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The cannabis-infused edible products market size is projected to increase by USD 7.01 billion, at a CAGR of 20.04% between 2023 and 2028. The cannabis market is experiencing notable growth due to several key drivers. First, there is an increasing social acceptance of cannabis, which is shifting public perception and reducing stigma, leading to broader consumer acceptance and legalization in various regions. Additionally, the growing purchasing power of millennials in major cannabis markets is significantly contributing to market expansion. This demographic is not only more open to cannabis use but also has the financial means to invest in premium products. Furthermore, rising awareness about the health benefits of cannabis is driving consumer interest. As more people become informed about the potential therapeutic and wellness benefits of cannabis, demand for related products continues to rise. Together, these factors enhanced social acceptance, the economic influence of millennials, and growing health awareness are collectively propelling the cannabis market forward and fostering its development.
The market shows an Accelerated CAGR during the forecast period.
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The market is rapidly expanding with innovative offerings such as CAMU C Plus with Hemp, CAMU C CBD Shot, and various private-label brands. These products include infused drinks, gummies, and chocolate cookies/brownies, catering to diverse consumer preferences. Product innovation is at the forefront, with items like Camu camu extract and Gamma-aminobutyric acid enhancing functionality and flavor. In response to retail shelves demand, companies like Gfarmalabs and Sprig are introducing vitamin C beverages and white grape juice infused with cannabis compounds. Micro-dosing strategies and gummy consistent items offer controlled doses, addressing cancer-related symptoms and vomiting among users. The market also includes unique products like pizza and lollipops, broadening the appeal of cannabis-infused items. With rising consumer interest in vape pens and etrahydrocannabinol enhanced products, this segment is seeing significant growth and product innovation.
Growing awareness about the health benefits of cannabis is the key factor driving the growth of the market. Growing awareness of the potential health benefits of cannabis is one of the drivers of the market. Cannabis contains compounds called cannabinoids, such as tetrahydrocannabinol (THC) and cannabidiol (CBD), which have been found to have a variety of potential health benefits. For example, CBD has been shown to have anti-inflammatory and anti-anxiety properties, while THC has been used to treat pain and nausea in cancer patients.
In addition to the potential health benefits, there are also regulatory changes taking place around the world that are fueling the growth of the cannabis-infused food market. For example, several countries have recently legalized cannabis for medical or recreational use, opening new markets. Such factors are expected to drive the growth of the market during the forecast period.
Advent of advanced cultivation methods for cannabis is the primary trend in the market. The incorporation of new technologies into cannabis cultivation has resulted in higher growth rates of the global legal cannabis market. These processes have been very helpful in raising the level of cannabis production while improving its quality. Cannabis is usually grown on a commercial scale in fully equipped laboratories with various facilities such as sanitized chambers and a controlled environment.
Advanced techniques such as Screen of Green (SCROF) and Sea of Green (SOG) have significantly improved production levels. These techniques use a nutrient-laden solution to produce cannabis that is rich in tetrahydrocannabinol (THC). The use of these techniques has also improved the quality of marijuana-derived CBD oil products. Such factors are expected to drive the growth of the market during the forecast period.
Stigma and misconceptions about cannabis are a major challenge to the growth of the market. Cannabis is still illegal in many countries, and even in places where it is legal, there may be restrictions on its use and consumption. This can create the perception that cannabis is extremely dangerous or harmful, even when it is used for medicinal purposes. Many people are not well-informed about cannabis and its effects, leading to misconceptions and stereotypes.
For example, some people may believe that all cannabis use leads to addiction or that it is a "gateway drug" to harder substances. These beliefs can make it difficult for companies to market to a wider audience. Such factors are expected to remain a major challenge for the growth of the global cannabis-infused edible products market during the forecast period.
By Distribution Channel
The market share growth by the offline segment will be significant during the forecast period. The Global Cannabis Edibles Market encompasses infused products derived from Marijuana and Hemp, containing cannabinoids such as tetrahydrocannabinol (THC) and Cannabidiol (CBD). This market is driven by health advantages, including relief for conditions like Alzheimer's disease, Cancer, Epilepsy, Glaucoma, Muscular spasms, and Post-Traumatic Stress Disorder. However, regulatory issues and legislative discrepancies pose challenges, leading to shop closures.
The offline segment accounted for USD 2.37 billion in 2018.
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The distribution channel includes the healthcare system, recreational cannabis legalization, and product choices catering to customer demand. Market dynamics include market constraints like product safety and quality, market dominance by key players, and the evolving market environment. THC and CBD edibles are transforming the cannabis industry, offering various product choices to meet diverse customer needs.
North America is estimated to contribute 90% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market encompasses products infused with Marijuana or Hemp, containing cannabinoids like tetrahydrocannabinol (THC) and Cannabidiol (CBD). This market is driven by customer demand for health advantages, particularly in treating conditions such as Alzheimer's disease, Cancer, Epilepsy, Glaucoma, Muscular spasms, and Post-Traumatic Stress Disorder. However, regulatory issues and legislative discrepancies pose challenges, leading to shop closures and market constraints. The distribution channel includes the healthcare system, recreational cannabis legalization, and the market environment is influenced by market dynamics, market dominance, and product choices. Market growth may be hindered by regulatory hurdles and public perception, but the potential for THC and CBD in treating various health conditions offers significant opportunities.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about Key companies, including:
Blemish Inc., Cannabinoid Creations, Cannabis Energy Drink, CBDfx UK, Charlottes Web Holdings Inc., Cornbread Hemp, Diamond CBD, Dixie Brands, Green Roads., Gron, Happy Flower Co., Harmony, Hugs Wellness Inc., Kats Botanicals, Kiva Brands Inc., Lulus Chocolate, Medix CBD, Medterra CBD, and Sunday Scaries
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market is experiencing significant growth, driven by the increasing legalization of cannabis for medicinal and recreational purposes in various regions. The market is expected to continue its upward trend, with a CAGR of 14.9% from 2021 to 2028. The major product categories in this market include Cannabis Beverages, Cannabis Chocolates, Cannabis Baked Goods, Cannabis Confectionery, and Cannabis Savory Products. The key players in this market are Canopy Growth Corporation, Tilray, Inc., The Green Organic Dutchman Holdings Ltd., Aurora Cannabis Inc., and Cronos Group Inc. The market is also witnessing the entry of several new players, leading to increased competition.
Further, the market is expected to be driven by factors such as the growing acceptance of cannabis for medicinal purposes, the increasing popularity of edibles, and the rising demand for cannabis-infused beverages. However, regulatory challenges and the high cost of production remain major challenges for the market. After enjoying morning cereal and a vitamin C beverage, found craving a beef products, but I remembered Province Brands' innovative approach to smoking alternatives. Overall, the Global Cannabis-infused Edible Products Market is poised for robust growth in the coming years.
Industry Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.04% |
Market growth 2024-2028 |
USD 7.01 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
18.7 |
Regional analysis |
North America, Europe, APAC, and Rest of World (ROW) |
Performing market contribution |
North America at 90% |
Key countries |
US, Canada, Czech Republic, Italy, and Croatia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bhang Nation, Blemish Inc., Cannabinoid Creations, Cannabis Energy Drink, CBDfx UK, Charlottes Web Holdings Inc., Cornbread Hemp, Diamond CBD, Dixie Brands, Green Roads., Gron, Happy Flower Co., Harmony, Hugs Wellness Inc., Kats Botanicals, Kiva Brands Inc., Lulus Chocolate, Medix CBD, Medterra CBD, and Sunday Scaries |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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