Growing acceptance, broader legalization of cannabis coupled with unending edible options for infusion driving market growth.
Market research group Technavio monitors the global cannabis-infused edible products market and recently projected that the market is poised to grow by $17.27 billion during 2018-2022 at a CAGR of over 25% during the forecast period. The market is driven by the growing social acceptance of cannabis.
In addition, the increasing number of countries decriminalizing cannabis is anticipated to further boost the growth of the cannabis-infused edible products market. As consumers accept, and even demand more CBD products, the future is projected to continue to rise in years to come.
“The cannabis industry has emerged as lucrative business segment with immense potential for market growth and is attracting many new vendors and large investors,” the Technavio report said: “This is due to the increasing social acceptance of recreational marijuana and cannabis-infused edible products across different regions. This has not only increased the sales and revenues of major corporations but has also significantly added to the income of several governments. Vendors are witnessing an increase in the growth opportunities in businesses involving cannabis-infused edible products such as brownies, ice creams, and chocolates. Thus, the growing social acceptance of cannabis is expected to drive market growth during the forecast period.”
Additionally, a report from Statista has reported that it expects that U.S. consumer sales of CBD will reach around $1.8 billion U.S. dollars by 2022. That would be a massive increase from around half a billion dollars in 2018. Thus, the CBD consumer market is following the trend of the total legal cannabis market in the U.S., which is projected to be a $23 billio business by 2025.