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A new market outlook report anticipates that global cannabis edibles sales may exceed $11.5 billion by 2025.
The report, written by Zion Market Research, included both THC and CBD cannabis edibles in its analysis. Edibles made with THC, the component of cannabis that causes weed’s characteristic buzz, will likely dominate the market. But edibles made with CBD, a non-intoxicating component of cannabis, will significantly contribute to the global market, too.
Zion’s $11.5-billion figure is nothing to sniff at — or cough at — either. If Zion’s prediction turns out to be true, then cannabis edibles are en route to outsell North America’s 2019 movie theater ticket sales, which totaled $11.4 billion. (Hollywood’s record high for box office sales was in 2018, which totaled $11.8 billion.)
Or, for another comparison, cannabis edibles, worldwide, may outsell the “self-help” industry, which includes all those feel-good books, videos, and seminars designed to motivate you to become your best you. Y’know, the likes of Tony Robbins and Gary Vaynerchuk. In 2019, the self-help industry sold a total of $11 billion in products and services.
Over the past few years, Zion Market Research made several other optimistic predictions about the cannabis markets. For instance, the firm expects the global cannabis concentrates market — which includes hashes, oils, waxes, sauces, and weed diamonds — to reach $13 billion by 2026. The firm also sees the cannabis-infused beauty products market to hit $18 billion that same year, suggesting that weeded face masks and makeup may outsell dabs and edibles in the next five years.
Even the lowest-performing product in the cannabis space — infused beverages — could squeeze out a few pretty pennies, as well. Zion anticipates cannabis-infused beverages may net nearly $3 billion by 2025. Currently, regulations in Canada and US states ban beverages that combine alcohol with THC, but that market figure will likely skyrocket if those bans are ever repealed.
Although the COVID-19 pandemic wreaked havoc on global markets in 2020, the North American cannabis industries were, for the most part, untouched by the coronavirus due to weed’s “essential” status in legal states. In fact, 2020’s sales in some weed-legal states, such as Colorado, struck all-time record highs. After all, if you’re stuck inside your home all day (and night), you might as well toke up, right?
