Market Trends of Cannabis Infused Edible Products Industry
More Patents and Collaborations with Micro-dosing
- The micro-dosing of cannabis in terms of edibles and beverages is likely to set some significant new heights over the coming years. People's understanding of cannabis's potential as a recreational and utilitarian food ingredient has expanded greatly as more people experiment with infused edibles.
- Many new businesses, as well as some of the biggest names in the food and drink industry, have been investigating the potential for introducing cannabinoid-infused goods in states where such sales are permitted within the previous few years. Currently, cannabis is allowed for medical use in 33 states across the globe and for individuals over 21 years of age.
- With the big names in the portfolio, such as Constellation Brands, MPX, Gfarmalabs, and Sprig, which have started their work on cannabis-infused drinks, following them, HEMP20 and THC Pharma are also moving slowly into the domain. New launches are expected from the cannabis industry over the coming years, where, at present, novel brands such as Province Brands, a Canadian Research and development company, are set to release the world's first alcohol-free beer brewed from cannabis. Firms such as HEMP20 have patented a technology on DehydraTECH that enables an increase in the internal absorption rate.
- The collaboration across the industry is massive, and brands such as Constellation and Canopy Growth are developing the market for cannabis-based beverages. On the other hand, AB InBev and Tilray have ventured into a USD 100 million venture to research cannabis-infused non-alcoholic drinks exceptionally for the Canadian Market.
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North America Leads the Cannabis-infused Edibles Market
- Cannabis holds promising scope in reducing cancer-related symptoms and side effects of cancer treatment, such as nausea, vomiting, and pain. Currently, research is being conducted to safely demonstrate this functionality of cannabis and bring its use among the general population. Other potential functionalities of cannabis include benefiting heart health, substance abuse treatment, and possible extension of life in those with glioblastoma, among other factors.
- According to the Organisation for Economic Co-operation and Development (OECD) data, by the year 2028, it is expected that the market for medical cannabis in Mexico will be worth more than USD 1.3 billion. The value of the recreational cannabis market in the North American nation is projected to be close to USD 655 million.
- In addition, according to a survey for the regulation of cannabis by the Government of Canada in 2021, 7 out of 10 Canadians believe the information they find online regarding cannabis is reliable enough to help them make educated decisions, and persons who have used cannabis within the past year, this rises to about 90%.
- The percentage of Canadians aged 16 and up who reported using cannabis throughout the previous 12 months was 25% in 2020 and 26% in 2021, with the frequency of daily or practically daily use remaining essentially consistent. Teens and young adults aged 16 to 24 increased their use from 23% in 2020 to 29% in 2021. Even though smoking is still the most popular way to consume cannabis, trends towards vaping with devices like vape pens and drinking it, but its topical applications have increased since 2020, as per the survey.
- Furthermore, packaging has also played a major role in determining sales, where, on average, the packages of edibles were around 100 mg per serving with an add-on price. On the other hand, Canada is also focusing on expanding its retail sales of edibles with single servings, which constitute around 10mg of edibles. However, in Canada, the supply of edibles will be limited to begin with but will increase in the future as regulators sense the positive aspect of its usage and safety.
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