5 Challenges for Cannabis Edible Companies
Per cannabis analytics firms like BDS Analytics and Headset, Inc. edibles are one of the fastest growing market segments in marijuana legal states. Some reports estimate that edibles make up as much as half of today’s $5 billion in cannabis sales. Discreet, smokeless and available in a variety of dosages, food and beverage products are highly appealing to consumers. But, edibles can be hit or miss depending on the brand. Here are some of the top problems edible manufacturers need to overcome to compete in a crowded marketplace:
- Taste: As cannabis consumers become more sophisticated, their tastes are evolving. It’s no longer acceptable for infused edibles to have an overwhelming taste of extracted cannabis. In the past when edible options were limited, poor taste may have been overlooked to achieve a medicated state, but this is no longer the case. A delicious flavor is the most critical aspect of cannabis edibles a company can master. Without it, you’re dead in the water.
- Consistency: It’s of little surprise that gummies and mints are the top sellers in the cannabis edibles market. They’re small, easy to carry and consume and come in small doses, allowing the consumer to carefully regulate their experience. Chocolate bars and hard candy also land in the top five sales spots. Few things are as annoying as edible products that force the consumer to divide and calculate. This increases the chance that the consumer will overdose and have an unpleasant experience, or under-medicate and feel dissatisfied. Companies need to ensure that consumers can easily find the right dose that works for their unique needs and that all products are consistently high-quality.
- Affordability: Competitively pricing cannabis edibles will have a huge impact on success and sales. With so many products on the market to choose from, few consumers will be comfortable paying high prices on what is essentially a gamble in terms of taste and potency. Individual units and low-dose products allow clients to purchase exactly what they need. If you impress them, they will become loyal customers.
- Packaging: It’s not enough for edibles packaging to be securely child-proof and airtight to prevent loss of product quality. Cannabis edible packaging must be attractive and eye-catching, with design elements that appeal to lifestyle consumers. There must be form with function. Eye-popping colors, bold graphics and retro materials like cloth and tin attract upscale customers used to luxury branding.
- Diversity: Cannabis brownies are pedestrian compared to what’s on the market currently. On the sweet side, glazed nuts, artisanal chocolates and other decadent treats are commonplace, while consumers are increasingly interested in exploring savory options. Pasta sauces, condiments and beverages like cannabis-infused coffee and tea fall more in line with healthy lifestyles than sweets. Broader acceptance of dietary restrictions means more consumers than ever are seeking or lured by products that are kosher, gluten-free, vegan, sugar-free or dairy-free.