These beverages provide users with pain relief, relaxation, and other therapeutic benefits associated with cannabis consumption without the adverse effect of smoking.
The global Cannabis Beverage Market is estimated to be valued at US$ 630.64 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expanding product portfolio in the Cannabis beverage market has been a key trend fueling the market growth over the forecast period. Major players in the market are focusing on developing innovative cannabis beverages catering to various consumer preferences in terms of flavors, cannabis extracts used, and functionality. For instance, companies are coming up with beverages fortified with CBD for health benefits and drinks infused with THC for recreational usages. Beverages combined with other superfood extracts to provide additional nutritional benefits are also gaining popularity. This wide variety of options allows consumers to choose products matching their individual needs, thereby driving the increasing consumption of cannabis beverages.
Segment Analysis
Cannabis beverages represent the fastest growing segment within the global cannabis beverage market. With the increasing demand of cannabis-infused drinks among social users and health conscious consumers for their perceived wellness benefits, the segment is witnessing high traction. Cannabis-infused beverages containing THC or CBD are gaining popularity due to their quick onset and offset of effects along with precise dosing. Within cannabis-infused beverages, drinks containing CBD are dominating the segment currently mainly due to the non-psychoactive nature of the compound.
Key Takeaways
The Global Cannabis Beverage Market Scope is expected to witness high. The global Cannabis Beverage Market is estimated to be valued at US$ 630.64 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Regional analysis related content comprises North America region is currently the largest and fastest growing regional market for cannabis beverages. Factors such as early legalization of medical cannabis in major countries like the US and Canada along with strong consumer base have been driving the regional market growth.
Key players related content comprises Key players operating in the Cannabis Beverage market are IBM Corporation, Microsoft Corporation, SAP SE, and Oracle Corporation.
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