Demand for CBD Edibles Spurs due to Legalization and Acceptance of Cannabis & Hemp Consumption; Market to Reach US$ 34.15 Bn By 2031, States TMR Report.
- The CBD edibles market is projected to expand at a CAGR of 13.7% during the forecast period 2021-203. Antioxidant and anti-aging properties of CBD and hemp products drive sales prospects in the market.
- Market players are expected to gather prominent sales opportunities owing to a surge in awareness regarding the health benefits of consuming the product.
ALBANY, N.Y., Nov. 12, 2021 /PRNewswire/ — Due to the many health benefits of hemp and cannabis, several countries around the world have given legal permission for their consumption. This factor is a crucial opportunity for food practitioners and players operating in the CBD edibles market.
Major companies involved in the production of CBD edibles market are focused on boosting their production capabilities in high-quality products. As a result, players observed a surge in demand for CBD edibles during and after the post-COVID-19 pandemic.
With the rise in awareness of hemp and CBD products’ anti-aging and antioxidant properties, there is significant demand for these products. Taking this factor into account, companies operating in the CBD edibles market are offering products in different tastes and forms, including cannabis-infused chocolate bars, CBD gummies, and candies. In addition, there is a surge in demand for sugar-free CBD edibles, Keto-friendly CBDs, and fruit-flavored CBDs.
Due to less concentration (0.3%) of THC (Tetrahydrocannabinol), the CDBs can help in reducing psychoactive effects. Therefore, the rise in CBD edibles in healthcare and pharmaceutical applications is fueling the growth prospects in the market.
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CBD Edibles Market: Key Findings
Growing Inclination toward Plant-based Diet and Expansion of eCommerce Industry to Boost Sales in Market
There has been a surge in awareness regarding animal welfare and increased concerns about climate change in recent years. As a result, the health-conscious populace from across the globe is inclining toward using plant-based food products instead of animal and meat products. As a result, there is notable growth in the demand for plant-based foods. They serve as a good option compared to their counterparts in decreasing the possibilities of diabetes, cancer, and other significant diseases. As CBD edibles are produced from only plant ingredients and offer varied health benefits, there is significant growth in the demand for these edibles from all across the globe.
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CBD Edibles Emerging as A Potential Alternative for Cannabis Smokers
Several types of research have proved that CBD edibles hold a long-lasting effect on the body and brain of an individual in comparison to cannabis smoking or vapor pen inhaling. While the product takes around 30 minutes to 2 hours to show its effects, the results after their consumption are long-lasting than cannabis inhalation, probably over two to four hours more than inhaled cannabis. Owing to this factor, there is a surge in consumption of CBD edibles among cannabis smokers to quit their smoking habits and adopt a more accepted method of CBD consumption.
In recent years, there has been a surge in awareness regarding the adverse health effects of smoking. This factor is projected to create prominent sales opportunities for the producers of CBD edibles.
CBD Edibles Market: Growth Boosters
- The surge in CBD edibles in the food and beverages industry is projected to fuel the market expansion.
- Growth in the consumption of CBD products as dietary supplements is boosting the sales opportunities in the global market for CBD edibles.
CBD Edibles Market: Competition Landscape
- Major market players are focused on advancing their distribution channels to reach the maximum number of customers.
- Several companies in the CBD edibles market are executing strategies like partnerships and acquisitions to expand their product portfolio.