Cannabis Edibles Are Quickly Outpacing Vapes As A Top Consumer Product For 2021

Last month, we published an article that provided an in-depth look at the cannabis edible and beverage market. In the article, we discussed the growth of the cannabis-infused product market and considered it to be an attractive vertical over the long-term.

To create cannabis-infused products, manufacturers need to have access to massive amounts of cannabis concentrates, both cannabidiol (CBD) and tetrahydrocannabinol (THC). This means that the cannabis concentrate market will be a direct beneficiary of the growth of the cannabis edible and beverage market.

Another reason for our bullish outlook on cannabis concentrates is related to an increased amount of demand for vape pens, consumers becoming more comfortable with the dabbing process, and advancements in technology. We believe technology will play an important role in the growth of the concentrate business as the consumption process becomes easier and as education improves.

According to MJ Business Daily, the firm noticed a trend away from vape products because of respiratory-related health concerns. These consumers are turning to concentrates and this is a trend that our readers need to be aware of.

According to Seattle-based data analytics firm Headset, sales of cannabis concentrates jumped by more than 40% on a year-over-year basis in the following markets: California, Colorado, Nevada, Oregon, and Washington.

According to Headset, total sales of concentrates increased from $567 million in 2019 to $797 million in 2020. We find this increase to be significant and are bullish on the companies that are levered to the cannabis concentrate market.

According to a study conducted by Facts and Factors (a market research organization in India), the global cannabis concentrate market was estimated to be worth $1.8 billion in 2019. The market research firm forecasts strong growth for the cannabis concentrate market and the industry is expected to be worth $5.9 billion by 2026.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.