New Study Finds That Legal States Have Lower Rates of Cannabis-Impaired Driving
by Chane Leigh
The cannabidiol (CBD) edibles market is projected to explode between 2020 and 2027 due to the rapidly increasing number of countries decriminalizing and legalizing cannabis. As the countries take on new regulations regarding cannabis and as citizens begin to accept cannabis socially, the edibles market is then presented with opportunities for growth. Data Bridge Market Research has analyzed the market in order to account for this forecast in growth and profitability.
The CBD edibles market growth is predicted to be driven by (1) increasing popularity for recreational use, (2) increasing use of CBD for beauty, health, and treatment, (3) increasing demand for cannabis products, and (4) the increase in healthcare expenditure on cannabis. Though a decline of available investment funds in the cannabis industry is forecast to hinder the growth of the market between 2020 and 2027 alongside high costs of CBD products and stringent regulations, the CBD edibles market is still expected to grow exponentially.
The Data Bridge Market Research report has divided the CBD edible market based on source, form, grade, and application which is aimed at providing valuable market overview and insights. The source division refers to whether it’s derived from hemp or marijuana. The form refers to whether it an oil, isolate, or distillate. The grade refers to whether the edible is for food or for therapeutics. The application refers to whether it is being consumed for cosmetics, personal care, or as a replacement for pharmaceutical medications.
The report has included several countries such as America, Canada, North America (specifically Mexico), France, United Kingdom, Netherland, Switzerland, Belgium, Russia, Italy, Spain, China, Japan, India, South Korea, Singapore, Malaysia, Saudi Arabia, South Africa, Egypt, Israel, Brazil, Argentina and more.
The report displayed that “the CBD edibles market is to account for $51.6 million by 2027 with a compound annual growth rate (CAGR) of 25%.
The report made use of a SWOT (strengths, weakness, opportunity, and threats) analysis in order to establish and explain information on the market’s definition, classifications, applications, engagements as well as on the drivers and restraints of the CBD edible market. Due to the fact that the report makes use of such market intelligence, the industry is presented with expert measure options, action plans, and support options in order to make informed decisions.
Another report offered up by Cogent Infotech estimates that the CBD edible industry is forecast to reach $22 billion by 2020 based on the fact that there is an increase in individuals wanting to enter and carve out their share of this booming market. This intense competition is predicted to speed up the growth and profitability as companies race to establish their brand.
This report explained that the National Restaurant Association has discovered that 3 out of 4 chefs consider CBD-infused cuisines and treats are trending and that with this level of interest, it is no wonder that the market growth is projected to explode.
Cogent Infotech identified the categories of the most desired CBD edibles of 2019 and I must say, the results are surprising.
The report also identified the most desirable flavors in CBD edibles of 2019 are the results revealed that ‘berry’ is the most desired flavor which is shortly followed by ‘chocolate’ and then the least desired flavors include ‘vanilla’, ‘caramel’, and ‘pineapple’ as the least desired.
Cogent Infotech found over 20,000 conversations on social media which center around pain and anxiety relief from CBD. They also found that 10,000 conversations were going on about how CBD edibles can aid in sleep and insomnia disorders while 6,000 conversations centered around its’ anti-inflammatory benefits. CBD edibles for epilepsy, fitness, and post-workouts have also been circulating but the conversation numbers are far less than their counterparts. In these conversations, keywords such as “great”, “best”, “happy” and “delicious” were most used when individuals spoke about the CBD edibles.
The potential of the CBD market stands to make vast fortunes once the FDA has cleared up and established a working regulatory framework. The market is becoming increasingly competitive and those wishing to be a real contender need to be clued up. In order to be considered one of the top players, the businesses need to have a thorough understanding of the market, far better than their competition.
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