As the legal landscape surrounding cannabis continues to evolve, so too does the market for this versatile plant. Here are some of the latest trends shaping the cannabis industry that is set to continue into 2022 and beyond. From CBD-infused products to new methods of consumption, these trends are sure to change the way we think about cannabis. So, let’s take a look at what’s in store for the future of this rapidly growing industry.
Cannabis Flower Market Share Continues to Lower
A very interesting trend that is emerging of late is that the cannabis flower market shares continue to drop. That isn’t to say that no one is buying flowers; it is still the category that generates the highest revenue.
For example, if you were to look to Canada and the US, 78% of sales in Canada and 60% of sales in the US can be attributed to 10% of customers who buy flowers. The information indicates that a lot of flowers are still being bought, but not by as many people as before. This information is quite interesting and it’s something that cannabis businesses ought to keep an eye on.
Diversity in Consumers
The next trend that is already shaping the cannabis industry is that of diversity in consumers. At the moment the cannabis black market is worth around $65 billion, which might indicate that many recreational users are still buying from it. The data indicate that medicinal users are primarily using the services of legal stores.
In 2022, the number of recreational and medicinal users might be mixed more evenly. In addition to this, cannabis businesses will find that customers are looking for a variety of different consumption methods. Some consumers might want to use dab rigs like those offered on this website, whereas others might want to try edibles or just stick to plain old rolling joints.
More Brands to Grow in All Sectors
When many people think of the cannabis industry, they think of the dispensaries that sell the cannabis, and the headshops that sell the cannabis consumption methods and accessories. However, the cannabis industry is much broader than that, and there are many different sectors.
A trend that will be seen over the coming year is brands growing across all the sectors within the cannabis industry. This includes the retail sector, cultivation sector, cannabis-infused products, manufacturing, delivery, and more. Naturally, this makes sense, since there is much more work to be done outside of retail, and with so many entrepreneurs from other sectors looking to enter the industry, the sectors mentioned above are great entry points.
Overall Sales Will Continue to Grow
One trend that is to be seen as 2022 unfolds is an increase in sales within the cannabis industry. This can most likely be linked to two major factors. The first is that the stigma that was associated with cannabis is slowly falling away, due to public perception changing in light of research showing positive benefits of cannabis consumption. The other is most likely due to people slowly moving away from buying from the black market.
In addition to this, as more states begin to legalize cannabis, more people will be able to buy legally and more businesses will enter into the various sectors, increasing overall sales across the country.
Educated Consumers
A very important trend for cannabis businesses is the fact that consumers are becoming much more educated about the industry and the various products as a whole. A primary reason for this is most likely due to content marketing within the industry that is publishing a lot of educational content.
Why does this matter for businesses? Because businesses will now need to focus their efforts a lot more on hiring competent staff, especially at dispensaries, so that customers can receive the best service at all times.
More Research
Finally, a trend that is set to change the market quite drastically is the fact that there will be a lot more research done about cannabis. This is great news for the industry since this research helps to change the public perception of cannabis.
For example, there were around 3,800 scientific reports done throughout 2021, which is 1,800 more reports filed compared to the 80’s, and 800 more reports than the period between 1900-1999. This research is bound to affect the number of medicinal users, which will most likely have a direct impact on the market.
