The Edibles Issue
Edibles are arguably the sleeping giant of the cannabis industry.
From an easy and discreet entrance point for curious new consumers in just-legal states to a top-quality and flavor-packed macro-dose experience for connoisseurs, the edibles category has something for every taste, literally.
And the market continues to grow.
National edibles sales continue to increase steadily, up 31% from $2.2 billion in 2020, to $2.9 billion in 2021, and another 18% to $3.4 billion in 2022, according to New Frontier Data.
According to BDSA, edibles accounted for 12.1% of all U.S. cannabis sales by September 2022, leading to a 4.7% increase in the number of brands competing for shelf space.
Perhaps even more interesting is the divergent paths driving market growth. Though gummies dominate, edibles now take dozens of forms and have branched into a multitude of segments, with operators across the nation continuously innovating, looking to tap into the segment’s enormous potential.
Edibles Market Data and Trends
Though still small compared to flower and even vape pens, the edibles segment grew to $3.4 billion in 2022 and it isn’t slowing down. New Frontier Data reports U.S. sales saw a 31% jump from $2.2 billion in 2020, to $2.9 billion in 2021, and then a respectable 18% increase to $3.4 billion in 2022.
According to BDSA candy is currently the biggest edible subcategory accounting for 73% sales in 2022, followed by chocolates at 9%, beverages and pills tied for third place at 7%, then infused foods at 4% and “other edibles” accounting for less than 1% of sales.
Only a handful of edible subcategories saw sales increases from 2021 to 2022: beverage sales were up 3%, candy shot up 11.5% and while the “other edibles” category only accounted for less than 1%, the subsegment’s year-over-year growth was an astonishing 414%, according to BDSA.
A report sent to Marijuana Venture detailing the demographics of consumers who prefer edibles above other cannabis products from New Frontier Data shows that women account for the majority of the demographic at 57.63%, men accounted for 42.37%. The report also showed the majority of consumers are age 35-54, followed by consumers 18-34 with 28.68% and then consumers 55 and older accounting for 27% of the demographic.
According to BDSA, nine states showed growth in the edibles segment from 2021-2022. Missouri leading the pack at 83% growth is a bit of a misnomer since tracking began in April 2021, but excluding the Sooner State, the data firm shows Florida in the top spot at 30% growth, followed by Michigan at 27% and Pennsylvania at 24%.
A special thanks to BDSA and New Frontier Data for supplying data to help build this section.
National Edibles Market Value
2020 $2.2 Billion
2021 $2.9 Billion (+31%)
2022 $3.4 billion (+18%)
Source: New Frontier Data.
Top three ranked edible brands by 2022 sales
- Wana Edibles
Demographics – Favorite form is edible
Under $25,000 13%
$225,000 or more 5%
Source: New Frontier Data.