New information by Arcview Market Research shows that U.S. marijuana users spent $1 billion on edibles in 2018. Between sales spiking in the U.S. and Canada’s legalization, the industry could easily be worth $4.1 billion by 2022. Product variety has increased from cookies and gummy candies to infused beverages and upscale foods.
CBD-infused beverages are also expected to greatly expand the edibles market, according to Yahoo! Finance.
“The edibles market is up for grabs,” the report stated. “We’re already seeing mainstream beverage companies scrambling to take advantage of part of this significant opportunity. And when you consider that the investments made so far by these beverage companies touches primarily the beverages sub category, then you start to get a sense of the magnitude of the overall edibles market.”
A recent survey by A.T. Kearney of 1,000 Canadian consumers and 1,000 U.S. consumers revealed that, “More than half of the U.S. and Canadian respondents would try recreational cannabis if or when it becomes legal, mostly in smoking (39%), food (41%), and edible (28%) forms.”
In Colorado, “Edibles outpaced the overall cannabis growth rate, increasing at a compound annual growth rate of 35% between 2014 and 2018,” according to Arcview. “The trends we see in Colorado are not unique. Consumers in other U.S. states are also purchasing products higher up in the value chain, notably concentrates and edibles.”