Research Support Specialist, USA
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.
The chocolate flavor segment is anticipated to expand at the highest CAGR of 16.8% from 2021 to 2028. The snack food items coated with chocolate are gaining popularity among consumers, which, in turn, is expected to contribute 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, which triggers market growth.
North America held the largest revenue share of over 30.0% in 2020. Countries such as the U.S. and Canada are positively contributing to the market revenue. The presence of nutrition-conscious citizens in the region and the increasing consumption of CBD snacks are contributing to the growth of this market. Additionally, the presence of major producers and the approval of the U.S. Farm Bill 2020 are expected to drive the industry.
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.
The report “CBD Snacks Market Size, Share & Trends Analysis Report By Snack (Baked Goods, Non-alcoholic Drinks, Candies, Snacks), By Flavor (Berry, Chocolate, Citrus), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
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)
CBD Snacks Flavor Outlook (Revenue, USD Million, 2017 - 2028)
CBD Snacks Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
CBD Snacks Regional Outlook (Revenue, USD Million, 2017 - 2028)