Market Research Future (MRFR) has published a cooked research report on the “CBD Edibles Market” that contains information from 2018 to 2032. The CBD Edibles Market is estimated to register a CAGR of 16.80% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global CBD Edibles Market— Pure Kana, CV Sciences, Tlsodiol International, Elixinol Global Ltd, Charlottes Web Holdings Inc, Canopy Growth Corp, Medical Marijuana Inc, Aurora Cannabis Inc, MGC Pharmaceuticals Ltd, and Creso Pharma Ltd
CBD Edibles Market Highlights
The global CBD Edibles Market is accounted to register a CAGR of 16.80% during the forecast period and is estimated to reach USD 33.17 billion by 2032.
The market is experiencing growth propelled by surging demand and the expanding legalization of cannabis. Factors such as the rising application of cannabis in cancer treatment, coupled with the health benefits associated with cannabis-infused products, contribute to this upward trend.
Segment Analysis
The global CBD Edibles Market has been segmented based on the Nature, Type, and Sales Channel.
Based on Nature, the market is segmented into Organic and Conventional. The Organic segment was attributed to holding the largest market share in 2022. An increasing number of health-conscious consumers are actively searching for natural and organic substitutes for conventional products. The growing awareness of CBD's potential benefits, coupled with a preference for organic ingredients, is leading to a notable shift towards the consumption of organic CBD edibles.
Based on the Type, the CBD Edibles Market has been segmented into Chocolates & Candies, Gummies, Snacks, Supplements, Beverages, and Others. The Gummies segment was expected to hold the largest market share in 2022. CBD gummies have transformed into a crucial coping mechanism for stress, becoming a staple for long-term enthusiasts. Consequently, these consistent consumers play a significant role in driving revenue growth. Additionally, the surge in stress levels across the general population, triggered by the pandemic, is likely to fuel an increased demand for CBD gummies.
Based on the Sales Channel, the CBD Edibles Market has been segmented into Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, and Online Retail. The Online Retail segment was expected to hold the largest market share in 2022. The convenience of shopping provided by online platforms like Amazon is anticipated to propel the segment forward. Simplified payment methods, compliant with diverse regulatory standards, contribute to streamlined operations. Leading CBD gummy manufacturers prioritize online distribution channels to expand their reach to a broader consumer base.
Regional Analysis
The global CBD Edibles Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe CBD Edibles Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The CBD Edibles Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World CBD Edibles Market comprises of Middle East, Africa, and Latin America.
The largest market share for the CBD Edibles Market was maintained by the North American regional sector. There has been a significant surge in the United States in the desire for CBD-infused food and beverages, encompassing products like gummies, chocolates, and flavored drinks. The 2019 US CBD Drinks Report from the food and beverage industry reveals that sales of cannabis-based drinks in the US reached $86 million in 2018. Beyond officially sanctioned dispensaries, CBD-infused edibles have made their way into mainstream retail outlets, including supermarkets and dedicated health food stores. The market is marked by fierce competition, marked by continual advancements in product offerings, and an unwavering focus on maintaining high-quality standards.
Moreover, the Europe market has been persistently growing over the forecast period. Europe boasts a substantial market for CBD edibles, and this market is witnessing growth due to the increasing recognition of CBD as a wellness product, coupled with evolving cannabis regulations. According to data provided to the EMCDDA, the average potency of herbal cannabis in the European Union (EU) experienced a 57% increase from 2011 to 2021, while the retail price remained relatively stable during the same period. The EU has established regulatory frameworks for CBD products, including edibles, to ensure consumer protection and product quality. According to EMCDDA, The primary markets for CBD edibles in Europe are the UK, Germany, and Switzerland, driven by a strong consumer focus on natural and wellness products. Notably, France, Germany, Italy, the Netherlands, and Spain, accounting for approximately 61.5% of the total EU population, represented about 72% of Europe's estimated 22.6 million last-year cannabis users (aged 15-64) in 2021. In comparison, this is six times the number of last-year users of Europe's second-most consumed drug, cocaine, estimated at around 3.5 million people in 2021 (EMCDDA and Europol, 2022). The majority of last-year cannabis users in Europe are young adults aged 15-34, totaling an estimated 15.8 million people in 2021.
The Asia Pacific CBD edibles market is experiencing accelerated growth, driven by an upsurge in consumer awareness and acceptance of CBD-related products. While regulations about CBD vary across countries in the region, several nations have either legalized or decriminalized CBD products for medical or recreational use. CBD was legalized in India on October 1st, 2018, following a decision by the Ministry of Health and Family Welfare to permit the use of cannabis for medical purposes. This regulatory landscape has opened avenues for CBD edibles businesses to enter the market and cater to the growing demand. Countries such as Japan, South Korea, and Thailand are witnessing an increase in CBD edible consumption, with a focus on introducing new product formulations and flavors
Furthermore, the rest of the world's CBD Edibles Market is divided into the Middle East, Africa, and Latin America. The CBD edibles industry in the LAMEA (Latin America, Middle East, and Africa) region is advancing cautiously, influenced by varying levels of acceptance and regulatory structures. Despite this, certain Latin American countries such as Brazil, Mexico, and Colombia are displaying growing interest in CBD products, including edibles, as regulations become more flexible. In the Middle East and Africa, a slower adoption rate is attributed to conservative regulations and cultural norms surrounding cannabis. Nevertheless, some countries in the region are progressively recognizing the potential health benefits of CBD, creating more favorable environments for CBD edibles. The market is poised for gradual growth, with manufacturers emphasizing education and awareness campaigns while navigating evolving regulations to capitalize on emerging opportunities.
Key Findings of the Study
- The global CBD Edibles Market is expected to reach USD 33.17 billion by 2032, at a CAGR of 16.80% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to technological advancements, changing lifestyles, awareness of CBD-infused products, and the presence of other major market contributors in the region.
- Based on Type, the Gummies segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.
- Pure Kana, CV Sciences, Tlsodiol International, Elixinol Global Ltd, Charlottes Web Holdings Inc, Canopy Growth Corp, Medical Marijuana Inc, Aurora Cannabis Inc, MGC Pharmaceuticals Ltd, and Creso Pharma Ltd.
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Companies Covered | 15 |
Pages | 128 |
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