Every Cannabis Product In One Graphic
Every Cannabis Product In One Graphic
There are few markets experiencing growth quite like cannabis, which in 2020 had an additional 7,000 products hit dispensary shelves compared to the year prior. However, for novice cannabis consumers and investors, the different products and their uses can be overwhelming.
This sponsored graphic by Tenacious Labs provides an overview of cannabis products, and is part of a multi-part series that covers different factors affecting the future of cannabis.
Let’s break down cannabis products on the market today.
First, is cannabis flower, which is the ingestible part of the cannabis plant and is the most popular way to consume. It is cultivated, harvested, dried, and cured, as part of the preparation process before making its way to the end consumer. Due to its popularity, it also represents the largest component of the U.S. legal market.
In 2021, some $10.9 billion in dried herb or “buds” were purchased. In addition, pre-rolls generated $2.2 billion, which are pre-rolled products prepared by dispensaries. The psychoactive effects from consuming flower are felt almost instantly, which remains a key appeal.
2. Cartridges, Concentrates, and Extracts
Cannabis concentrates are a growing category which have taken the market by storm in recent years. They come in various forms including raw concentrates, cartridges, and extracts. Preparing them involves removing impurities form the plant, leaving only the desired compounds such as cannabinoids and terpenes.
This highly concentrated form of cannabis results in THC levels of 80-90%, compared to the 10-20% range most commonly found in dry herb flower. Raw concentrates hit $2.2 billion in U.S. legal sales in 2021. And cartridges, which are products intended to be vaped and are typically paired with a battery accessory, were worth $5.1 billion.
The appeals associated with concentrates include a higher dose which results in stronger effects, plus a more discrete experience given they have little to no smell.
Next, are edibles, where the THC is metabolized by the liver and consumed through infused food and drinks. This leads to an different experience relative to inhaling. For example, the euphoric or psychoactive effects typically last much longer and can take 1-2 hours to kick in.
The legal U.S. edibles market is growing fast. It recorded revenues of $2.3 billion in 2021 but is expected to reach a value of $8.5 billion by 2027. These growth prospects have not gone unnoticed, in fact, the alcohol industry is betting big on cannabis. As of late, waves of investments and acquisitions are occurring targeting cannabis-infused beverages.
A key driver of growth comes from the health conscious consumer who may want to avoid the smoking process altogether.
4. Topicals and Others
Last are topicals and other products. Topicals are CBD-infused non-psychoactive products like lotions, balms, and oils. These are gaining notoriety for their wellness properties including the relief of pain, soreness, and inflammation. However, the market remains relatively modest, with a market value of $200 million. Furthermore, the topicals market appeals to those not interested in any psychoactive effects, and is particularly popular amongst women and pet owners.
Other products include papers, pipes, batteries, and all other accessories, which also provide notable revenues and opportunities.
Measuring Market Share of Cannabis Products
With all these products in mind, let’s take a look at market share. Although edibles, vapes, and concentrates have risen tremendously in value over the years, flower still remains number one, representing 43% of legal sales, followed by cartridges at 20.3% market share.
|Product||Market Share (%)||Market Value ($B)|
Seasonality also plays a role in cannabis consumption. Since dry flower tends to be consumed outdoors, the data shows that it loses market share during the cold winter months.
The Next Chapter
Cannabis products have come a long way from their early days when variety was considered a choice between an indica or sativa strain. As the industry develops and more money is injected into the space, we should see product innovation accelerate even further.
You may also like
Markets2 days ago
All of the World’s Money and Markets in One Visualization (2022)
From the wealth held to billionaires to all debt in the global financial system, we look at the vast universe of money and markets in 2022.
Misc5 days ago
Every Song With Over 1 Billion Spotify Streams
Spotify’s ‘Billions Club’ playlist tracks every song with over 1 billion streams. We took the data and broke it down by decade and artist.
Misc1 week ago
Countries with the Highest (and Lowest) Proportion of Immigrants
Here, we highlight countries that are magnets for immigration, such as UAE and Qatar, as well as nations with very few foreign born residents.