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
  • Hypermarket/Supermarket
  • Pharmaceutical Stores
  • Online Retail
  • Others

Based on end users, cannabis chocolates can be segmented as:-

  • Household
  • HoReCa
  • Other                                           

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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 Impact:

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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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