The cannabis industry is experiencing a gummy revolution, with edibles rapidly gaining popularity. In 2023, a whopping 84% of cannabis consumers favored gummies, a significant jump from 45% in 2022. This surge in demand has led to a fierce competition among brands vying for a slice of the lucrative edibles market.
The top ten brands have emerged as major players, capturing a substantial share of the market in the week of August 25 to 31. Wyld, a leading contender, secured an impressive 8.4% of the total market share, followed closely by Incredibles with 5%. Wana and Kiva-Camino, with 4% and 3.5% respectively, rounded out the top four, collectively capturing nearly 21% of the market. This data comes from a recently released New Frontier Data report, offering valuable insights into the changing landscape of the cannabis industry.
The appeal of edibles extends beyond seasoned cannabis users. A staggering 70% of individuals considering trying cannabis for the first time expressed a preference for edibles. Furthermore, more existing consumers are opting for non-flower cannabis products, with 21% reporting in 2023 that they exclusively use non-flower forms, up from 17% in 2022. These trends present a golden opportunity for established brands like Wyld, Incredibles, Wana, and Kiva to solidify their position and secure a loyal customer base.
Consumer loyalty is a key driver in this segment, with 45% of consumers stating they always or usually purchase the same brand of edibles. This indicates a strong sense of brand preference and trust. Conversely, only 7% reported rarely purchasing the same brand twice, highlighting the significant role of repeat purchases in the edibles market.
Word-of-mouth continues to be a powerful force in the cannabis market, with 60% of consumers relying on friends’ recommendations when choosing which edible to buy. This highlights the importance of brand awareness and building a strong reputation within the community.
The edibles market is booming, estimated to be worth $2.2 billion. In addition to the top four, Smokiez, Good Day Farm, and GRON are also key players, vying for a share of this lucrative market. Brands like Off Hours and AYRLOOM further round out the competitive landscape.
With the increasing popularity of edibles, the cannabis industry is undergoing a significant transformation. Brands are scrambling to adapt to evolving consumer preferences and capitalize on the burgeoning demand for gummies and other edible products. The future of the edibles market promises exciting growth and innovation, driven by consumer loyalty, brand reputation, and word-of-mouth influence.
