Cannabis Chocolates: Market Outlook
Cannabis is a psychoactive drug that is used for medicinal purposes and recreational activities. With loosened regulations on cannabis trade across the globe and the rising need for its medicinal purposes leads manufacturer towards profitable future. Cannabis chocolate market is expected to witness increasing demand among adult and teenage consumers. Owing to the legalization of cannabis-infused food products by the governing authorities, the market players have gotten themselves a potential business opportunity to sell their products through merchandising with the assistance of not only speciality stores and online retail but also through a chain of health & wellness retailers and the dispensaries.
Legalization of cannabis would promote the practice of safe substance usage along with receiving its medicinal benefits. In 2020, there are forty-four countries that permit the medical usage of cannabis products while only four of them have legalized the use of cannabis products for recreational purposes. With the world realizing the health benefits associated with cannabis, some countries or states are soon expected to open doors for new business opportunities in the growing cannabis chocolate market.
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Growing Cannabis Chocolates Market to Create Opportunities for Restaurants and Food Businesses
Since the legalization of cannabis-infused food products in countries such as Canada, South Africa, Uruguay, Georgia, and some territories of the U.S. and Australia., speculations have been doing rounds regarding the potential opportunities that lie ahead of restaurant and food industries. More than 50% of active users are interested in consuming cannabis-infused cookies, brownies or chocolate at least once every three months. Companies and businesses have introduced a ton of new products in pharmaceutical as well as food and beverage sector to maintain supremacy in global cannabis chocolate market. For Instance, according to the NPD Group’s SnackTrack information, cannabis-infused brownie consumption has increased 107% in the legalized states of the U.S. compared to the times before legalization.
Restaurants and foodservice businesses are expected to benefit through revenues generated from licensed lounges or clubs for cannabis consumption, tourists seeking the experience of legalized cannabis landscape, sales from cannabis-infused food products developed within the establishments or packaged by manufacturers, and retail sales through physical stores and online platforms. Thus, anticipation form various industries and market players are expected to boost the growth of the global cannabis chocolate market.
Global Cannabis Chocolates: Market Segmentation
Based on product type, cannabis chocolates can be segmented as:-
- Cannabis Chocolate Bars
- Cannabis Chocolate Cookies
- Cannabis Chocolate Cake
- Cannabis Chocolate Drink
- Cannabis Chocolate Syrup
- Cannabis Chocolate Powder
- Cannabis Chocolate Ice Cream
Based on sales channel, cannabis chocolates can be segmented as:-
- Speciality Stores
- Pharmaceutical Stores
- Online Retail
Based on end users, cannabis chocolates can be segmented as:-
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Global Cannabis Chocolates: Key Players
Some of the key players manufacturing cannabis chocolates are as follows – GRÖN CHOCOLATE, Bhang Corporation, Défoncé, Kiva Confections, Incredibles, The Goodship, BlueKudu, Coda Signature, and Canopy Growth Corporation
Opportunities for Global Cannabis Chocolates Market Participants:
Growing awareness among consumers regarding the health benefits of cannabis chocolate products especially towards mental health is one of the key factors encouraging the market players to expand the products offerings by blending medicines with nutrition and taste. This will allow the cannabis chocolates market players to penetrate the protein powder, nutrition bar, energy drinks, and other market segments on the medicinal or nutritional industry.
The market is starting to witness bifurcation in organic and conventional segments as well as in plant-based and animal-based food segments. This market diversification would provide additional impetus to production activities, transparency, and competitive environment. North America holds a dominant share in the market followed by South America and Europe region. The South African nation of MEA also poses as a potential market for conducting business activities.
COVID-19 pandemic had stalled the global production of consumer goods in the first quarter of 2020. Although the lockdown relaxed in several countries, the manufacturers were struggling to streamline their production. Although the global cannabis chocolate market is expected to have slightly benefitted from the frenzy of panic buying before lockdown, in an unprecedented turn of events, the sales figures during lockdown instead of declining rather showed a drastic increase owing to the thriving business of cannabis home delivery.
The ongoing coronavirus crisis had put the consumers in desperate need of medication that could sustain could sustain their mental health by suppressing their fears, stress, anxiety and depression. Also, consumers were avoiding recreational cannabis products that could affect their lungs health and inadvertently make them prone to coronavirus disease. Hence, by replacing the conventional smoke-producing recreational products with edible products for safe drug delivery, the consumers are expected to generate more interest in cannabis chocolate products in the near future.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.