Cannabis Edibles Market To Flourish And Reach USD 11,899 Million By 2024
Zion Market Research has published a new report titled “Cannabis Edibles Market by Type (Solid Edibles, Topical Edibles, Inhalation, and Liquid Edibles), by Preparation (Cannabidiol and Tetrahydrocannabinol), and by Application (Cancer, Epilepsy, Arthritis, Multiple Sclerosis, Alzheimer’s, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global cannabis edibles market was valued at approximately USD 1984.6 million in 2018 and is expected to generate around USD 13,654.3 million by 2025, at a CAGR of around 30.5% between 2019 and 2025.
Cannabis-infused foods also known as cannabis edibles comprise cannabinoid compounds, such as tetrahydrocannabinol (THC) and cannabidiol (CBD). The growing acceptance of cannabis is the key factor likely to drive the cannabis edibles market globally in the future. The opinion about cannabis is changing and its adoption is increasing globally, which is projected as a lucrative business opportunity for this market in the upcoming years. The legalization of cannabis in Canada is attracting an extensive range of market players. Moreover, the high popularity of cannabis for medical purpose is also anticipated to drive the cannabis edibles market globally over the estimated timeframe. For medical use, cannabis products are extensively accepted in Canada, the U.S., Spain, Israel, Chile, Australia, and Germany. The growing use of cannabis for Alzheimer’s and arthritic diseases is further expected to propel the global cannabis edibles market in the upcoming years. Therefore, increased social recognition related to cannabis across various regions is likely to offer significant opportunities in the cannabis edible products market in the future.
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The global cannabis edibles market is segmented based on type, preparation, and application. By type, the global cannabis edibles market includes solid edibles, topical edibles, inhalation, and liquid edibles. Solid edibles are further segmented into baked foods, capsules, and others (gummies and mints). Solid edibles are estimated to hold a major share of the global cannabis edibles market in the future. Consumption of cannabis edibles includes the ability to benefit from the properties of cannabis without smoking the flower or vaporizing distillates. The high adoption of cannabis edible brownies is contributing to the high share of this segment in the global market. Moreover, gummies and mints are easy to carry and chewing them provides adequate consumption of cannabis, which, in turn, is anticipated to further increase the demand for solid cannabis edibles market globally in the future.
By preparation, the global cannabis edibles market is bifurcated into cannabidiol and tetrahydrocannabinol. The synthetic analogs of CBD and THC, such as dronabinol, nabiximols, and nabilone, are available in the market under different brand names, which are majorly used as cannabis ingredients for preparing edible cannabis.
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By application, the cannabis edibles market is segmented into cancer, epilepsy, arthritis, multiple sclerosis, Alzheimer’s, and others (anorexia, nausea, etc.). Cancer held the major share of the global cannabis edibles market in 2018 and is expected to grow significantly over the forecast period as well. This can be attributed to the growing use of cannabis products for cancer patients to manage chronic pain and nausea.
By region, North America held the major share of the global cannabis edibles market in 2018 and is estimated to dominate over the forecast time period as well. This regional growth can be attributed to the huge consumer spending on cannabis products. In addition, the legalization of cannabis in Canada for recreational use is expected to create new growth opportunities for the North American cannabis edible market in the upcoming years.
Some key players of the global cannabis edibles market are Koios Beverage Corporation, The Supreme Cannabis Company, General Cannabis Corporation, Organigram Holding Inc., Cannabis Sativa, Inc., Heineken, Coalition Brewing, Corona, Syqe Medical, Bend Company, Bhang Corporation, Cannabis Energy Drink, Mentor Capital, VCC Brands, and Kiva Confections.
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This report segments the global cannabis edibles market into:
Global Cannabis Edibles Market: Type Analysis
- Solid Edibles
- Baked Foods
- Others (Gummies and Mints)
- Topical Edibles
- Liquid Edibles
Global Cannabis Edibles Market: Preparation Analysis
Global Cannabis Edibles Market: Application Analysis
- Multiple Sclerosis
- Others (Anorexia, Nausea, etc.)
Global Cannabis edibles Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific