Cannabis-Infused Edibles Market Forecast and CAGR
According to the latest research by Transparency Market Research, the cannabis-infused edibles market is set to witness significant growth during the forecast period 2021-2031. The growing acceptance of cannabis and cannabis-infused products around the globe is the key factor that significantly contributes to the growth of the cannabis-infused edibles market.
What is Driving Demand for Cannabis-Infused Edibles Market?
According to a National Restaurant Association study, three out of four chefs considered cannabis-infused food a hot trend in 2020. With cannabis legalization in several countries, the consumers are exploring more choices for edible which contains a small dose of cannabis. The functional benefits of cannabis-infused edibles, like anti-inflammatory activity, pain relief, anxiety reduction are attracting the attention of the consumer.
The increasing demand for different flavors of cannabis-infused edibles motivated the food & beverage manufacturer to concentrate on seasonal flavors with a small dose of cannabis. According to a recent study, 58% of cannabis users are interested in trying or purchasing cannabis-infused chocolate, and 47% are interested in sugar confectionery edibles. Thus, increasing demand for cannabis-infused food & beverages is driving the growth of the cannabis-infused edibles market.
Rising Acceptance of cannabis-infused edibles
The opinion about cannabis-infused edibles is changing among the consumer as well as most of the country shifting towards the legalization of the recreational and medicinal use of cannabis. The growing acceptance of cannabis-infused food and beverages is expected to create many opportunities for the new and existing market players in different regions around the globe.
Cannabis edibles are widely used for medical use and are extensively accepted by the developed countries such as U.S., Canada, Spain, Australia, and others. Cannabis is used to treat Alzheimer’s, arthritics diseases which are expected to propel the growth of the market.
With the increasing awareness about cannabis-infused edibles among consumers, the manufacturers offering different food and beverages which contain a limited amount of cannabis extract or oil. The manufacturer introducing new products with consumer demand and needs such as Province brands, which is Canadian research and Development Company that introduces the world’s first alcohol-free beer brewed from cannabis.
COVID-19 outbreak created an anxious situation among the food & beverage manufacturer owing to the trade barriers, but the steady demand for cannabis edible has minimal impact on the cannabis market in the U.S and other countries. For instance, in the U.S. cannabis edibles sales were increased by 10.6% during the pandemic owing to the health beneficial properties. Thus, the health beneficial properties of cannabis are expected to escalate the growth of the cannabis-infused edibles market.
US and Canada Cannabis-Infused Edibles Market Outlook
According to the cannabis edibles and beverages Innovation Horizon Consumer Survey, 43% of US consumers have either tried or are interested in trying food and drink that contains CBD as a functional ingredient. With the increasing acceptance of cannabis-infused edibles, the consumer is seeking clean cannabis products which are natural or organic.
Demand for cannabis-infused edibles in U.S. and Canada market will be led by highlighted manufacturers’ interest in increasing their market share in this industry with the increased focus on different flavors. The manufactures are also focusing on research & development to introduce a new product that includes cannabis-infused edibles to fulfil the increasing demand for cannabis-infused edibles.
The manufactures in food & beverages also identify cannabis-infused edibles beverages and food products to be a lucrative prospect for increased profits with these innovative food products. The growing popularity has enabled manufacturers to increase the production capacity to fulfill the increasing demand for cannabis-infused edibles. The growing demand and benefits of cannabis are expected to drive the substantial growth for cannabis-infused edibles in U.S. and Canada during the forecast period.
Europe Demand Outlook for cannabis-Infused Edibles
Europe is rapidly shifting towards the legalization of the recreational and medicinal use of cannabis. In Europe, cannabis is most widely used in illicit drugs which accounts for 38% of all money spent on the illicit drug. With the increasing awareness about cannabis-infused edibles, the manufactures in European countries offer cannabis-based products which contain less than 0.2-0.3% THC under the drug regulation.
In recent years, the government introduced specific laws and programs to allow medical use of cannabis in various forms to relieve the diseases. Several start-ups, small/medium enterprises, and a few large-scale companies were founded across Europe to improve production methods which attracted the interest of investors.
According to a recent study, France and Spain had the joint-highest prevalence of cannabis use in medicinal and edibles. Thus, the increasing commercialization of cannabis for medical uses in Europe is expected to benefit the market growth of the cannabis-infused edibles market.
Who are the Key Manufacturers and Suppliers of Cannabis-Infused Edibles?
Some of the leading manufacturers and suppliers operating in the cannabis-infused edibles market include Newt Brothers, PLUS Products Wonders, Charlotte’s Web, Bhang Corporation, Hugs Wellness, Isodiol International Inc, Dixie Brand, Sprig, Kaneh Co, Garden Society, Canopy Growth Corporation, Whoopie & Maya, Punch Edibles, Atlas Edibles, Wana Brands, Willie’s Reserve, Utopia Cannabis, Cheeba Chews, Kiva Confections, Wyld, NuLeaf Naturals, LLC, Baked Bros™, Incredible Edibles, LLC., Folium Biosciences, and others.
Key manufacturers like Newt Brothers and others are focusing on the expansion of production facilities as well as strategic alliances/partnerships with regional cannabis growers and manufacturers. The Manufacturers also focus on the growing handpicked strains of high-grade cannabis in the state-of-art facility to offer premium quality edibles.
The manufacturers also focus on research and development to develop competitive technologies and a new method for the production of cannabis-infused edibles. With the increasing demand for cannabis-infused edibles, the manufactures in food & beverages are inclining towards cannabis edible production to increase the revenue and geographical reach with an innovative product portfolio.
By Product Type,
- Brownies & Cookies
- Mints & Tarts
- Energy Drinks
- Herbal Tea
- Fruit Juices
By Sales Channel,
- Convenience Stores
- Specialty Stores
- Online Retails
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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
- 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.