Cannabis Edibles Forecast To Grow To $197 Billion By 2023

A new report published by Facts and Factors has determined that the global cannabis edibles market size was worth around $20.5 billion in 2022 and is predicted to grow to around $197.75 billion by 2030 with a compound annual growth rate (CAGR) of roughly 32.041% between 2023 and 2030.

North America Leads

The report stated that the global cannabis edibles market is growing at a rapid rate and it is projected to register the highest CAGR in North America with the US and Canada acting as significant contributors. The growth is attributed to the growing legalization of cannabis consumption in the edible format in many states of the US. Canada had legalized cannabis intake for recreational purposes in 2018. Increased research into CBD edibles could also cause an increase in consumption. Europe’s market could contribute to this growth as edibles offer discreet consumption, which this market desires.

One challenge to the growth of edibles is the continuing social stigma around cannabis.

Recent Developments

In February 2023, scholars at the Johns Hopkins Medicine Institute, in a recent study, found out that CBD when consumed in edible form can restrict the breakdown of tetrahydrocannabinol (THC) resulting in longer-lasting and stronger interactions with the drug. The study also found that higher doses of CBD edibles could cause a more intense THC high.

Market Leaders

The global cannabis edibles market is led by

• Organigram Holdings Inc.
• Aurora Cannabis Inc.
• Charlotte’s Web Holdings, Inc.
• Canopy Growth Corporation
• Plus Products Inc.
• Wana Brands, Medical Marijuana, Inc.
• Tilray Inc.
• Terra Tech Corp.
• Cronos Group Inc.
• Dixie Brands Inc.
• Lord Jones LLC
• Aphria Inc.
• Nutritional High International Inc.
• The Green Organic Dutchman
• Bhang Inc.
• HEXO Corp.
• Kiva Confections,
• Americann Inc.