The popularity of cannabis-infused edibles skyrocketed the moment they launched. Since then, they have been growing steadily, and fortunately, the predictions are still in their favor. Experts exclaim that the increasing acceptance of cannabis is the critical factor that’s driving the growth. Thus, this industry is presenting a lucrative opportunity for many to invest in this market.
As per a report, the global cannabis edibles market will generate approximately $11,500 million by 2025, around 25% CAGR. That’s quite huge! Still, why do experts say 2021 will be a good year for the cannabis edibles market? Let’s find out now!
Shaping of the Cannabis Edibles Market- What’s Happening?
While experts predicted 2020 as the “breakthrough year” for cannabis, the pandemic slowed down, and it did not work out as anticipated. Moreover, the federal regulation also stayed a bit confusing, with so many questions still unanswered.
With more people searching for marijuana products like edibles, gummies, and cannabis drinks online and the changing world dynamics around cannabis, the growth of cannabis edibles is not slowing any time soon.
Surprisingly, even alcohol manufacturers are investing in producing cannabis-infused products. Some manufacturers are also focusing on building partnerships to improve their sales. Further, the rise in the consumers looking for health and wellness beverages is also contributing to the market growth. And with the consumer shift from carbonated drinks to wellness products, there will be a massive demand for these products in the future.
Surprisingly, even since cannabis drinks came to light, beer and wine purchase orders declined by around 15%. Experts expect that factors like low carbs and the sugar content will gain higher traction amongst millennials. Some even say that cannabis-infused products might replace cannabis smoking soon.
Besides that, a more significant percentage of Canadians wish to use cannabis-infused products as a wellness supplement. According to survey data, more than 60% of the users use it to relax. And around 50% of the users are trying it to relieve their stress or anxiety.
What do Consumers Say?
According to a senior research analyst, legalizing cannabis had the most significant impact on the Canadian market. More than 59% of Canadian confirm they would like to use cannabis. And the ones who are yet to use this product, out of those, more than 45% state that they are more interested in using cannabis edibles. Despite the Covid-setback, here are some of the potential highs:
- Many big players are investing in cannabis-infused drinks.
- Many are exploring cannabis-infused products and are looking at them as a substitute for CPG drinks.
While Health Canada might release detailed guidelines concerning cannabis edibles, many brands are looking at it as a means to produce more consumer-friendly products. The pandemic definitely altered the game rules. But it won’t cause any negative impact on the cannabis edibles market. Why? The consumers are finally opening to this product, and the hyper will only rise from here.
So, if anyone says 2021 will be a “big” year for cannabis edibles, the answer is a definite “yes.” Are you excited?