Understanding Cannabis Edibles Market in 2023
Join us as we delve into the fascinating world of the cannabis edibles market!
Discover the latest trends and popular products that have propelled this segment to prominence in the cannabis industry, with remarkable growth in 2023.
As we dive into the future, there’s one aspect of the cannabis industry that’s bound to make big waves like never before. You guessed it – we’re talking about the cannabis edible market. This exciting sector has been steadily growing, and when we look ahead to 2023 and beyond, it’s clear that this trend is here to stay.
Whether you’re a curious consumer or a potential investor, get ready for a deep dive into this evolving landscape where innovation meets indulgence and science blends with incredible flavors.
Let’s explore together and uncover the delicious future of cannabis edibles!
Popular Edible Categories
According to Statista’s 2023 breakdown of edibles, there are various categories including candy, chocolate, infused foods, beverages, pills, and more. Interestingly, candy takes the lead, making up a whopping 74% of the market, followed by chocolate at 8%. Pills and cannabis beverages each hold 8% and 6% respectively, while infused foods make up 3%.
The remaining 1% is attributed to other products. When we combine candy and chocolate, they represent an impressive 82% of the market.
Quite a sweet dominance, wouldn’t you agree?
Interestingly, most users actually prefer smaller THC doses, typically around 5mg, as revealed by a Statista report.
This challenges the common belief that higher THC content is always preferred. It’s important to consider the potential risks of overconsumption when making dosage decisions.
Valuing the Edibles Market
Estimating the value of the cannabis edibles market can be tricky due to the prevalence of the black market.
According to a Global Market Insights report, the legal market was valued at over $8 billion in 2022, and it’s projected to experience a Compound Annual Growth Rate of 16.5% from 2023 to 2032. By 2032, the market is expected to reach over $37 billion, indicating significant growth on the horizon.
However, it’s important to note that industry estimates can vary. For example, according to GlobeNewsWire, the market size in 2022 was estimated at $9.6 billion, with a projected value of $27.2 billion by 2030.
These variations highlight the challenges in obtaining consistent data, especially in state-specific markets. Rest assured, there is immense potential in this industry for those looking to explore its opportunities.
Edibles' Market Share
Edibles account for approximately 13% of cannabis sales, with flower at 40% and vapes at 25%, according to Cannabis Business Times.
This represents a slight increase from 2020 when edibles constituted 11% of the market in a select set of states.
What's Ahead for Cannabis Edibles
As we approach the end of 2023, it’s exciting to see the dynamic and promising landscape of the cannabis edibles market. With projected market expansion and evolving consumer preferences, we can anticipate a year of remarkable innovation and growth in the cannabis edibles sector in 2024.
Stay tuned for exciting developments!