Cannabis Edibles Market: By Channel Type(Online Segment), By End User Type(Medical Sector), By Application(Sleep Disorder, Edible Gummies, Chronic pain management) and Region (North America, Europe, Asia-Pacific, Australia)—Forecast till 2028

Description

Market Overview:

The global cannabis edibles market was valued at USD 8 billion in 2022 and is expected to expand at a CAGR of 17.7% from 2022 to 2028. Consistent innovations in product development, swapping of social attitudes, and constant legislation and regulations. This has led to the growth of the cannabis edibles market in the forthcoming years.

Market Size for Global Cannabis Edibles Market on the Basis of Revenues in USD Bn , 2018-2023

Source: Maven Market Research

What Factors are Leading to the Growth of the Global Cannabis Edibles Market:

• The integration of innovation in product development has led to a diverse range of cannabis edibles. From gourmet chocolates to functional beverages, the variety and quality of available products have significantly improved, attracting a wider audience. The rising progress has led to the escalation of the market in the review period.
• Regular advancements in marketing strategies and strong branding have played a significant role in attracting consumers. Companies are leveraging social media, influencer partnerships, and educational campaigns to raise awareness and build trust in their products.
• Numerous legislations and regulatory frameworks that permit the production and sale of cannabis edibles have opened new markets and increased consumer accessibility in many parts of North America and other parts of the United States, which is driving the adoption of the cannabis edibles market globally.

Which Industry Trends have been Fueling the Growth of the Market?

Performance by Key Players: Several key players are playing a major role in the growth of the market. This growth is accredited to global companies like Canopy Growth Corporation, Aurora Cannabis Inc., and Tilray Inc., offering diverse product lines and expanding their global reach through strategic acquisitions and partnerships. Moreover, companies like Dixie Brands Inc., Plus Products Inc., and Bhang Corporation are recognized for their premium edibles and strong brand presence. These players are crucial in the ongoing expansion of the cannabis edibles market worldwide.

Change in Societal Perceptions: Regular changes in societal attitudes toward cannabis are shifting, with increasing acceptance and reduced stigma. This change has broadened the consumer base, attracting individuals who may have previously been hesitant to try cannabis products. Marketing strategies like regular advertisements on social media sites, newspapers, and television are changing the mindset of people. Moreover, an increasing number of consumers are turning to cannabis edibles for their potential health benefits. These medical cannabis edibles are used to treat chronic pain diseases. These are some of the variables that are expected to propel the growth of the market in the forthcoming years.

What is the Current Structure of the Global Cannabis Edibles Market?

By Channel Type, Online Segment Dominated the Largest Market Share in the Global Cannabis Edibles Market

The online segment dominated the edibles market growth, by registering a growth rate of 7% every year globally. With the integration of e-commerce, online retail has become a significant channel for cannabis edibles. This platform offers convenience and discretion, which allows consumers to browse and purchase products from the comfort of their homes.  Constant frameworks in numerous regions are adapting to facilitate online sales, which would eventually expand the market share of the global market.

By End User Type, Medical Sector has Dominated the Largest Market Revenue in the Global Market

The medical sector is leading in the global market, by having the highest market revenue. It is observed that medical cannabis patients use edibles to manage symptoms of various diseases. This segment typically seeks products that offer precise dosing and therapeutic benefits. Moreover, senior citizens are exploring edibles to seek products that are easy to consume and offer consistent dosing. Also, many youngsters these days prefer edibles that are organic, vegan, and gluten-free. Hence, the medical sector is expected to majorly contribute to the growth of the Cannabis Edibles Market in the forthcoming years.

By Regional Type, North America is Leading the Global Market

North America is dominating the market, as it fosters a mature market with diverse product offerings. Large food and beverage companies have entered the cannabis edibles market, leveraging their expertise in food production and distribution to create high-quality products. Furthermore, Europe is witnessing rapid growth, driven by progressive legislation and increasing consumer acceptance. In Asia-Pacific, the market is nascent but expanding, buoyed by emerging markets, where regulatory landscapes are evolving. These are the numerous aspects predicted to escort the growth of the market in the forthcoming years.

Competitive Analysis

The global cannabis edibles market is poised for significant growth, driven by legalization, changing consumer attitudes, product innovation, and effective marketing strategies. With numerous players vying for market share, companies have a strong presence in the cannabis industry and have expanded into the edibles segment, which will continue to shape the landscape, offering diverse and innovative products to meet the needs of a broadening consumer base. Hence, the future of cannabis edibles looks promising, with ample opportunities for expansion and progress in the forthcoming years.

Market Segmentation

By Channel Type

• E-commerce platforms
• Subscription services
• Direct-to-consumer websites
• Dispensaries
• Health and wellness stores
• Supermarkets

By End User Type

• Chronic illness sufferers
• Mental health patients
• Post-surgical recovery users
• Millennials
• Gen Z consumers
• Wellness enthusiasts

By Application Type

• Chronic pain management
• Anxiety and depression relief
• Sleep disorders
• Edible gummies
• Chocolates and baked goods
• Beverage infusions

Key Players

• Canopy Growth Corporation
• Aurora Cannabis Inc.
• MedMen Enterprises Inc.
• Tilray, Inc.
• Cronos Group Inc.
• Aphria Inc.
• GW Pharmaceuticals plc
• Dixie Brands Inc.
• Terra Tech Corp.
• The Green Organic Dutchman Holdings Ltd.
• VIVO Cannabis Inc.
• KushCo Holdings, Inc.
• OrganiGram Holdings Inc.
• Emerald Health Therapeutics, Inc.
• Curaleaf Holdings, Inc.