According to Custom Market Insights (CMI), the cannabis edibles market touched USD 20.47 billion by 2020 and is expected to present an earning of USD 197.74 billion by the year 2030 at a compound annual growth rate of 32.04%. A huge number of benefits are offered by the products which are made out of cannabis. It is a product obtained from a flowering plant oh which has been made use of since ancient times.
The therapeutic benefits which are provided by the use of cannabis products have successfully attracted the present market and the health care industry. The restrictions are led by the government of many countries regarding the demand and supply of cannabis products hamper the growth of the market.
Browse the full “Cannabis Edibles Market Size, Trends and Insights By Type (Flowers, Concentrates), By Application (Medical, Industrial, Recreational), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/cannabis-edibles-market/
Regional Snapshots
North America proved to be the largest market for cannabis edibles as a result of the extensive use of Marijuana products among the people. The huge demand for cannabis products in the health care industry helped the market to record considerable growth during the forecast period. A huge variety of chronic ailments have been treated with the help of the medicines obtained from cannabis which include arthritis, epilepsy, cancer, and many other chronic diseases. The region of Canada has also granted legalization to the sales and supply of products made out of cannabis.
The increasing number of people suffering from chronic diseases has helped the market to show considerable growth over a period of time. The second largest sector for the sales and supply of cannabis edible products is the sector of Europe which has shown rapid development in the healthcare sector in terms of facilities and medicines. Legalization has been offered to the medical products manufactured from marijuana which helps the market to record considerable growth. Patients suffering from severe wasting disease receive great benefits from the use of medicines made out of cannabis.
Market Dynamics
Drivers
Many countries throughout the globe have legalized the demand and supply of products manufactured from cannabis in order to take advantage of the medicinal benefits obtained from these products. The use of topical applications such as creams and lotions has also increased tremendously as a result of the huge benefits and faster results that are obtained as a result of the cannabis component in them. These multiple reasons help the market to show considerable growth during the forecast period.
Restraints
The strict restrictions and rules which are imposed by the government in many countries regarding the sales and supply of marijuana and other cannabis products in order to avoid the misuse of these products hamper the growth of the market tremendously. The high cost associated with the use of cannabinoid components in the products imposes another restriction on the growth of the market. These reasons hamper the expansion of the cannabis edible market.
Opportunities
A number of chronic diseases find their treatment with the help of cannabinoid components and the products made from them. Severe wasting diseases also obtain great benefits from the use of cannabis-containing products. Many countries have offered legalization of the use of cannabis products which has supported the growth of the market to a great extent. A worldwide acceptance that has been showing towards the use of cannabis products has also boosted the demand in the market. These factors provide wonderful opportunities for the market to show considerable growth.
Challenges
The cost of the products which contain cannabis is quite high which makes it impossible for the common people to take advantage of these products. Many countries have imposed restrictions on the usage of cannabis products which proves to be a challenge for the growth of the market. Certain side effects are observed after the usage of cannabis products which proves to be an obstacle in the growing phase of the market. With the increasing consciousness among the people regarding the side effects of chemically formulated medicines, the cannabis edibles market has faced a great challenge during its growing phase. These factors have proved to be the challenges in front of the cannabis edibles market during the forecast period.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 20.47 Billion |
| Projected Market Size in 2030 | USD 197.74 Billion |
| CAGR Growth Rate | 32.04% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Pure Kana, CV Sciences., Charlottes Web Holdings Inc, Canopy Growth Corp, TIsodiol International, Elixinol Global Ltd, Medical Marijuana Inc, Aurora Cannabis Inc., Cronos Group Inc, Curaleaf Holdings Inc., MGC Pharmaceuticals Ltd., Creso Pharma Ltd., Green Thumbs Industries Inc., Tilray Inc., and Others |
| Key Segment | By Type, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Report Highlights
On the basis of type, flower and bud segments have proved to be the fastest growing sectors under this heading as a result of the huge demand experienced from the market. These products are highly demanded in the global market as a result of the huge consumption by the people. The difference in the boiling temperature of the cannabinoids as compared to the high temperature which burns out the flower has encouraged the use of advanced vaporizers.
The active principles of the cannabinoids are successfully obtained from the flowers and buds which helps to manufacture a huge number of products and medicines. The use of sophisticated and advanced vaporizers has boosted the demand for cannabis products in the market as a result of their fine quality. Concentrates from the next segment under this heading are highly demanded by potential buyers as a result of the variety of choices of flavors and formulations.
On the basis of application, the medicine will sector has proved to be the fastest growing market as a result of the huge demand for cannabis products by the healthcare sector in order to treat a huge variety of chronic diseases which are mainly found in the geriatric population. Severe wasting diseases are also treated with the help of such cannabis-based products. With the increasing awareness regarding the health care sector and the availability of advanced medicine, the demand for cannabinoid products has increased in the market tremendously. Devil ability of topical applications and creams which contain the cannabinoid components help to provide faster relief.
Recent Developments
- In March 2021 – Recreational cannabis was legalized with the help of a bill that was passed by Mexican lawmakers. It proved to be a major milestone for this particular region and had the potential to emerge as a huge market globally. This bill had a provision that allowed the adults to consume marijuana and carry out plantation of a certain number within the premises of their home. If a permit was granted to these adults for this purpose. A license was granted to the people in order to produce and supply the crop.
Segments covered in the report
On the basis of Type
- Flowers
- Concentrates
On the basis of the Application
- Medical
- Industrial
- Recreational
On the basis of Geography
North America
- U.S
- Canada
Europe
- U.K
- Germany
- France
Asia Pacific
- China
- India
- Japan
- South Korea
Rest of the World