Global Cannabis Edibles Market 2024 – 2033

Reports Description

The cannabis edibles market touched USD 20.47 billion by 2021 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%.

The huge demand which was experienced by the market with the increasing awareness regarding the benefits of cannabis edibles and products help the market to record a considerable amount of revenue and is foreseen to continue in the future as well. Cannabis products are heavily used in the manufacturing of medicinal substances in order to treat a huge number of chronic diseases.

The rapidly increasing geriatric population all over the world as a result of the increasing life expectancy of the people owing to the advanced treatment options available in the health care system has increased the number of people suffering from chronic diseases. The effect of cannabis has been greatly applauded by the market in the treatment of such chronic diseases. This product has been used since ancient times and its medicinal properties have been made use of by people for ages. The various rules and regulations which have been imposed by the government regarding the sales and supply of cannabis products in certain countries prove to be a restraining factor for the growth of the market during the forecast period.

On the other hand, the government of many developed countries has legalized the usage of cannabinoids and their components in order to reap the maximum benefits of the medicinal properties contained in this product. The active principles which are found in cannabis products are rare and cannot be found easily in other natural resources.

The legalization of the demand and supply of cannabis edibles has proved to be a major opportunity for the growth of the market. Additionally, certain side effects have been noted after the usage of cannabis products such as impairment in cognition proves to be a restraining factor for the market. Along with the benefits the side effects have to be also thought about before using such products.

The outbreak of the pandemic had a considerable impact on the cannabis edibles market as a result of the restricted movement and lockdowns imposed by the government. These materials and products are usually distributed only through licensed pharmacies. The lack of transportation facilities hampered the growth of the market. During the later stages of the pandemic, the market experienced considerable growth as a result of the increasing demand for medicines.

Growth Factors

The rapid research and development carried out by the key market players so the introduction of new, innovative products attracted potential consumers and provided a boost to the growth of the market. The wide use of cannabis products in the healthcare sector has also proved to be a growing factor for the market and is expected to continue its growth in the future as well.

Rapid advancements which are seen in scientific development and innovation help the market to overcome its obstacles. Right is such as sublingual and topical products have been introduced into the market which receives a higher demand from the potential consumers. Beverages and chocolates have also been introduced into the market which is experiencing huge demand.

Segmental Insights

Segmentation of Cannabis edibles market on the basis of type

On the basis of type, the segment of flower buds proves to be a dominating position as a result of the high demand experienced by the market. As a result of the huge demand that it received, the flower bud segment is foreseen to continue at the same pace in the future period as well.

The flower bud of marijuana experience is the highest demand as a consumable product. It proves to be one of the most popular types among the people and also in the worldwide market. Around 30% of THC is contained in a single flower bud of marijuana. This concentration varies starting from 15% in every bud. This flower bud usually contains around 1% of CBD which starts at approximately around 0.1% of concentration.

Every minute level of cannabinoids is contained in the flower bud of marijuana which proves to be negligible. The burning of the flower requires a particular temperature after which it gets destroyed. The boiling point of the cannabinoids is far lower than this temperature. The technology of vaporizers usually makes use of this concept in order to protect the official properties of any particular substance. This process is gradually becoming popular among manufacturers in order to increase production and maintain the quality of the product up to optimal levels.

Highly advanced vaporizers which are sophisticated have been developed by the key market players to control the temperature of boiling. Specific cannabinoids require a particular temperature in order to get activated which proves to be the main target of the producers in the market. The concentrate is inclusive of CO2 oil, BHO which is also known as butane hash, shatter, live resin, wax, budder, ice water hash, kief and rosin. These multiple products are experiencing a huge demand from the world market.

The favorable conditions which are present in the market help to increase the supply chain by fulfilling the growing demands. The existence of a potential client base rose to be a major growth factor for this segment. With the increasing research and development in this sector, the availability of high-quality flower buds has become easy which proves to be a major factor that boosts the size of the market. Marijuana products have penetrated the market to a great extent, especially in the western sector.

The increasing acceptance by consumers for concentrates as a result of the multiple health benefits proves to be a growing factor for the market. The use of advanced vaporizers has boosted the demand for concentrates in the global market. Various flavors have been introduced by the key market players by altering the formulas which help the consumer to enjoy a different experience.

Segmentation of cannabis edibles market on the basis of application

On the basis of application, the segment of medical marijuana proves to be the highest selling product as a result of the huge number of health benefits it provides with. Many developed nations have granted permission to the healthcare sector for making use of medicines made out of marijuana to be applied to patients in order to obtain greater benefits. The application of cannabinoids in the healthcare sector has proved to be a boon as a result of their high therapeutic value. The compounds which are similar to cannabinoids I’ve been also used by the pharmaceutical industry in order to fulfill the growing demands.

The most commonly used drugs which are obtained from marijuana include Marinol, Sativex, and sesame. The treatment of a number of chronic elements has been carried out with the help of the medicines obtained from cannabinoids.

The complaints of severe pain mainly of the chronic pattern have been treated with the help of these medicines. Multiple sclerosis proves to be another huge market for medicines made out of this substance. Epilepsy which proves to be treatment resistant has also been improved to a considerable level with the use of cannabis medicines.

The rapid awareness among the people regarding health care options has helped the market of cannabis medicines to show considerable growth during the forecast period. The wellness sector proves to be another huge market for the increasing trend among people regarding the preventative line of treatment. The usage of cannabis products has seen a huge market in the healthcare sector which helps this segment to dominate its position even in the times to come.

The rapid research and development which has been carried out by the key market players in order to explore the beneficial factors of cannabis with a view to treating a huge range of diseases including a number of chronic diseases has helped the market to record a considerable revenue and is foreseen to continue in the future as well. A very negligible share has been contributed by the topical segment. The increasing usage of creams lubricants and lotions which contain cannabis in a very minute quantity helps this segment to show its impact in the market. The management of pain becomes a major factor in the growth of this market.

Report Scope

Regional Insights

On the basis of geography, the region of North America has proved to be the largest market for cannabis edibles. The recreational use of cannabis edibles has been legalized by this region around 2012 which has helped the market to take hold of the choices and demands of the people. Washington and Colorado were seen to be the initial users of this product for recreational purposes. Later on, 11 other states of Columbia which also included certain districts started the use of cannabis products as they were legalized in this region for the purpose of recreation.

The medicines which have been obtained from cannabis proved to be of therapeutic value for various chronic diseases such as arthritis epilepsy, Alzheimer’s disease, post-traumatic stress and chronic pain. the huge number of patients suffering from these diseases who are siding in this region proved to be or potential market for cannabis edibles. The use of marijuana products has been legalized in the region of Canada as well.

The heavy consumption and usage of cannabis products all over the United States has boosted the economy to a great extent. The market is experiencing new potential buyers and opportunities along with increasing demand and supply which is supporting the market considerably. The region of Europe proves to be the second largest consumer of cannabis products as a result of its huge application in the healthcare industry.

A wide range of chronic elements has been treated in this region with the help of medicines obtained from cannabis. It is mainly used to treat anorexia in patients who are suffering from severe muscle wasting diseases. The recent alterations that have been made in the government policies also help to boost the market for cannabis edibles to a great extent. The demand and supply are foreseen to increase in the region of South America as a result of the initiatives taken up by the government.

Recent Developments

• In April 2021 – Canopy growth company had taken over Supreme cannabis corporation through a specific agreement in order to expand its business reach in the global market. The product portfolio of the company was modified in order to attract potential consumers and increase the revenue return of the industry. The company was able to make a strong foothold in the global market among the key market players with the help of this acquisition.

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
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America