Global Cannabis Infused Food Product Market: By Application (Bakery, Confectionary, Snacks and Condiments), By Channel (Online Segment, Distributors) and Geography, and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

Description

Market Overview:

The global cannabis-infused food market platform market size was valued at USD 8.6 billion in 2023 and is projected to expand at a CAGR of 15.6% from 2024 to 2028. The global cannabis-infused food market is growing owing to surging health and wellness trends, regular innovations in product development, and regulatory changes, together with increasing public awareness, has augmented the growth of the market in the forecast period.

Market Size for Global Cannabis Infused Food Products 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 Infused Food Product Market:

• The increasing awareness and acceptance of cannabis and its benefits are mainly due to educational campaigns and increased media coverage. This has led to the reducing the stigma associated with cannabis consumption, thereby expanding the customer base for cannabis-infused food products.
• The increasing legalization among various regions of the world has paved the way for the commercialization of cannabis-infused edibles. These regulatory shifts are reducing the stigma associated with cannabis consumption, hence expanding the growth of the market revenue in the sector.
• Furthermore, the surging investments are fueling research and development activities, leading to the creation of high-quality and safe cannabis-infused food products. This led the market to observe tremendous growth in the market share in the forthcoming years.

Which Industry Trends have been Fueling the Growth?

Performance By Key Players: Several key players are developing new and unique products to cater to changing consumer preferences. They are making strategic partnerships and forming alliances with other companies to expand product offerings and market reach. Canopy Growth Corporation is a leading player known for its diverse range of cannabis-infused chocolates, gummies, and beverages. Moreover, companies like Tilray, Inc. are known as global pioneers in cannabis research, cultivation, and distribution, offering a wide variety of edibles.

Growing Health and Wellness Trends: The sector is observing that consumers are increasingly looking for natural and alternative health solutions, and cannabis is gaining popularity due to its potential therapeutic benefits. These products infused with cannabidiol, are sought after for their purported health benefits, including stress relief, pain management, and improved sleep. Hence, driving the overall growth of the market.

Regular Product Innovations: The key companies are continuously experimenting with new formulations and flavors to attract a broader customer base. From chocolates and gummies to beverages and baked goods, the variety and creativity in product offerings are expanding rapidly, catering to diverse consumer preferences, all of the products are cannabis-infused. These variables are majorly contributing to the growth of the market.

What is the Current Structure of the Global Cannabis Infused Food Market?

By Channel Type, Dispensaries Segment Dominated the Largest Market Share in the Global Market

The rising dispensaries are specialized retail outlets that provide a variety of cannabis products, including edibles. The establishments are regulated and often staffed with knowledgeable personnel who can offer guidance to consumers, hence propelling the growth of the market.

By End-Use, Farmers Registered the Largest Market Revenue Share in the Global Market

The farmers are primary end users of bale net wrap are farmers and ranchers who utilize it for baling hay, straw, and silage. They prioritize durability, ease of use, and cost-effectiveness, making bale net wraps an essential part of their operations. Additionally, agricultural cooperatives that manage large-scale farming operations and provide resources to individual farmers also constitute a key segment. These cooperatives often buy in bulk, influencing market dynamics and pricing, hence majorly contributing to the growth of the market.

By Region, North America Held the Largest Market Revenue in the Global Market

It is observed that Normath America records the highest share in the cannabis-infused food market, which is characterized by a high level of consumer acceptance and a well-established cannabis industry. The prevalence of major market players and continuous product innovation further bolster growth in this region. This is predicted to foster the growth of the market in the coming years.

Competitive Analysis

The key players continue to innovate and expand their reach, and as more regions embrace legalization, the market is set to offer a diverse range of products catering to various consumer needs. The future of this market looks promising, with immense opportunities for growth and development. Moreover, it is observed that growth potential exists, particularly in regions with progressive regulatory changes and increasing awareness of cannabis’s medicinal benefits. Some of the major players include Baked Bros, Bhang Corp., Botanic Lab, Cannabinoid Creations, Canopy Growth Corporation, Charlotte’s Web, Dixie Brands Inc., Grön Confections., Kats Botanicals, Kaya Holdings Inc., Kiva Confections, Koios Beverage Corp., Lord Jones (Zeus Cannabinoids, LLC) and Medix CBD (CBD Capital Group).

Market Segmentation

Global Cannabis-infused Food ProductsMarket, By End-Use

• Adults
• Seniors
• Recreational Users
• Medical Patients

Global Cannabis-infused Food Products Market, By Channel Outlook

• Online Sales
• Offline Retail
  • Dispensaries
  • Specialty Stores
  • Supermarkets

Global Cannabis-infused Food Products Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
  • Spain
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • Turkey
  • South Africa

Market Players Included

• Aurora Cannabis Inc.
• Canopy Growth Corporation
• Tilray, Inc.
• Aphria Inc.
• Cronos Group Inc.
• MedMen Enterprises Inc.
• GW Pharmaceuticals plc
• Dixie Brands Inc.
• Charlotte’s Web Holdings, Inc.
• PLUS Products Inc.
• The Green Organic Dutchman Holdings Ltd.
• Terra Tech Corp.