Cannabis beverages are a fast emerging trend in the beverage industry. Cannabis infused drinks are a healthier alternative to alchohol and allow for precise dosing of THC and CBD. Cannabis beverages come in a variety of flavors and offer health benefits. They are used to relieve anxiety, stress and promote overall wellness.
The global Cannabis Beverage Market is estimated to be valued at US$ 547.43 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the cannabis beverage market is the increasing legalization and acceptance of cannabis products across various regions. As attitudes towards cannabis continue to evolve and more countries legalize its medical and recreational use, a lucrative opportunity is emerging for cannabis infused beverages. Major players are developing innovative beverage products in different formats like bottle, cans and tetra packs to tap into this growing market. Cannabis infused drinks are also marketed as a healthier alternative to alchohol which is boosting their popularity. With legal barriers diminishing, the demand for cannabis beverages is expected to skyrocket over the forecast period.
Segment Analysis
The global cannabis beverage market is dominated by the recreational segment. Recreational cannabis beverages are more in demand due to the growing social acceptance of cannabis. Cannabis infused drinks appeal more to younger consumers as they are discreet, convenient and provide a different consumption experience compared to smoking.
Key Takeaways
The Global Cannabis Beverage Market Size is expected to witness high growth over the forecast period of 2023 to 2030 owing to the increasing legalization of cannabis for both medical and recreational use worldwide.
Regional analysis:
North America is currently the dominant region in the cannabis beverage market and is expected to maintain its lead position over the forecast period. The growth in North America can be attributed to the increasing legalization of cannabis in major countries like the U.S. and Canada. The North American cannabis beverage market is projected to grow at a CAGR of 24% during the forecast period.
Key players:
The cannabis beverage market is highly competitive with major players focusing on product development and expansion. Key players operating in the cannabis beverage market are MedReleaf Corp., Cronos Group Inc., Jazz Pharmaceuticals, MedReleaf Corp., Cronos Group Inc., Jazz Pharmaceuticals, Phoena Holdings, VIVO Cannabis Inc., Tilray Inc., General Cannabis Corporation, Koios Beverage Corporation, New Age Beverages Corporation, Dutch Windmill Spirits, Heineken, Canopy Growth, and SK Rodnik. These players are introducing new product varieties with varied THC and CBD content to cater to consumer needs. They are also expanding their production facilities as well as distribution networks to strengthen their market position.
For More Insights, Read: https://www.newsstatix.com/cannabis-beverage-market-size-share-and-growth-forecast-2023-2030/
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