This article is written and sponsored by Transparency Market Research.
Several players and vendors in the food and beverages industry have been focusing on the production and development of new, cannabis-infused products intended to aid in anxiety and pain relief. This is favoring the growth of the global CBD edibles market.
Products in the global CBD edibles market are found to be helpful in aiding consumers in several ways, owing to their significant medical benefits. These products are available in a wide variety of flavors and forms.
Furthermore, cannabis or hemp-based products in the global CBD edibles market can help consumers gain relief from depression and stress. The COVID-19 pandemic triggered various anxiety and fear-based issues among the global population. This resulted in opening up new doors for developing and manufacturing natural and remedial products for the players and manufacturers in the global CBD edibles market. Moreover, increasing usage of products in the global CBD edibles market as dietary supplements is also aiding in the market expansion.
Recent research indicates that the global CBD edibles market will expand at a growth rate of 13.7% over the forecast period of 2021 to 2031. It also projects that the global CBD edibles market will grow to surpass the valuation of $34.14 billion (USD) at the end of that forecast period. The global CBD edibles market was evaluated at $9.46 billion (USD) in 2021. Products in the global CBD edibles market are not just useful for chronic pain relief, but also in reducing inflammation, as well.
Moreover, increase in awareness as well as popularity of edible products made using CBD is positively influencing the growth in the global CBD edibles market. On the other hand, stringent government regulations and rules pertaining to the consumption of CBD as well as high costs are some of the market’s key restraints. However, lucrative health benefits offered by the products in the global CBD edibles market such as reduction in the risk of cancer, high organic content, and providing control of chronic illnesses such as diabetes are compelling consumers to opt for CBD-infused edible food products.
Option of Customizing CBD Dose Creates New Opportunities
Edible food products consisting of CBD ingredients can also be made at home by consumers. This can offer consumers an opportunity to customize their edibles according to their taste and preferences. This also offers consumers more control over the amount of CBD they consume per serving. As a result, players and manufacturers in the global CBD edibles market are marketing CBD crystal products that can be integrated into food dishes by their customers. This, too, is helping promote the growth of the global CBD edibles market.
Some of the major players and manufacturers within the global CBD edibles market include: Pure Kana, Isodiol International, Charlotte’s Web Holdings, Inc., Medical Marijuana Inc., MGC Pharmaceuticals Ltd., Cronos Group Inc., Green Thumbs Industries Inc., TGOD Holdings Ltd., Colorado Botanicals Inc., CV Sciences, Elixinol Global Ltd., Canopy Growth Corp., Aurora Cannabis Inc., Creso Pharma Ltd., Curaleaf Holdings Inc., Tilray, Inc., Ecofibre Ltd., and Zoetic International PLC, among others.
Players in CBD Edibles Focused on Enhancing Distribution Channels
Manufacturers and players in the global CBD edibles market are concentrating on enhancing their distribution channels in order to engage the maximum amount of consumers. Furthermore, they’re also adopting corporate growth strategies such as strategic partnerships, as well as acquisitions to expand their product portfolio. For example, natural pet-wellness brand ‘Budapets’ was acquired by Pure Kana in February 2021. Pure Kana is also anticipated to acquire ‘Trubar’, a nutrition brand, in the near future. This move will help the company further diversify its product portfolio.
Elsewhere, Alkemist Labs and CV Sciences formed a partnership in March 2021. This move was undertaken in order to improve, as well as support, the measurement capabilities of their products made using CBD. CV Sciences has also introduced its new healthcare products brand, ProCBD.
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