.
Health and Wellness Trends
The integration of CBD into snacks is intricately linked to the broader health and wellness trends that have gained momentum in recent years. Consumers are increasingly seeking products that align with their well-being goals, and CBD-infused snacks are positioned as a functional and enjoyable way to address these preferences. The rise of health and wellness trends has led to a surge in consumer awareness regarding the potential benefits of CBD. Consumers are becoming more informed about the non-psychoactive nature of CBD and its association with stress relief, relaxation, and other wellness attributes. As consumers seek holistic approaches to health, there's a growing acceptance of natural and plant-derived remedies. CBD, derived from the hemp plant, aligns with these preferences, and CBD snacks provide a convenient and tasty way for individuals to incorporate this wellness-promoting compound into their daily routines.
CBD snacks fall into the category of functional foods, which are products that offer additional health benefits beyond basic nutrition. The functional aspect of CBD snacks lies in the potential therapeutic effects of CBD, such as anxiety reduction, sleep improvement, and mood enhancement. Consumers are not only looking for tasty snacks but also for products that serve a purpose beyond satiating hunger. CBD snacks, with their potential wellness benefits, address this demand for functional foods, providing an alternative to traditional snacks that may lack additional nutritional value. In a fast-paced world where stress is prevalent, consumers are actively seeking products that contribute to relaxation and stress management. CBD's purported calming effects position it as a sought-after ingredient for those looking to unwind, contributing to its popularity in the wellness space. The convergence of health and wellness trends with CBD snacks suggests a promising future for the market. As consumer understanding deepens and acceptance grows, CBD snacks are likely to become a routine part of individuals' wellness regimens, similar to other functional foods and supplements.
Increase in the Aging Population
Older adults may have reduced nutrient absorption, increased nutrient requirements, or limited dietary intake due to various factors, increasing their risk of vitamin deficiencies. With aging, the body's ability to absorb certain nutrients, such as vitamin B12, vitamin D, and calcium, can decline. This can lead to lower levels of these vitamins in the bloodstream. Changes in stomach acid production and digestive enzyme activity can affect the breakdown and absorption of nutrients from food. Older adults might experience changes in appetite, taste perception, or a reduced sense of smell, leading to decreased food intake and potentially nutrient deficiencies. Some older adults may have limited access to nutritious foods, leading to an imbalanced diet that lacks essential vitamins and minerals. Health conditions such as diabetes, gastrointestinal disorders, and kidney disease can affect nutrient metabolism, utilization, or increase nutrient excretion.
Changing Consumer Preferences
The CBD snacks market is experiencing a surge in growth, and a significant driver behind this trend is the changing preferences of consumers. Shifting attitudes towards health, wellness, and lifestyle choices are reshaping the snack industry, and CBD-infused snacks are uniquely positioned to meet these evolving demands. Modern consumers are increasingly conscious of their health, leading to a noticeable shift in snack preferences. Traditional, often unhealthy snacks are being replaced by options perceived as healthier. CBD snacks, often marketed as a wellness product, capitalize on this trend by offering a novel and health-oriented snacking experience. CBD snacks serve as an attractive alternative to conventional snacks laden with sugars, artificial additives, and preservatives. As consumers prioritize nutritional content and seek snacks that align with their well-being goals, CBD-infused snacks emerge as a flavorful yet health-conscious option.
Millennials and Generation Z are known for their adventurous approach to food and a willingness to explore novel flavors and experiences. CBD snacks, found at in a variety of forms such as gummies, chocolates, and beverages, cater to the diverse and experimental tastes of these younger demographics. As consumer preferences continue to evolve, the CBD snacks market is poised for ongoing growth and adaptation. The industry's ability to stay attuned to changing trends, preferences, and values will determine its long-term success. Continuous innovation and a commitment to meeting consumer expectations will be essential for maintaining relevance in this dynamic market.
Key Market Challenges
High Price as a Challenge in the CBD Snacks Market
The elevated cost of CBD snacks acts as a barrier for some consumers. Affordability is a key factor influencing purchasing decisions, and the perception of CBD snacks as premium products can limit market penetration. Consumers often associate higher prices with premium quality. However, the challenge lies in ensuring that the perceived value justifies the elevated cost of CBD snacks. If consumers do not perceive added value, they may be hesitant to pay premium prices. The CBD snacks market is becoming increasingly competitive. If pricing is not competitive, companies risk losing market share to more affordable alternatives. Striking a balance between premium positioning and competitive pricing is a delicate challenge. Meeting regulatory standards adds costs to the production of CBD snacks. Rigorous testing, quality control measures, and adherence to labeling regulations contribute to overall expenses, contributing to the higher price of the final product. The process of extracting high-quality CBD can be expensive. Ensuring a consistent and reliable supply of CBD for snacks contributes to production costs, impacting the overall pricing strategy.
The high price of CBD snacks presents multifaceted challenges, from consumer affordability and market competition to regulatory compliance and economic sensitivities. Successful companies in the CBD snacks market must navigate these challenges strategically, ensuring that their pricing aligns with perceived value, market dynamics, and consumer expectations while addressing the unique considerations of the CBD industry.
