While acceptance of CBD products has been slowly gaining momentum in the U.S. as the number of mainstream retailers increases, cannabis edibles are becoming the preferred entrée for new CBD users. Those consumers are looking for relief from ailments like anxiety, insomnia, chronic pain and soreness from occupational and athletic exertion.
Cannabis-infused foods revenues – also known as cannabis edibles that contain cannabinoid compounds – have been growing steadily over the past few years and are projected to continue to grow, according to industry reports.
According to a report from Zion Market Research, the global cannabis edibles market was valued at approximately $2.38 billion in 2018 and is expected to generate around $11.5 billion by 2025, at a CAGR of around 25.4% between 2019 and 2025.
The growing acceptance of cannabis is the key factor likely to drive the cannabis edibles market in the future. The opinion about cannabis is changing and its adoption is increasing globally, which is projected as a lucrative business opportunity for the market in the upcoming years.
For medical use, cannabis products are extensively accepted in Canada, the U.S., Spain, Israel, Chile, Australia and Germany. The growing use of cannabis for Alzheimer’s and arthritic diseases is further expected to propel the global cannabis edibles market in the upcoming years.
Increased social recognition related to cannabis across various regions is likely to offer significant opportunities in the cannabis edible products market in the future.
While consumers continue to become more comfortable with cannabis and hemp-CBD products in the U.S., federal and state regulatory acceptance has lagged. Up to now, the U.S. resembles a patchwork consisting of a variety of cannabis and CBD legality. Much of that could be due to the lack of leadership from the U.S. Food and Drug Administration.
Renewed legislation in the U.S. House to designate CBD as a legal dietary supplement has drawn bipartisan support. Advocates are more hopeful this time that a companion bill can find similar support in a new Senate, where there seems to be more hope of clearing the committee process and a floor vote.
Should those bills clear both houses and become law, makers of cannabis-infused edibles will have a much clearer path to accelerated sales growth and mass consumer acceptance of hemp-CBD products.
