London, Dec. 06, 2023 (GLOBE NEWSWIRE) -- In a groundbreaking revelation, a recent market analysis of Fairfield Market Research forecasts an impressive surge in the global cannabis edibles market, with revenues poised to leap from US$9.6 Bn in 2022 to a staggering US$27.2 Bn by 2030.
This robust growth will be driven by a multitude of factors, including shifting consumer preferences away from smoking cannabis, and rising awareness of the health benefits associated with cannabis edibles.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$9.6 Bn | |
| Estimated Market Size in 2030 | US$27.2 Bn | |
| CAGR | 13.9 % | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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| Key Players | Pure Kana, CV Sciences, Tisodiol International, Elixinol Global Ltd, Charlottes Web Holdings Inc, Medical Marijuana Inc, Aurora Cannabis Inc., MGC Pharmaceuticals Ltd., Creso Pharma Ltd., Cronos Group Inc, Curaleaf Holdings Inc., Green Thumbs Industries Inc., Tilray Inc., TGOD Holdings Ltd., Zoetic International PLC | |
As regulations evolve, and consumer awareness expands, the upward trajectory of the cannabis edibles market is poised to continue. With consumers prioritising health, diverse product preferences, and convenient access through online platforms, consumption of cannabis edibles is expected to heighten.
“Stringent government regulations are substantially contributing toward the expansion of the industry landscape. The global cannabis edibles market is projected to expand at a remarkable CAGR of 13.9% during 2023 – 2030,” says the company analyst.
Key Research Insights
- Cannabis gummies emerged as the market leader in 2022, offering diverse options catering to both recreational and medicinal users, coupled with discreet and convenient consumption.
- The online retail category dominated sales in 2022, riding on the ease of use and quick market assimilation of cannabis edibles on e-commerce platforms.
- North America will command the highest market share through 2030, driven by increasing demand for cannabis-infused foods and beverages, especially in the US.
- Asia Pacific’s market for cannabis edibles is poised for exceptional growth, fuelled by increasing consumer acceptance, and understanding of cannabis-related products.
Insights into Segmentation Analysis
Conventional Category Favoured over Organic
While the conventional segment took the centre stage in 2022, the organic category is expected to witness substantial growth over the forecast period. Consumers inclined towards natural and sustainable products, and those concerned about environmental and health impacts, are likely to drive the rise in organic cannabis edibles.
Conventional Dominance: In 2022, conventional cannabis edibles outshone their organic counterparts, potentially due to factors like accessibility, pricing, and varying consumer preferences.
Cannabis Gummies Bestseller
Gummies, the preferred choice in 2022, are expected to maintain their dominance. Offering discreet consumption, easy administration, and a variety of flavours, cannabis gummies appeal to a broad consumer base seeking the potential benefits of cannabis without traditional smoking or vaping.
The supplements category, on the other hand, is projected to witness significant expansion, attributed to the perceived health and wellness advantages of concentrated cannabinoids in capsule, soft gel, or tincture form.
Online Retail Surge Ahead of Specialty Stores
Online retail took the lead in 2022, with the convenience of purchasing cannabis edibles from the comfort of one's home. However, the forecast suggests that specialty stores, or cannabis dispensaries, are expected to grow at a substantial rate. These physical retail outlets provide personalised experience, with knowledgeable staff guiding consumers based on preferences and needs.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/cannabis-edibles-market
Key Report Highlights
- The rising concerns over respiratory diseases, and the diminishing appeal of smoking cannabis are steering consumers toward edible alternatives.
- Increased public awareness regarding potential health benefits of cannabis edibles like alleviating nausea, reducing pain, and enhancing appetite will keep the market afloat.
- Stringent government regulations and prohibitions on cannabis products across various nations are identified as significant impediments to the market expansion.
Insights into Regional Analysis
North America's Continued Dominance
North America is poised to maintain its lion's share in the global cannabis edibles market. The region's dominance is attributed to key players, evolving lifestyles, and technological advancements. Government control, and marijuana legalisation are expected to further fuel the growth of edible cannabis products in North America.
Asia Pacific's Towering Potential
The Asia Pacific region is forecasted to exhibit exceptional growth, fueled by the availability of raw materials, and increasing industrialisation. As several emerging nations legalize marijuana for personal consumption, the market is expected to witness significant expansion. However, market participants may face challenges as regional governments intensify efforts to curb illegal cannabis sales, necessitating compliance with legal frameworks.
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