Product Quality Concerns
Product quality and consistency are significant challenges in the CBD snacks market due to the unique nature of CBD and the complexities involved in its extraction, formulation, and integration into edible products. CBD can be extracted from hemp using various methods, including CO2 extraction, solvent extraction, and ethanol extraction. The choice of extraction method can impact the overall quality of the CBD extract, affecting the final product. Hemp plants, the primary source of CBD, can exhibit natural variations in cannabinoid content, terpene profiles, and other compounds. This inherent variability poses challenges in maintaining consistent CBD concentrations in snacks. Achieving and maintaining high purity levels of CBD during processing is crucial for product quality. Impurities or contaminants can affect the safety and overall quality of the CBD-infused snacks. CBD can be sensitive to factors such as light, heat, and oxygen. Ensuring the stability of CBD-infused snacks under varying environmental conditions, especially during storage and transportation, is a continuous challenge.
Addressing these challenges requires a combination of scientific rigor, quality assurance practices, and ongoing investment in research and development. Manufacturers in the CBD snacks market must implement stringent quality control measures, collaborate with reliable suppliers, and stay informed about the latest advancements in CBD processing and formulation technologies. Moreover, fostering transparency and clear communication about quality assurance practices can help build and maintain consumer trust.
Key Market Trends
Expanding Regulatory Clarity
In recent years, there has been a notable trend toward increasing regulatory clarity in the CBD industry. Many regions are taking steps to define and standardize regulations governing the production, labeling, and marketing of CBD-infused products, including snacks. This trend is a response to the industry's rapid growth and the need to address uncertainties surrounding the legal status of CBD.
Regulatory clarity is providing manufacturers with clearer guidelines on product formulations, labeling requirements, and permissible CBD concentrations. This trend is not only fostering a more transparent and compliant industry but is also encouraging consumer confidence. As regulatory frameworks continue to evolve, companies operating in the CBD snacks market must stay informed and adapt their practices to ensure compliance while capitalizing on the expanding opportunities within the regulated space.
Innovation in Product Formats and Flavors
The CBD snacks market is witnessing a surge in innovation as companies explore novel product formats and flavor profiles. Beyond traditional gummies and chocolates, manufacturers are introducing CBD-infused snacks in diverse forms such as granola bars, protein bites, and even savory options like popcorn and chips. This trend reflects the industry's commitment to meeting the diverse preferences of consumers and broadening the appeal of CBD snacks.
Moreover, flavor innovation is playing a crucial role in enhancing the palatability of CBD-infused snacks. Manufacturers are leveraging natural flavors, exotic ingredients, and unique combinations to mask the earthy taste of CBD and create an enjoyable snacking experience. As this trend continues, companies that prioritize product innovation and flavor diversity are likely to capture the attention of a broader consumer base, including those new to CBD products.
Wellness Integration and Functional Snacking
A prominent trend in the CBD snacks market is the increasing alignment of products with broader wellness and functional snacking trends. Consumers are seeking snacks that not only satisfy their taste buds but also contribute to their overall well-being. CBD, with its perceived stress-relief and relaxation properties, is well-positioned to cater to this demand for functional snacks.
CBD snacks are being marketed not only as indulgent treats but also as functional products that can complement a wellness-oriented lifestyle. This trend resonates with health-conscious consumers who are proactively seeking products that offer potential therapeutic benefits. As the CBD snacks market evolves, brands that effectively communicate the functional aspects of their products and align with broader health and wellness trends are likely to gain a competitive edge.
Segmental Insights
Product Type Insights
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.
Source Insights
On the basis of source, the market is segmented into
Regional Insights
North America dominated the CBD snack market, accounting for major revenue in 2022. The United States of America is positively contributing to market revenue. The presence of health-conscious citizens, as well as the increasing consumption of CBD snacks, are driving the growth of this market. Furthermore, the presence of major producers, as well as the approval of the U.S. Asia Pacific held the second-largest share in 2022 and is expected to grow at the fastest CAGR during the forecasted period. China is making a positive contribution to market revenue. China is one of the world's largest cultivators.
Recent Developments
In 2022 - General Mills has launched a new line of CBD-infused Chex Mix called "Perfect Blend." The new line is found at in three flavorsClassic, Chocolate, and Peanut Butter.
In 2021 - Serenity CBD Gummies was launched, These gummies are made with organic ingredients and are infused with 25mg of broad-spectrum CBD. They come in a variety of flavors, including strawberry, lemon, and orange.
Key Market Players
- ZBD
- LivityFoods LLC
- VELOBAR
- Naturebox
- Weller
- Evo Hemp
- CBD American Shaman
- Dixie Brands Inc.
- Premium Jane
- Pure Kana
Report Scope
In this report, the Global CBD Snacks Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below
- CBD Snacks Market, By Source
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- CBD Snacks Market, By Product Type
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- CBD Snacks Market, By Distribution Channel
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- CBD Snacks Market, By Region
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