The COVID-19 pandemic has affected people in myriad ways. Not only did many people contract the novel coronavirus but the issue of mental health was thrust front and center. A sudden shift in everyday life that ranged from working from home for more than a year along with being locked in the house for months at a stretch affected the mental health of people.
Constant unspoken fear of losing a family member or a dear one along with the unstable work scenario gave a rise to anxiety for many people. In most cases, mental health issues made people depressed, more anxious and fatigued. All these factors have led to sleep disturbances. As the conversations around mental health are taking place in various sectors, the demand to address the same has increased, too.
Sleep and CBD
According to Sleep Foundation, 10% to 30% of adults suffer from chronic insomnia whereas 30% to 48% of elder adults suffer from insomnia. The alarming rate of people being unable to sleep has become a matter of concern. Healthcare professionals are urging people to take therapy and pharmaceuticals to cure insomnia as good sleep is essential not only for mental health but also for physical health.
And while sleep deprivation was a preexisting problem even before the COVID-19 pandemic, this has caused havoc due to an increase in everyday stress. This has led to a situation coined ‘coronasomnia,’ which was described in a piece from the Cleveland Clinic as sleep problems triggered by the ongoing stress caused by the COVID-19 pandemic.
At the same time, there has been growth in consumer interest in CBD for different health concerns, as well as the gummy delivery format. According to a report by Future Market Insights, the market for CBD gummies is expected to increase by a staggering 29% from 2022 to 2032, and sales of CBD gummies are expected to reach a market valuation of US$7.27 million by the end of 2032.
CBD gummies possess the ability to not only address sleep issues but also sleep and pain. In addition, CBD gummies are seen as more natural and without the side effects of medications. Further, researchers continue to investigate their health benefits in new populations including children and animals.
Online distribution eases CBD gummy expansion
Before the pandemic, most of the sales of CBD gummies took place through brick-and-mortar stores. But, owing to the restriction on movements, most people preferred buying CBD gummies through online webstores. Moreover, healthcare sectors provided virtual assistance during the pandemic. This gave people a chance to open up and seek help for mental health and sleep issues. This, in turn, surged the sales through online distribution channel in the pandemic.
Moreover, increasing penetration of smart phones, easy delivery of products, and a plethora of product options has increased the sales of CBD gummies through online platforms. Manufacturers of CBD gummies are advertising them as vegan, natural and safe to consume. Moreover, companies producing CBD gummies are strictly following the regulation policies set by their respective countries while manufacturing the same. This, in turn, has instilled faith in people to consume CBD gummies.
CBD gummy market future
Key companies in the CBD gummies market are focusing on launching and distributing the same in different geographical regions. For example, in September 2020, Folium Biosciences announced a distribution partnership with Nutralliance for it to distribute Folium Biosciences’ TCH broad spectrum CBD oil in the United States. The company is focusing on expanding its business in North America owing to the increasing demand for CBD gummies from the region. And in January 2022, Charlotte’s Web announced a national distribution agreement with GNC, a specialty retailer of nutritional products. Through this agreement, the company is focusing on distributing gummies across 24 states in North America.
As awareness continues to rise about the interconnected nature of sleep and mental health, expect to see consumers seek natural solutions to address these health concerns. CBD gummies are seen as a natural, safe and efficacious way forward. Further, more countries are legalizing the use of CBD in food supplements and food/beverage products—albeit under strict regs and supervision—which should further accelerate growth of the broader CBD market, and CBD gummies in particular.
