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Cannabis Infused Edible Products Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The Cannabis Infused Edible Products Market size is expected to grow from USD 9.68 billion in 2023 to USD 20.60 billion by 2028, at a CAGR of 16.30% during the forecast period (2023-2028). Recent Developmentsedibles over the past years.
New York, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cannabis Infused Edible Products Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484111/?utm_source=GNW
The Cannabis Infused Edible Products Market size is expected to grow from USD 9.68 billion in 2023 to USD 20.60 billion by 2028, at a CAGR of 16.30% during the forecast period (2023-2028).
Recent Developmentsedibles over the past years. The fact that edibles are inconspicuous and allow consumers to devour unknowingly, has shifted consumer preferences from smoking towards edibles. This growing popularity has led edibles to penetrate most of the United States retails, where the state must have some specific cannabis or marijuana regulated laws. The cannabis edibles segment in Europe is considered to be the fastest-growing category in the cannabis industry with the likes of sub-categories such as gummies and infused drinks have witnessed a significant growth trajectory in recent years. Moreover, most of the cannabis edible addresses the demand of modern consumers, where the products need to be discreet, easy to use, safe and of accurate dosages. For instance, in March 2022, RS Group launched CAMU C Plus with Hemp, the first Vitamin C beverage with white grape juice, hemp extract, gaba, camu camu extract, and 200% Vitamin C, and CAMU C CBD Shot, the market’s first CBD extract-infused functional shots.
Cannabis-infused products such as snacks and beverages are expected to become especially popular among consumers belonging to younger generations owing to the influence of social media trends on platforms such as Instagram and Facebook. This factor is expected to increase product innovations by cannabis-infused product manufacturers to increase their appeal among consumers and to gain a competitive edge in the market.
Cannabis Infused Edible Products Market Trends
More Patents and Collaborations with Micro-dosing
The micro-dosing of cannabis in terms of edibles and beverages is likely to set some significant new heights over the coming years. With the big names in the portfolio such as Constellation brands, MPX, Gfarmalabs, and Sprig have started their work on cannabis-infused drinks, following them, HEMP20 and THC Pharma are also moving slowly into the domain. New launches are expected from the cannabis industry over the coming years where at present novel brands such as Province brands, a Canadian Research & Development company, are set to release the world’s first alcohol-free beer brewed from cannabis. Firms such as HEMP20 have patented a technology on DehydraTECH, that enables the increase in the internal absorption rate.
The collaboration across the industry is massive and brands such as Constellation and Canopy growth are developing the market for cannabis-based beverages. On the other hand, AB InBev and Tilray have ventured into a USD 100 million venture to research cannabis-infused non-alcoholic drinks exceptionally for the Canadian Market.
North America Leads the Cannabis-infused Edibles Market
Cannabis holds promising scope in reducing cancer-related symptoms and side effects of cancer treatment, such as nausea, vomiting, and pain. Currently, research is being conducted to safely demonstrate this functionality of cannabis and bring its use among the general population. Other potential functionalities of cannabis include benefiting heart health, substance abuse treatment, and possible extension of life in those with glioblastoma, among other factors. According to OECD data, by the year 2028, it is expected that the market for medical cannabis in Mexico will be worth more than 1.3 billion dollars. The value of the recreational cannabis market in the North American nation is projected to be close to USD 655 million.
Furthermore, packaging has also played a major role in determining sales, where on average, the packages of edibles were around 100 mg per serving with an add-on price. On the other hand, Canada is also focusing on expanding its retail sales of edibles with single servings, which constitute around 10mg of edibles. However, in Canada, the supply of edibles will be limited, to begin with, but will increase in the future as regulators sense the positive aspect of its usage and safety.
Cannabis Infused Edible Products Industry Overview
The global cannabis-infused edibles market is a fragmented market with the presence of various regional and global players. The major players present in the market are BellRock Brands Inc. (Dixie Elixirs), Canna River, RS Group, Village Farms International Inc., and Naturecan Ltd among others. Product innovation is found to be the major tool used by the players to expand their offering, and thus, gain a competitive advantage over other players. Private-label brands hold a prominent share of the market with diversified product offerings. In the market studied, established major products that claim to be natural, organic, and involved in sustainable practices have a higher penetration across retail shelves and online channels. However, domestic players cater to the same segment with a better storyline that connects consumers and delivers experiences with the product, which is also growing.
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