Cannabis industry analyst New Frontier Data projects that sales of infused cannabis products will approach $3 billion in 2020, according to its study, “Cannabis-Infused Products: U.S. Consumer Experience and Demand, Volume 1.”
The report analyzes the performance, consumers and manufacturing processes of the infused products market, as well as the ways cannabis companies are shaping the future of infused products. It was developed in partnership with SōRSE Technology, developers of water-soluble emulsion technology for seamless integration of oils as an ingredient in food items, beverages, topicals and medical applications.
“As alternative ways to consume cannabis beyond combustibles gain popularity during the current coronavirus (COVID-19) crisis, not surprisingly we are seeing a spike in consumption of edibles and other infused products,” said New Frontier Data Founder & CEO Giadha Aguirre de Carcer. “We anticipate demand for innovative non-combustible ways to consume cannabis both recreationally and medicinally to continue to grow.”
Key findings from the report include:
- Infused cannabis products will approach $3B in U.S. sales in 2020.
- Infused cannabis products represent 14% of sales and are the third most popular cannabis product type in the United States behind flower and vape.
- Solid edible products, led by gummies, comprise greater than 90% of the top-selling infused products.
- Infused product consumers are much more likely to primarily source their cannabis products from cannabis dispensaries (37%) than the overall population of cannabis users (15%).
- Quality metrics like dosage and ingredients are of paramount concern for infused product purchasers.
- Advancements in manufacturing processes such as CO2 extraction and emulsion are used to meet industry standards – increasing bioavailability, consistency and stability of infused products.
“Cannabis-Infused Products: U.S. Consumer Experience and Demand, Volume 1” is available on New Frontier Data’s online cannabis business intelligence platform, Equio.