Cannabis Edibles Market Forecast and CAGR
According to FACT.MR' most recent analysis, the cannabis edibles market will experience robust expansion in 2021, with global revenues increasing by a significant revenue year on year. According to a new FACT.MR forecast, cannabis edibles revenue will nearly triple between 2021 and 2031. Rising demand for cannabis edibles from millennial and senior aged consumers for recreational and medical use drive the market growth.
Cannabis Edibles Markets are Expanding Rapidly
Marijuana is becoming popular in many countries in different types. One of the key forms is cannabis edible is taking fast growth in the market. Due to the increased risk factors of smoking consumers shifting from smoking cannabis to edible. Because of its nature, wide range of people from millennials to senior citizens. This makes cannabis edibles are becoming a hot topic across the world.
Additionally, cannabis edibles are having several health benefits. Cannabis contains a chemical called tetrahydrocannabinol (THC). This chemical is used in the medical field to treat relaxation and anxiety relief. Therefore, cannabis edibles is used for anti-anxiety effects.
According to the in-house study, more than 79% of people are suffering from anxiety and sleep problem. Owing to the medical benefit, cannabis edibles are drastically utilized to overcome these problems. Hence the demand for the product is significantly growing across the world.
Cannabis edibles are also utilized for several other medical usages. It contains a pain reliever effect as well as anti-inflammatory properties, which aids to overcome various pains such as chronic pain, cancer pain, and neuropathic pain. Therefore it is used for many medical uses.
Cannabis edible is restricted and banned by various countries. Because of medical benefits and recreational usages, several countries legalizing the usage of cannabis edibles within their boundaries. Legalizing the consumption of cannabis impacts in fall in price. Price drop for the product multiplies its revenue in the market.
In the past recent years, several startups are entering in cannabis edible market. It is significantly utilized in the food and beverages industries. Cannabis extracts are used in bakery foods, candies, chocolates, wine, and tea products. Food and beverages manufacturers are focusing to grab the opportunity to explore the market by developing innovative products manufactured from cannabis edibles.
Emerging technological transformation in distribution is also a supporting factor to the growing cannabis edibles market. Due to Covid-19, distribution channel affects a significantly, thus the majority of people have transferred their interactions to the internet.
As a result, anyone can place orders for delivery or pick-up. Hence, rising legalizing cannabis edibles in countries, innovation activities are taken from food and beverage manufacturers, application in the medical sector and emerging distribution channels expand cannabis edibles market growth across foreseeing period.
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US and Canada Cannabis Edibles Market
The United States and Canada is a key market for the cannabis edibles market. The exclusive acceptance of cannabis edibles across Canada and United States drive the North American cannabis edible market. Growing millennial consumer preference for smoking cannabis than edible to overcome the risk boost cannabis edibles market in the region.
Europe Demand Outlook for Cannabis Edibles Market
Cannabis edibles are broadly sold in European countries, with Spain, Germany, Italy, France and others supporting the growth of the cannabis edible market. Growing demand for cannabis edibles for medical usages propel the regional market growth. Several beverages manufacturers like Coca-Cola, PepsiCo are eyeing entering the cannabis edibles market to provide future opportunities for the market in the region.
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Cannabis Edibles Market: key players
Some key manufacturers functioning the business in the cannabis edibles market are,
- cdbMD Inc.
- The supreme cannabis company Inc.
- Pure Extract Technologies Corp.
- VCC Brands
- Organigram Holding Inc.
- Bhang Corporation
- Kiva Confections
- Sundial Growers Inc.
and many other are some prominent brands operating in cannabis edibles market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Cannabis Edibles Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
An Adaptive Approach to Modern-day Research Needs
Emulsifier Alternatives: Market Segmentation
Based on Nature, the global cannabis edibles can be segmented as:
Based on Product Type, the global cannabis edibles can be segmented as:
- Cannabis-infused beverages
- Gummy Bears
- Cannabis Brownies
- Cotton candy or mints
Based on End Use, the global cannabis edibles can be segmented as:
- Medical Use
- Recreational Use
Based on Distribution Channel, the global cannabis edibles can be segmented as:
- Hyper market/ Super market
- Specialty stores
- Convenience stores
- Online retailing
Based on the Region, the global cannabis edibles can be segmented as:
- North America
- U.S. and Canada
- Latin America
- Mexico, Brazil, Peru, Chile, and others
- Western Europe
- Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg
- Eastern Europe
- Poland and Russia
- Asia Pacific
- China, India, Japan, ASEAN, Australia, and New Zealand
- The Middle East and Africa
- GCC, Southern Africa, and North Africa
- North America
NOTE - Although care has been taken to maintain the highest levels of accuracy in Fact.MR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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