U.S. sales for cannabis-infused products is projected to approach $3 billion this year, according to a new report from New Frontier Data.
The report, released in partnership with SōRSE Technology, 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 Giadha Aguirre de Carcer, New Frontier Data founder and CEO. “We anticipate demand for innovative non-combustible ways to consume cannabis both recreationally and medicinally to continue to grow.”
Other key findings from the report include:
- Infused cannabis products represent 14 percent 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 more than 90 percent 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 percent vs. 15 percent).
- 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.