Cannabis-infused Food & Beverage Market to Expand with a CAGR of X.X% by 2024.
According to a recent report published by Fast.MR, titled, Cannabis-infused Food & Beverage Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2018-2024, “the global cannabis-infused food & beverage market accounted for USD XX Million in 2018 and is estimated to reach USD XX Million by 2024. Moreover, it is anticipated to flourish at a CAGR of XX% during the forecast period i.e. 2019-2024.
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The global cannabis-infused food & beverage market has been segmented based on the product, on purpose and by distribution channel. Based on the product type, this market has been segmented into cannabis-infused food and cannabis-infused beverage products. The cannabis-infused food segment is the largest market segment among these whereas the cannabis-infused beverage segment is estimated to emerge as the fastest growing market over the upcoming years. Availability of a wide range of cannabis-infused food products in the market and their use for medical purposes are to major factors which are poised to allow the cannabis-infused food segment to enjoy the leading position in the market.
Based on purpose, the market is further sub-segmented into medical and recreational segments. Among which medical segment is doing exceptionally well in global cannabis-infused food & beverage market, as consumers are strongly adopting such products due to their medical benefits. Apart from medical applications, companies are looking forward to expanding the recreation business segment also and are introducing many attractive and mouth-watering cannabis-infused food & beverage products.
Cannabis in Food & Business Industry
Cannabis-infused food & beverage products come in many different varieties including brownies, candy, chocolate bars, cookies, drinks, pills, snacks, spreads and more. Food & beverage companies are constantly introducing new food & beverage products infused with different forms of cannabis in order to target different consumer categories. Although, there are so many delicious products currently available—from sweets like chocolates, ice cream or candies to savory items like medicated pizza, BBQ sauce or chips, the possibilities appear to be endless when it comes to these cannabis-infused foods & beverage products.
Usage of Cannabis-infused Food & Beverage
There are many cannabis-infused foods & beverage options available to patients today, many are choosing to explore methods of medicating beyond the traditional pipe or paper. Cannabis infused food & beverage products commonly referred to as edibles, provide another option to patients who cannot, or choose not to smoke their medicinal cannabis. Edibles come in many different varieties including brownies, candy, chocolate bars, cookies, drinks, pills, snacks, spreads and more. The cannabis-infused edible companies are practicing new strategies in order to boost their growth, for instance, there are even some companies that offer a medicated meals-on-wheels service for patients that cannot physically leave the house.
In terms of geography, the Cannabis-infused Food & Beverage market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounts for the major share of the global Cannabis-infused Food & Beverage pipes market. Legalization of cannabis in North American countries has fueled the market in this region. However, Europe cannabis-infused food & beverage market is about to register a strong growth rate in the coming years as Europe is starting to embrace the shift towards marijuana legalization.
The report also covers detailed competitive analysis of major market players of the global cannabis-infused food & beverage market, such as Neurogan, ACME Naturals, Singlespeed, PureKana, Leif Goods, Not Pot, Lord Jones, CBD Genesis, Alchimiaweb S.L., CannaCraft, and other notable players. The cannabis-infused food & beverage market is witnessing a wide range of industry activities such as product launch, acquisition, mergers, and expansion across the globe.
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