As part of our series of Market Intelligence reports, Wakefield Research recently released a snapshot into the market for cannabis-infused products, including food, beverage, and supplements.

Cannabis-infused food is already a billion-dollar market, with rapid growth set to continue. Major brands are racing to get a foothold, but the outlook is clouded by uncertainties surrounding legislation and challenges in developing consumer-ready products.

The cannabis-infused products market is forecast to reach $7.4 billion in value by 2024. Candy is the most popular cannabis-infused product on the market, with annual sales of over $400 million.

The “Market Intelligence Snapshot: Cannabis-Infused Products” report offers an overview of the market dynamics, including:

  • Market growth projections and product segmentation
  • Product challenges and potential headwinds
  • Key corporate developments

Cannabis-infused beverages have the largest growth potential, but progress has been hindered by marketing and product development challenges surrounding taste and appearance. Some media outlets have compared the taste of cannabis-infused beverages to “dish soap”, with companies rushing to develop new processes to lower the bitterness.

Given the market potential, several big food and beverage brands—including Coca-Cola, Coors, and Mondelez—have explored entry into the cannabis-infused foods market. Most significantly, Constellation Brands recently made a large investment in the marijuana firm Canopy Growth.

As companies look to enter the market, the regulatory landscape continues to pose challenges. More specifically, food and beverage brands entering the cannabis-infused products market must be aware of challenges surrounding testing standards, the sale of candy products, a lack of FDA approval for CBD, and risks associated with the production of some cannabis-infused beverages.

To learn more, request the full report from the authors here.

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