Global (CBD) Cannabis Edibles Market Size Worth $197.74 Billion by 2030 at a 32.04% CAGR: Custom Market Insights
13-Sep-22 04:41:57
“According to the latest research study, the demand of global Cannabis Edibles Market size & share was valued at approximately USD 20.47 Billion in 2021 and is expected to reach a value of around USD 197.74 Billion by 2030, at a compound annual growth rate (CAGR) of about 32.04% during the forecast period 2021 to 2030.”
A huge number of benefits are offered by the products made from cannabis. It is a product obtained from a flowering plant that has been used since ancient times.
The therapeutic benefits provided by using cannabis products have successfully attracted the present market and the healthcare industry. The restrictions of many countries’ governments regarding the demand and supply of cannabis products hamper the market’s growth.
Market Dynamics
Drivers
Many countries throughout the globe have legalized the demand and supply of products manufactured from cannabis to take advantage of the medicinal benefits obtained from these products. The use of topical applications such as creams and lotions has also increased tremendously due to the huge benefits and faster results obtained from the cannabis component in them. These multiple reasons help the market to show considerable growth during the forecast period.
Restraints
The strict restrictions and rules imposed by the government in many countries regarding the sales and supply of marijuana and other cannabis products to avoid misusing these products hamper the market’s growth tremendously. The high cost associated with using cannabinoid components in the products imposes another restriction on the market’s growth. These reasons hamper the expansion of the CBD edible market.
Opportunities
Several chronic diseases find their treatment with the help of cannabinoid components and their products. Severe wasting diseases also obtain great benefits from the use of cannabis-containing products. Many countries have offered legalization of the use of cannabis products which has supported the growth of the market to a great extent. A worldwide acceptance that has been showing towards the use of cannabis products has also boosted the demand in the market. These factors provide wonderful opportunities for the market to show considerable growth.
Challenges
The cost of the products which contain cannabis is quite high, which makes it impossible for the common people to take advantage of these products. Many countries have imposed restrictions on cannabis products, which proves to be a challenge for the market’s growth.
Certain side effects are observed after the usage of cannabis products which proves to be an obstacle in the growing market phase. With the increasing consciousness among people regarding the side effects of chemically formulated medicines, the cannabis edibles market has faced a great challenge during its growing phase. These factors have proved to be the challenges in front of the global cannabis edibles market during the forecast period.
In March 2021 – Recreational cannabis was legalized with the help of a bill that Mexican lawmakers passed. It proved to be a major milestone for this particular region and had the potential to emerge as a huge market globally. This bill had a provision that allowed adults to consume marijuana and carry out plantation of a certain number within the premises of their home. Suppose a permit was granted to these adults for this purpose. A license was granted to the people to produce and supply the crop.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 20.47 Billion |
| Projected Market Size in 2030 | USD 197.74 Billion |
| CAGR Growth Rate | 32.04% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Prominent Players | Pure Kana, CV Sciences., Charlottes Web Holdings Inc, Canopy Growth Corp, TIsodiol International, Elixinol Global Ltd, Medical Marijuana Inc, Aurora Cannabis Inc., Cronos Group Inc, Curaleaf Holdings Inc., MGC Pharmaceuticals Ltd., Creso Pharma Ltd., Green Thumbs Industries Inc., Tilray Inc., and Others |
| Key Segment | By Type, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
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Based on geography, the region of North America has proved to be the largest market for cannabis edibles. The recreational use of cannabis edibles was legalized by this region around 2012 which has helped the market to take hold of the choices and demands of the people.
Washington and Colorado were seen to be the initial users of this product for recreational purposes. Later on, 11 other states of Columbia, including certain districts, started using cannabis products as they were legalized in this region for recreation.
SOURCE: News Azi