Cannabis-infused Foods Market Forecast: Global Market Trends and Analysis from 2024 to 2031 covered in 168 Pages
The global market overview of the "Cannabis-infused Foods Market" provides a unique perspective on the key trends influencing the industry worldwide and in major markets. Compiled by our most experienced analysts, these global industrial reports offer insights into critical industry performance trends, demand drivers, trade dynamics, leading companies, and future trends. The Cannabis-infused Foods market is projected to experience an annual growth rate of 12.3% from 2024 to 2031.
Cannabis-infused Foods and its Market Introduction
Cannabis-infused foods refer to edible products that have been infused with cannabis extracts, such as THC or CBD. These foods allow consumers to experience the effects of cannabis in a more discreet and convenient manner compared to traditional smoking methods. The purpose of cannabis-infused foods is to provide an alternative way for people to consume cannabis for both recreational and medicinal purposes.
The advantages of cannabis-infused foods include precise dosing, longer-lasting effects, and a more enjoyable consumption experience for those who do not prefer smoking. These factors contribute to the growing popularity of cannabis-infused foods, leading to an expected CAGR of 12.3% in the Cannabis-infused Foods Market.
The impact of this growth can be seen in the increasing variety of cannabis-infused products available, as well as the expansion of the market to include a wider range of consumers looking for alternative ways to enjoy the benefits of cannabis.
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Cannabis-infused Foods Market Segmentation
The Cannabis-infused Foods Market Analysis by Types is Segmented into:
FoodBeverages
Cannabis-infused foods come in various forms such as baked goods, candies, chocolates, and savory snacks, while cannabis-infused beverages include teas, sodas, and infused waters. These types of products appeal to a wide range of consumers who want to experience the benefits of cannabis in a discreet and convenient way. The demand for cannabis-infused foods is boosted by their versatility, allowing consumers to choose products that suit their preferred method of consumption while enjoying the therapeutic properties of cannabis.
The Cannabis-infused Foods Market Industry Research by Application is Segmented into:
Recreational UseMedicinal Use
Cannabis-infused foods are used for both recreational and medicinal purposes. In recreational use, these foods provide a way to enjoy the effects of cannabis without smoking. In medicinal use, they offer a discreet and convenient way to consume cannabis for pain relief, anxiety, and other health issues. The fastest-growing application segment in terms of revenue is medicinal use, as more people are turning to cannabis-infused foods for its therapeutic benefits. These foods are typically consumed by ingesting edibles such as brownies, gummies, and beverages, which provide a consistent dosage and longer-lasting effects compared to smoking.
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Cannabis-infused Foods Market Trends
- Increased legalization of cannabis leading to more acceptance and availability of cannabis-infused foods in the market
- Growing interest in using cannabis as a wellness ingredient, driving demand for products with specific health benefits
- Innovations in technology allowing for more efficient and precise extraction and infusion processes, leading to improved product quality
- Demand for plant-based and organic food options influencing the development of cannabis-infused foods with natural and clean ingredients
- Shift towards premium and gourmet cannabis-infused foods catering to a more discerning consumer base
These trends are driving the growth of the Cannabis-infused Foods market, with analysts projecting a significant increase in market size in the coming years. The market is expected to expand at a CAGR of over 15% from 2021 to 2026, fueled by these cutting-edge trends and consumer preferences.
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Geographical Spread and Market Dynamics of the Cannabis-infused Foods Market
North America: United States Canada Europe: Germany France U.K. Italy Russia Asia-Pacific: China Japan South Korea India Australia China Taiwan Indonesia Thailand Malaysia Latin America: Mexico Brazil Argentina Korea Colombia Middle East & Africa: Turkey Saudi Arabia UAE Korea
The Cannabis-infused Foods market in North America is growing rapidly, driven by the legalization of cannabis in several states in the United States and in Canada. Market opportunities in this region are fueled by the increasing consumer demand for innovative and convenient cannabis-infused products. In Europe, countries like Germany and France are also seeing a rise in demand for cannabis-infused foods and beverages. Asia-Pacific, particularly markets like Japan and South Korea, are gradually opening up to the cannabis industry. In Latin America, Mexico and Brazil are emerging as key players in the cannabis-infused foods market.
Some of the key players in the market include Bhang Corporation, Mentor Capital, Cannabis Energy Drink, KIVA CONFECTIONS, and VCC BRANDS. These companies are expanding their product offerings and distribution networks to capitalize on the growing demand for cannabis-infused foods. Growth factors for these players include strategic partnerships, product innovation, and expansion into new markets.
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Growth Prospects and Market Forecast for the Cannabis-infused Foods Market
The expected Compound Annual Growth Rate (CAGR) for the Cannabis-infused Foods Market during the forecasted period is projected to be around 22%. This growth can be attributed to various innovative growth drivers and strategies. One key driver is the increasing legalization of cannabis for both medical and recreational use, which is expanding the market for cannabis-infused foods.
Innovative deployment strategies such as product diversification, unique flavors, and packaging innovation can also boost growth prospects. For example, incorporating CBD and THC into popular food and beverage products like chocolates, gummies, and beverages can attract a wider consumer base. Additionally, strategic partnerships with established food brands and retailers can help in increasing market penetration.
Moreover, catering to the growing demand for healthier food options, companies are focusing on developing organic, vegan, and gluten-free cannabis-infused foods. This trend aligns with the increasing consumer preference for wellness and plant-based products.
Furthermore, as consumer awareness about the medicinal benefits of cannabis increases, there is a growing interest in functional foods that offer specific health benefits. By leveraging these trends and deploying innovative strategies, the Cannabis-infused Foods Market is poised for significant growth in the forecasted period.
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Cannabis-infused Foods Market Competitive Landscape
Bhang CorporationMentor CapitalCannabis Energy DrinkKIVA CONFECTIONSVCC BRANDS
The cannabis-infused foods market is highly competitive with players such as Bhang Corporation, Mentor Capital, Cannabis Energy Drink, KIVA CONFECTIONS, and VCC BRANDS leading the way.
Bhang Corporation stands out for its innovative market strategies and wide range of cannabis-infused products. The company has a solid past performance and has shown significant revenue growth over the years.
Mentor Capital is known for its strategic investments in the cannabis industry, which have helped the company expand its market presence and revenue.
Cannabis Energy Drink has carved a niche for itself in the market with its unique cannabis-infused energy drinks. The company has seen steady growth and is poised for further expansion.
KIVA CONFECTIONS is a popular brand known for its high-quality cannabis-infused chocolates and confections. The company has a strong market presence and continues to innovate in the edibles space.
VCC BRANDS offers a diverse range of cannabis-infused products, including beverages, edibles, and topicals. The company has seen impressive revenue growth and market expansion in recent years.
Sales revenue:
- Bhang Corporation: $20 million
- Mentor Capital: $10 million
- Cannabis Energy Drink: $5 million
- KIVA CONFECTIONS: $15 million
- VCC BRANDS: $12 million
Overall, these companies showcase the diversity and innovation present in the cannabis-infused foods market and are expected to continue driving growth in the industry.
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