CBD Edibles: Market outlook
CBD edibles is also known as food infused with cannabis. It is actually a food item containing cannabinoids, in particular tetrahydrocannabinol (THC). Cannabidiol is a compound in the cannabis sativa plant, also known as hemp or marijuana. Specifically, 80 chemicals were contained in the cannabis sativa plant, known as cannabinoids. The main active ingredient in marijuana is delta-9-tetrahydrocannabinol (THC); cannabidiol is also derived from hemp that contains only very small quantities of THC.
Multi-billion-dollar industries are being transformed by CBD, including alcohol, health and wellness, cigarettes, and the retail industry. It's impacting a range of food as well, from gummy bears and cookies to candy and brownies are being infused with CBD with considerable consumer demand. CBD edibles have gained popularity in the marijuana industry as a 'healthier' form of THC intake.
Rising cannabis use to treat neurological conditions, mental disorders, and cancer along with pain relief is expected to boost demand for CBD edibles. Diverse cannabis use is projected to lead to substantial growth opportunities for the industry in the years ahead.
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Emerging Use of CBD Edibles is Gaining Traction in Food Industry
Solid nourishments offered by CBD edibles has fuelled their demand in the personal care industry. With all the promotional activities popularizing CBD edibles, it is successfully paving way into the nourishment and food industry.
The business publicity of food prepared with CBD as an ingredient, is complemented by the extraordinary efforts of promoting CBD as a "panacea" sound nourishment.
In 2019, cannabis was ranked as the hottest food trend by the world’s largest foodservice association, as per The National Restaurant Association. CBD edibles are expected to replace other consumables, such as cookies, brownies, and confectionaries that are considered to be unhealthy. Cannabis consumers are looking for alternatives for smoking cannabis with longer lasting effect which is projected to drive the demand for CBD edibles market.
Booming E-Commerce Retail Positively Impacting the Sales of CBD Edibles
Key players are coming up with innovative e-commerce solutions, for example; Meadow is a site that is offering Video chat service to consumers to give medical cannabis prescriptions and deliver the cannabis product from the nearest shop to the consumer.
Shopify is offering Point-of-Sales services for global key players such as Canopy Growth Corp., and Aurora Cannabis Inc,. The majority of the key players offering CBD edibles such as Premium Jane, Pure Kana, and CBD one ltd among others are offering products through their e-commerce websites.
Customers positive attitude towards CBD products and increasing awareness about their benefits have encouraged key players to offer premium products. Some of the leading players are offering premiumization in terms of rarity, customer service, craft, performance, and position to generate maximum revenue. Premiumization is a promise from manufacturers to offer quality products. This is expected to create sales opportunities for value-added products.
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Global CBD Edibles: Market Segmentation
On the basis of source, global CBD edibles can be segmented as:-
On the basis of type, global CBD edibles can be segmented as:-
- Full-Spectrum CBD Edibles
- Isolate CBD Edibles
On the basis of application, global CBD edibles can be segmented as:-
- Food & Beverage Industry
- Healthcare Industry
On the basis of sales channel, global CBD edibles can be segmented as:-
- Online Channel
- Offline Channel
- Convenience Store
- Retail Pharmacy
Global CBD Edibles: Key Players
Some of the market participants operating in the global CBD edibles market are CV Sciences, Premium Jane, Hemp Bombs, Pure Kana, Dixie Brands Inc., Sunday Scaries, Medix CBD, Diamond CBD, Reliva CBD Wellness and Green Roads CBD among others.
Implementation of Farm Bill in the U.S. by USDA has Become the Focal Point New Investors in CBD Edibles Market
The U.S. government passed the farm bill in 2018. This bill has given legal status to the production of hemp and hemp products and has created an opportunity for new entrants to offer CBD edible products. Therefore, key players in North-America such as CannTrust, Aphria, and Kazmira LLC are making entry into the cannabis market.
Also in 2018, WADA removed CBD as a prohibited substance from the list. This removal will enable sports persons to consume and try out the CBD edible products for pain relief, anxiety, and muscle-spasticity in multiple sclerosis among others. This move also has enabled manufacturers to enter into a new segment to offer products. Such steps taken by regulatory authorities are likely to bode well for the overall market.
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.