Nearly $3 Billion of U.S. Cannabis-Infused Product Sales Predicted for 2020
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New Frontier Data, the global authority in data, analytics and business intelligence on the cannabis industry, releases Cannabis-Infused Products: U.S. Consumer Experience and Demand, Volume 1, in partnership with SōRSE Technology. 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.
“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 >90% of the top-selling infused products.
- Infused product consumers are much more likely to primarily source their cannabis products from cannabis dispensaries than the overall population of cannabis users (37% vs. 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.